Phase Change Material Market: Global Overview and Forecast (2022-2029) By Type, Form, Application, and Region

Phase Change Material Market size was valued at USD 478 Mn. in 2021 and the total Phase Change Material revenue is expected to grow at 15.8% from 2022 to 2029, reaching nearly USD 1545.6 Mn.

Phase Change Material Market Overview:

A phase change material is a substance that, during a phase transition, releases/absorbs enough energy to provide useful heat/cooling. Materials capable of collecting or releasing substantial quantities of energy, during a specified period and under specific operating circumstances are Phase Change Materials (PCMs). These materials may store 5-14 times more energy per unit of volume than materials that store energy through sensitive heat, such as water, concrete, or rocks, and they have specific phase-changing temperatures that tend to remain consistent during matter transition. The factors increasing demand for phase change materials include growing awareness of the need of decreasing greenhouse gas emissions, stringent building rules, and increasing demand for renewable energy sources. Additionally, increased demand for these materials from the building and construction industries is driving the market growth. However, due to the widespread use of these materials in a variety of applications such as packaging, HVAC, refrigeration, electronics, textiles, and so on, the advanced phase change materials market is expected to grow continuously. Furthermore, factors such as increased energy conservation consciousness, continuous technical advancements, and rising levels of urbanization in emerging nations are expected to drive this market during the forecast period. Phase Change Material MarketTo know about the Research Methodology :- Request Free Sample Report

Phase Change Material Market Dynamics:

The rising usage of Phase Change Material (PCM) for temperature regulations is a primary driver for the market

The rising usage of phase change material for temperature regulation is one of the primary drivers for the phase change material market. The use of phase change material in buildings provides room temperature management. Variations in the day and nighttime temperatures are utilized to alter the phase of the material, which releases and absorbs energy during the process. The use of phase change material for temperature management minimizes the strain on the heating and cooling equipment needed to maintain room temperature.  

Increasing demand for PCM in drug delivery, vaccine, and medicinal transport driving the market growth

PCMs are bio-based materials, such as fatty acids or oils, used as shell material in medication delivery. Because phase change materials are renewable, reusable, and machine and fuel-independent, they are ideal for vaccine conveyance. The distribution of medications at different temperatures has been the subject of biotech research. One successful strategy for obtaining temperature-released medicine administration is the use of PCM as a cork.  

Inadequate knowledge to regulate the usage of phase change materials restricts market growth

The critical challenge affecting the phase change material market is a lack of knowledge about the advantages of utilizing phase change material and its products. Companies that sell phase change materials are attempting to raise awareness about their goods and the benefits that may be obtained from utilizing them. Through rules and subsidies, the government also plays a vital role in raising knowledge of phase change materials. The benefits of utilizing phase change material, such as energy savings and lower greenhouse gas emissions, may push governments to encourage and enforce its usage, increasing in demand for phase change material. In a few countries, such as China and Australia, indirect legislation and policies are raising awareness of phase change material as a solution for decreasing energy usage, greenhouse gas emissions, and operational costs.  

Growing clinical trials and the development of new therapies brings lucrative opportunities for market growth

The number of clinical trials is increasing in line with the development of new treatments and cures. Cold chain logistics are necessary to maintain the integrity of clinical trial materials such as pharmaceuticals, blood samples, tissue samples, urine samples, and sputum samples. Additionally, most potential COVID-19 vaccine candidates are classed as "cold chain" products, requiring specific storage and shipment once they leave the manufacturer's facility. As a result of the necessity for cold chain logistics for the storage and distribution of such vaccines and treatments, the industry is expected to generate opportunities for industry players during the forecast period.  

Stringent regulations in the cold supply chain are the key challenge for market growth

The World Health Organization (WHO) has developed recommendations for international vaccine packaging and delivery, as well as Codex Alimentarius for pharmaceutical distribution via cold chain. Furthermore, in the United States, the Food and Drug Administration (FDA) develops criteria for the manufacturing, storage, and distribution of pharmaceutical and food products. This rule is expected to be a challenging aspect for various significant industry competitors.

