Phase Change Materials Market - Forecast(2021 - 2026)
Phase Change Materials Market Overview: According to the International Energy Organization (IEA), heat attributes to the largest energy end-use that accounts for more than 50% of the total energy consumption. Moreover, global energy usage has in 2018 was gauged to twice than that in 2010. With the increasing consumption of energy and the foreseeable requirement for the future, it has become imperative for the world to find solutions in order to save or store the energy that is liberated in various operations. This is creating a myriad of opportunities for the vendors in the phase change materials market that had a market size of $520 million as of 2018. Furthermore, the anticipated demand for energy storage in several sectors will lead to an augmented demand for phase change materials, and this demand is projected to increase with a substantial compound annual growth rate (CAGR) of 19% during the forecast period of 2019 to 2025. The International Finance Corporation (IFC) estimates