Europe Phase Change Materials Market value was over USD 688 million in 2019 and will grow at a CAGR of more than 16.9% up to 2026.
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The demand for building & construction has witnessed significant growth in the past few years and is projected to continue its dominance in the upcoming years as well. This growth can be attributed to the growing construction industry mainly in countries including Italy, Poland, and Russia. In the building & construction industry, phase change materials are majorly used in floors, wallboards, passive cooling & heating systems, ventilation systems, etc. These materials can be incorporated into every element of a building from the roof to the floors and in electrical appliances. The application of phase change materials in the construction industry is expected to increase at a rapid pace.
Salt hydrates and paraffinic phase change materials are widely used in various industries owing to their versatile properties. Paraffinic PCMs do not expand on melting & freeze without much supercooling and are highly compatible with conventional building materials and recyclable. Thus, the increasing awareness regarding the properties of phase change materials to control and maintain energy consumption within a building is projected to propel the adoption of these materials by various contractors & builders across European countries. However, the COVID-19 pandemic has highly impacted the building & construction industry, which, in turn, has significantly dropped the PCM industry revenue.
The rising application of PCMs in the HVAC industry is also one of the major factors driving the regional market growth. The HVAC industry is one of the major consumers of phase change materials. In HVAC, PCMs have been used as an advanced technology that can reduce the use of peak loads and HVAC energy in buildings. Therefore, the rising installation of Heating, Air Conditioning, and Ventilating (HVAC) systems in various new & existing buildings is likely to enhance the application of phase change materials, propelling the overall industry growth.
Major players operating in the industry are focusing on expanding their product portfolio and presence through mergers & acquisitions. Prominent companies operating in the industry include BASF SE, Croda International, Henkel, Rubitherm, Sasol, Microtek Laboratories, Inc., Outlast Technologies LLC, Cryopak, Entropy Solutions LLC, Honeywell International In., Laird PLC, and The Dow Chemical Company, among others.