Princeton, NJ -- (SBWIRE) -- 05/24/2018 -- The Global Phase Change Materials Market has been estimated at USD 917.08 million in 2017. The market is expected to register a CAGR of 19.90% during the forecast period, 2018 to 2023. The building and construction sector dominated the global construction chemicals market with nearly 37% share globally and is estimated to register the fastest CAGR through the forecast period.

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Growing Demand in Asia-Pacific

Construction sector in Asia-Pacific is the largest in the world. The increasing infrastructure construction activities are the major drivers for the Asia-Pacific construction industry. In addition, the entry of major construction players from the EU into the lucrative market in countries like China, has further fueled the industry's growth. Owing to their business potential, countries, such as Indonesia, China, Malaysia, Singapore, and South Korea have become hosts to numerous national and international events. The move has accelerated the demand for hotels, shopping malls, high-rise buildings, arenas, and stadiums (both outdoor and indoor), thereby, boosting the construction industry in the respective regions. Moreover, PCM consumption is increasing slowly in the country's textile industry as well. The total number of patents in the country are also increasing. Hence, the PCM market has growth potential during the forecast period.

Phase change materials can be incorporated easily and economically into construction materials, such as
concrete. By coating a microscopic-sized phase change material with a protective coating, the particles can be suspended within a continuous phase, such as water. The benefit of PCMs over other thermally massive materials are that, they are far lighter, storing relatively large amounts of heat per unit of volume. Further, they can easily be installed as part of a refurbishment program, to increase the thermal mass of lightweight structures and therefore, improve their thermal performance and the efficiency of ventilation systems, and further lower cooling or heating energy consumption. Europe is witnessing a significant growth in the demand for PCM, owing to increasing investment and reviving construction industry in the region. In recent times, the European construction market has witnessed a path of steady growth. The future of the European construction market looks positive, which is indirectly catalyzing the growth of the PCM market in Europe.

Europe Dominates the Market

Europe has the highest share in the market, accounting for nearly 30% of the global market share in 2017. The market for Europe is driven majorly by the increasing demand from end-user industries including building & construction, packaging, textile, electronics and transportation. Packaging is also one of the major industries, which uses PCMs for food packaging, medical packaging and biological & chemical packaging in Europe.

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Germany is the Largest Consumer

The building and construction industry in the country has started recovering with expected sales to rise by 5% in 2017 following growth of 5.8% in 2016. However, lower investment and poor payment behavior remains a challenge. The use of PCMs is prominent in the construction industry, as the country is focused on energy-efficient buildings. The recovery is expected to increase during the forecast period and is expected to lead a rise in demand for PCMs. Food & beverages is the largest consumer goods segment in Germany that demands PCM, significantly. Moreover, other industries, such as transportation and healthcare also use PCMs for various purposes. Increasing usage in all these industries is the factor that is expected to add up to the PCM market during the forecast period.

Key Developments in the Global Phase Change Materials Market
May 2017: Parker Chromerics was presented with Boeing's Advocacy Award at the 2016 Boeing Supplier of the Year Awards.

Some of the major companies dominating the Global Phase Change Materials Market
DOW CORNING, MICROTEK LABORATORIES, HENKEL, CRODA, TCP and PARKER and Other Players Include AI TECHNOLOGY INC., CLIMATOR SWEDEN ABM COSELLA-DÖRKEN PRODUCTS INC., DATUM PHASE CHANGE LTD., E. I. DU PONT DE NEMOURS AND COMPANY (DUPONT), VESTURE CORPORATION, SCHOELLER TEXTILES AG, PCM PRODUCTS LTD., PHASE CHANGE ENERGY SOLUTIONS INC. (PCES), PHASE CHANGE PRODUCTS PTY LTD (PCP), PLUSS POLYMERS PVT. LTD., RUBITHERM TECHNOLOGIES LTD., 7 SHENZHEN AOCHUAN TECHNOLOGY CO., LTD, SHIN-ETSU CHEMICAL CO., LTD., APPVION, INC., ENTROPY SOLUTIONS LLC, KAPLAN ENERGY, AAVID KUNZE GMBH, LAIRD TECHNOLOGIES, LAMINAR MEDICA LIMITED, NATIONAL GYPSUM COMPANY, OUTLAST TECHNOLOGIES LLC, and THERMAX GLOBAL.

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