The global advanced phase change materials market (APCMs) is expected to grow at an impressive CAGR of close to 20% during the forecast period, according to Technavio’s latest market research.
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Technavio has published a new market research report on the global advanced phase change materials market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
In this market research report, Technavio covers the market outlook and growth prospects of the global advanced phase change materials market for 2017-2021. The market is further categorized into five application segments, including building and construction, packaging and transportation, electronics, HVAC, and textiles.
Technavio’s research analysts segment the global advanced phase change materials market into the following regions:
- EMEA
- The Americas
- APAC
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EMEA: largest advanced phase change materials market
The demand from the construction industry is the main driver for the APCMs market in EMEA. Some of the key leading countries in the region such as Germany, the UK, and France are the highest consumers of APCM. Due to the growing emphasis on energy security in the region, Europe is a lucrative market for the players in the APCMs market. In addition, the growing demand for green buildings in Europe has fostered the consumption of APCMs.
“There have been investments in low-carbon and net-zero energy buildings in the region. The region has also witnessed an increasing focus on building energy codes coupled with the European Union Directives associated with the improvement of energy efficiency of buildings, regardless of the type of buildings constructed in the region. These factors have led to the expansion of business opportunities for the global APCMs market in the region,” says Kshama Upadhyay, a lead specialty chemicals research expert from Technavio.
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Advanced phase change materials market in the Americas
Due to the growing adoption of APCMs in major applications such as building and construction, HVAC, transportation, textiles, and energy storage, the APCMs market in the Americas is expected to register a healthy growth during the forecast period. Furthermore, the initiatives taken by the National Renewable Energy Laboratory (NREL) along with the Department of Energy (DoE) and the Emerging Technologies Coordinating Council in the region are also expected to foster market growth.
“These institutes are encouraging market participants to incorporate APCMs in their products after an evaluation of risks, costs, and technology performance. For instance, the staff of the California Energy Commission hosted a one-hour webinar, in August 2016, to share information on innovations in the use of APCMs and their potential in making zero net energy buildings even more affordable,” says Kshama.
APAC in the Advanced phase change materials market
With the growth in electronics and building and construction industries in the APAC, the APCMs market in this region is expected to register significant growth during the forecast period. Some of key contributing countries in the region are Japan, China, and India. With the rise in the demand for refrigeration, the requirement for APCMs is increasing in India. The need for refrigeration is principally from the dairy industry as poor availability of reliable power has emerged as one of the roadblocks associated with the penetration of dairy and perishable products.
The top vendors in the global advanced phase change materials market as highlighted in this market research analysis are:
- BASF
- Cryopak
- ENTROPY SOLUTIONS
- Honeywell International
- Outlast Technologies
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