The global demand for advanced phase change materials, estimated to be $235.3 million in 2016, is expected to reach $638.7 million by 2022, according to the research firm MarketsandMarkets. The five-year compound annual growth rate, 17.66 percent, is lower than the 19.9 percent CAGR projected by Mordor Intelligence earlier this year.
According to the MarketsandMarkets report:
"The inorganic PCM segment accounts for the largest share among all type segments. The market for inorganic PCM is estimated to grow owing to the increasing usage in various applications due to its good thermal conductivity, high latent heat of fusion, non-flammability, and low cost. Inorganic PCM finds usage in various applications such as TES, cold chain & packaging, HVAC, and refrigeration & equipment.
"The building & construction application segment is expected to be the largest application segment of this market, owing to the stringent regulations regarding greenhouse gas emissions and increasing investments in net-zero energy or low carbon buildings in region such as Europe and North America. In addition, the growing demand for green buildings and presence of stringent building codes in region such as North America and Europe boost the PCM market in building & construction application."