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Europe Phase Change Materials Market Price to Worth Over USD 1.5 Bn By 2026
Published Date: 2020-10-30
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According to the Graphical Research new growth forecast report titled Europe Phase Change Materials Market share will surpass USD 1,500 million by 2026. The Europe phase change materials market is projected to grow significantly owing to the surging demand for PCMs in the building & construction industry. PCMs consist of microencapsulated paraffin wax that melts at around 24°C and act as an addition to the concrete mixture in a composite floor slab. The market will have demand in floor, wall, or ceiling systems to capture and store or buffer thermal energy, enabling a comfortable room temperature and thereby reducing carbon footprint by 2026.
The salt hydrates segment is expected to grow at a rapid pace. Salt hydrate PCMs have been among the most-researched latent heat storage materials in the past few years. These are low-cost materials that are easily available in the market, making them a preferred choice among manufacturers. The commonly used salt hydrates are sodium phosphate, sodium sulfate decahydrate, calcium chloride hexahydrate, dodecahydrate, and magnesium chloride hexahydrate.
The demand for PCMs is increasing in the HVAC industry owing to its versatile properties including high-density, high specific heat, and excellent thermal conductivity. Salt hydrates are widely used in the HVAC industry. Salt hydrates absorb large amounts of heat and thus cool their environment when they are heated above their melting point. These properties of salt hydrates make it highly suitable for many storage tasks when heating, cooling, and air-conditioning.
Furthermore, with high investments by the UK and Russia in their defense sector, the market will have significant demand in military textiles over the forecast timespan. The European Union (EU) funded various technological projects, such as MY HEART, Wealthy, MERMOTH, BIOTEX, OFSETH, etc., for smart fabrics and interactive textiles in recent years. With such initiatives, the Europe PCM textiles segment will observe a substantial rise at a CAGR of 15.4%.
Some of the prominent players operating in the Europe phase change materials industry are BASF SE, Croda International, Henkel, Rubitherm, Sasol, Microtek Laboratories, Inc., Outlast Technologies LLC, Cryopak, Entropy Solutions LLC, Honeywell International Inc., Laird PLC, and The Dow Chemical Company, among others.
The Europe phase change materials market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
Market Share, By Product
- Salt Hydrates
Market Size, By End-user
- Building & Construction
- Electrical & Electronics
- Aerospace & Automotive
The above information is provided on a country basis for the following: