Global Salt Hydrate Market Pegged to Register a CAGR of 10.1% During 2018 – 2026; Europe Projected to Account for a Significant Market Value Share by 2026 End
Published On : Sep 24, 2018
Persistence Market Research delivers key insights on the global salt hydrate market in its revised report titled ‘Salt Hydrate Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026.’ The long-term outlook on the global salt hydrate market will remain positive with the salt hydrate market value expected to increase at a CAGR of 10.1% during the forecast period 2018 – 2026. According to end-use industries, the others (textile, electronics, etc.) segment is expected to register healthy growth during the forecast period with the growing adoption of phase change materials in the textile industry.
Sales of salt hydrate in the global market is estimated to reach 53,852.7 ‘000 US$ by the end of 2018, witnessing a Y-o-Y growth of 8.9% over 2017. North America and Europe are collectively expected to account for over half of the total share in the global salt hydrate market by the end of 2018 and are expected to retain their position in the salt hydrate market during the forecast period.
Global Salt Hydrate Market: Dynamics
Rising number of cold supply chain facilities and warehouses are assisting the demand for salt hydrate. Increasing food & beverage production is assisting the expansion of cold chain capacities as these facilities ensure efficient storage and minimize wastage of foods, which is expected to boost the demand for salt hydrate based phase change material across the globe over the forecast period. Phase change materials are one of the most promising cold storage media for cooling and heating applications owing to their high energy storage density and capacity to store energy at constant temperatures.
Availability of alternative (bio-based) phase change materials has been found to be one of the key restraining factors in the global salt hydrate market. Salt hydrates are inorganic phase change materials that can be used in residential buildings. Salt hydrate based PCMs have various unwanted characteristics. For instance, they are incompatible with various building materials and they are also corrosive. Thus, alternative products were introduced in the market for these applications.
Development of salt hydrate for chilled ceilings and cold storage systems has been found to be one of the key trends identified in the salt hydrate market. In various residential as well as commercial buildings, it is important to maintain temperature during winters as well as summers. Thus, researchers have developed salt hydrates that are suitable to be used as storage materials in chilled ceilings and centralized cold chain systems.
Global Salt Hydrate Market: Forecast
On the basis of end-use industry, the salt hydrate market insights suggest that the building & construction segment will continue to dominate the salt hydrate market during the forecast period and will be followed by the pharmaceutical segment. However, the Others segment is anticipated to grow at a significant pace over the forecast period in the global salt hydrate market
The Europe salt hydrate market is found to be a high value region and is further expected to dominate the sales over the forecast period. However, Southeast Asia & Pacific is expected to grow at above average growth rate in the global salt hydrate market over the forecast years.
Global Salt Hydrate Market: Competitive Landscape
Some of the market participants included in the report on salt hydrates are Salca BV, Phase Change Products Pty Ltd., PCM Products Ltd., Rubitherm Technologies GmbH, RGEES, LLC, Pluss Advanced Technologies Pvt. Ltd., Climator Sweden AB and others.
The global salt hydrate market has been found to be consolidated in nature with the top 5 players expected to hold very low share in the salt hydrate market.
Prominent manufacturers involved in the global salt hydrate market are focusing on collaboration activities with the end-users in order to gain market share across the globe. Further, key manufacturers are introducing application specific salt hydrate phase change materials in order to serve their wide customer base.
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Salt Hydrate Market
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Global Market Study on Salt Hydrate: Pharmaceutical Industry to Remain Dominant Consumer Through 2026Request TOC