PUNE, India, June 29, 2017 /PRNewswire/ --

The report "Phase Change Material Market by Type (Organic, Inorganic, Bio-based), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size was USD 235.3 Million in 2016, which is projected to reach USD 638.7 Million by 2022, at a CAGR of 17.66% from 2017 to 2022.

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Browse 111 market data tables and 48 figures spread through 176 pages and in-depth TOC on "Phase Change Material Market - Global Forecast to 2022"

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The strict building codes in Europe and North America as well as the awareness towards reducing greenhouse gas emissions, accompanied by growing demand for renewable sources of energy drive the demand for advanced PCM. In addition, the increased demand for advanced PCM from building & construction, HVAC, cold chain & packaging, TES, refrigeration & equipment, textile, and electronics applications is also driving the advanced PCM market.

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Inorganic PCM is the largest type segment of advanced PCM 

The inorganic PCM segment is expected to account for the largest share of the global advanced PCM market in 2017, in terms of both value and volume. The growth of this segment is driven by the growing demand for non-flammable PCMs. In addition, the rising demand for fiberglass insulation from applications such as TES, cold chain & packaging, refrigeration & equipment, and HVAC industries is also expected to contribute towards the growth of this segment.

Building & construction is expected to have the largest share of the advanced PCM market in 2017 

The building & construction application segment is expected to account for the largest share of the advanced PCM market, in terms of both value and volume in 2017. This is owing to the rising awareness for energy conservation. In addition, the growing demand for green buildings in region such as North America and Europe also drives the demand for advanced PCM.

Europe was the biggest market for advanced PCM 

The European region led the global Phase Change Material Market in 2016. Increased concerns over improving efficiency in buildings and rising cost of energy in Europe drive the demand for advanced PCM. In addition, stringent regulations regarding handling of temperature sensitive goods also drive the demand for advanced PCM in the region. The growing demand for residential and commercial spaces in countries such as France is another factor that drives the demand for advanced PCM.

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Key market players profiled in the report are Honeywell Electronic Materials, Inc. (US), Laird Plc (UK), Sasol Ltd. (South Africa), Croda International Plc. (UK), Entropy Solutions LLC (US), Microtek Laboratories Inc. (US), Pluss Advanced Technologies Pvt. Ltd. (India), Phase Change Energy Solutions Inc. (US), Rubitherm Technologies GmbH (Germany), Phase Change Materials Products Ltd. (UK), Outlast Technologies LLC (US), Henkel AG & Company, KGaA (Germany), Advansa BV (Netherlands), AI Technology Inc. (US), Climator Sweden AB (Sweden), Cold Chain Technologies, Inc. (US), CoolComposites, Inc. (US), Cryopak Industries Inc. (Canada), Datum Phase Change Limited (UK), Dow Corning Corporation (US), Global E-Systems Europe B.V. (Netherlands), Insolcorp, Inc. (US), Iolitec Ionic Liquids Technologies GmbH (Germany), Salca BV (Netherlands), and Teappcm (India).

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