Phase Change Material Market Segment Analysis:

By Type, the Inorganic segment dominated the Phase Change Material (PCM) market with the highest market share in 2021 and is expected to maintain its dominance at the end of the forecast period. Inorganic PCMs have a relatively high heat of fusion, strong thermal conductivity, are inexpensive, and are non-flammable. Most of them, however, is corrosive to most metals, suffer supercooling, and phase breakdown. Hydrated salts are the most frequent inorganic PCMs and hence drive segment growth. Hydrated salts are attractive substances for thermal energy storage due to their high storage density of around 240 kJ/kg, the comparatively good thermal conductivity of approximately 0.5 W/ (mK), and low cost when compared to paraffin waxes. Glauber's salt, or Na2SO4H2O, is well recognized as one of the cheapest materials for thermal energy storage, with a melting temperature between 32 and 35°C and high latent heat of 254 kJ/kg, although its uses are restricted due to supercooling and phase segregation. Phase Change Material MarketThe organic segment is expected to grow at a substantial rate during the forecast period. Organic phase change materials are chemically stable in general, do not supercool, are non-corrosive, non-toxic, and have a high latent heat of fusion. It is classified into two types: Non-paraffins and paraffin. Commercial paraffin waxes are cheap and have a respectable thermal storage density ranging from 120 to 210 kJ/kg, hence the demand is increasing. Paraffins, have a low heat conductivity, which limits their applicability, and a high volume change during the phase transition. Metallic fillers and matrix structures are utilized to increase heat conductivity, while plastic containers and varied geometries of containers are utilized to counteract volume change during melting and freezing; nonetheless, these challenges must be resolved before paraffin PCMs can be used in buildings. Non-paraffin organics are a diverse group of organic compounds that include fatty acids, esters, alcohols, and glycols. They have good melting and freezing qualities in general but are approximately three times more costly than paraffin. The fatty acids or palmitoleic acids are of particular importance in this category because they have relatively low melting temperatures, high latent heat of fusion, minor volume changes during phase transition, and no supercooling after freezing.

Phase Change Material Market Regional Insights:

Europe is expected to dominate the market at the end of the forecast period owing to the most significant market for phase change material in terms of both value and volume in 2021. The growth of the region's total phase change material market is being driven primarily by demand from the building and construction applications, as well as tight government regulations on carbon emissions. Government initiatives to develop green buildings supported market growth since phase change material helps save carbon credits granted to each project. The cost of energy is likewise high in Europe, which boosts demand for phase change material in the area. In addition, Europe is an emerging economy for phase change materials, owing to significant economic development and considerable investment in industries such as oil and gas, automotive, infrastructure, chemical, and electronics, among others. The existence of severe construction requirements in the region, as well as improvements in energy efficiency, increased the need for phase change material. Additionally, Europe's changing climatic circumstances result in a significant need for smart clothes and fabrics for usage in both hot and cold climates. All of these things influence the European market. Phase Change Material MarketAsia-Pacific held a significant market share and is expected to grow at a CAGR of 15.2% in the following years. The expansion of the region is linked to the rise of the pharmaceutical sector in China, India, and Japan. China's healthcare business has rapidly grown, allowing it to transition from a pharmaceutical manufacturing base to an important R&D center. As a result, China has firmly established itself as a vital participant in the global pharmaceutical business, both as a consumer and as a foundation for increasing R&D. China has the largest market share in the Asia-Pacific region. Demand from end-user sectors such as building & construction, packaging, textile, electronics, and transportation is driving the market. Packaging is another big industry in China, with phase change materials utilized for food packaging, medical packaging, and biological and chemical packaging. As the government focuses on energy-efficient buildings, the usage of phase change materials is becoming more prevalent in the construction sector. The Ever Grande Crisis, on the other hand, has had a significant impact on the building industry. Electronics make extensive use of phase transition materials. The Chinese electronics sector has a considerable market share in the Asia-Pacific region and globally, contributing to its significant growth throughout the years. Heating, ventilation, and air conditioning (HVAC) systems make extensive use of phase change materials. The need for phase change materials in the electronics sector is predicted to rise throughout the forecast period, owing to rising domestic and global demand for gadgets and the country's shift to renewable power. Besides that, the market in North America is driven by the availability of high-value pharmaceuticals, vaccination transportation, healthcare awareness, high per capita healthcare spending, and the region's high GDP.

