The global market for advanced phase change material is expected to reach $1.39 billion in 2019, according to the latest report from Technavio. That's a compound annual growth rate of 20.03 percent from 2014 through 2019.
The report identifies increased environmental regulation and cost savings as important factors driving demand for PCMs, which are used in a variety of environmentally friendly heating and cooling applications. BASF, Cryopak, Phase Change Energy Solutions, Outlast Technologies, Honeywell Electronic Materials and Entropy Solutions are listed among the leading companies discussed in the report.
“Entropy Solutions is a key vendor in the market that offers 100% renewable phase-change materials that can be used for a broad range of temperature control applications," said Faisal Ghaus, Technavio vice president. "New entrants that offer such innovative and green solutions are growing in the market, and this is expected to drive market growth during the forecast period.”