The global market for advanced phase change material is expected to reach USD 1,765.8 million by 2020, according to a new study by Grand View Research, Inc. Growing need to conserve energy across various industries and sector is expected to be one of the major driving factors for the market. In addition, stringent regulations imposed on various industries to reduce greenhouse gases emission has also helped in developing the market for advanced phase change material. Consumption of APCM is expected to reduce the overall demand for energy by up to 50% by 2050. However, their high price compared to other insulating materials owing to lack of awareness among the consumers in under developed countries is expected to hinder market growth over the forecast period.
Paraffin APCM material emerged as the leading product and accounted for over half of total market revenue in 2012. Paraffin has high heat storing capacity and are also stable in nature owing to which they are expected to witness significant growth over the forecast period. However, bio-based APCM is expected to be the fastest growing product at an estimated CAGR of 22.5% from 2014 to 2020. Increased preference towards environmental friendly materials mainly in North America and Europe is expected to drive the market for bio-based APCM over the next six years.
Full research report on Advanced Phase Change Materials Market Analysis: http://www.grandviewresearch.com/industry-analysis/Advanced-Phase-Change-Material-apcm-Industry
Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global advanced phase change material market on the basis of product, application and region:
Advanced Phase Change Material Product Outlook, (Revenue, USD Million, 2012 – 2020)
Advanced Phase Change Material Application Outlook, (Revenue, USD Million, 2012 – 2020)
Advanced Phase Change Material Regional Outlook, (Revenue, USD Million, 2012 – 2020)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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