Phase Change Material Market Scope: Inquire before buying

Phase Change Material Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 478 Mn.
Forecast Period 2022 to 2029 CAGR: 15.8% Market Size in 2029: US $ 1545.6 Mn.
Segments Covered: by Type • Inorganic • Organic
by Form • Encapsulated • Non-Encapsulated
by Application • HVAC • Cold Chain & Packaging • Thermal Energy Storage • Electronics • Textile • Building & Construction • Refrigeration & Equipment • Others

Phase Change Material Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Phase Change Material Market Key Players

• Cold Chain Technologies, Inc. • Croda International Plc. • Microtek Laboratories Inc. • Sasol Limited • PureTemp LLC. • Henkel AG & Company KGAA • Outlast Technologies LLC. • Advansa B.V. • AI Technology Inc. • Climator Sweden AB • Ciat Group • Honeywell Electronic Materials, Inc. • Phase Change Materials Products Ltd. • Rubitherm Technologies GmbH • Teappcm • BASF SE • SGL Group • Salca BV • Rubitherm Technologies GmbH • Pluss Advanced Technologies Pvt. Ltd. • RGEES, LLC. • Outlast Technologies LLC. FAQs: 1. Which is the potential market for the Phase Change Material in terms of the region? Ans. Europe is the potential market for Phase Change Material in terms of the region. 2. What are the opportunities for new market entrants? Ans. The key opportunity in the market is growing clinical trials and the development of new therapies. 3. What is expected to drive the growth of the Phase Change Material market in the forecast period? Ans. A major driver in the Phase Change Material market is the rising usage of Phase Change Material (PCM) for temperature regulations. 4. What is the projected market size & growth rate of the Phase Change Material Market? Ans. Phase Change Material Market size was valued at USD 478 Mn. in 2021 and the total Phase Change Material revenue is expected to grow at 15.8% from 2022 to 2029, reaching nearly USD 1545.6 Mn. 5. What segments are covered in the Phase Change Material Market report? Ans. The segments covered are Type, Form, Application, and Region.
1. Global Phase Change Material Market: Research Methodology 2. Global Phase Change Material Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Phase Change Material Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Phase Change Material Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Phase Change Material Market Segmentation 4.1 Global Phase Change Material Market, by Type (2021-2029) • Inorganic • Organic 4.2 Global Phase Change Material Market, by Form (2021-2029) • Encapsulated • Non-Encapsulated 4.3 Global Phase Change Material Market, by Application (2021-2029) • HVAC • Cold Chain & Packaging • Thermal Energy Storage • Electronics • Textile • Building & Construction • Refrigeration & Equipment • Others 5. North America Phase Change Material Market(2021-2029) 5.1 North America Phase Change Material Market, by Type (2021-2029) • Inorganic • Organic 5.2 North America Phase Change Material Market, by Form (2021-2029) • Encapsulated • Non-Encapsulated 5.3 North America Phase Change Material Market, by Application (2021-2029) • HVAC • Cold Chain & Packaging • Thermal Energy Storage • Electronics • Textile • Building & Construction • Refrigeration & Equipment • Others 5.4 North America Phase Change Material Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Phase Change Material Market (2021-2029) 6.1. European Phase Change Material Market, by Type (2021-2029) 6.2. European Phase Change Material Market, by Form (2021-2029) 6.3. European Phase Change Material Market, by Application (2021-2029) 6.4. European Phase Change Material Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Phase Change Material Market (2021-2029) 7.1. Asia Pacific Phase Change Material Market, by Type (2021-2029) 7.2. Asia Pacific Phase Change Material Market, by Form (2021-2029) 7.3. Asia Pacific Phase Change Material Market, by Application (2021-2029) 7.4. Asia Pacific Phase Change Material Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Phase Change Material Market (2021-2029) 8.1 Middle East and Africa Phase Change Material Market, by Type (2021-2029) 8.2. Middle East and Africa Phase Change Material Market, by Form (2021-2029) 8.3. Middle East and Africa Phase Change Material Market, by Application (2021-2029) 8.4. Middle East and Africa Phase Change Material Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Phase Change Material Market (2021-2029) 9.1. South America Phase Change Material Market, by Type (2021-2029) 9.2. South America Phase Change Material Market, by Form (2021-2029) 9.3. South America Phase Change Material Market, by Application (2021-2029) 9.4 South America Phase Change Material Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Cold Chain Technologies, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Croda International Plc. 10.3 Microtek Laboratories Inc. 10.4 Sasol Limited 10.5 PureTemp LLC. 10.6 Henkel AG & Company KGAA 10.7 Outlast Technologies LLC. 10.8 Advansa B.V. 10.9 AI Technology Inc. 10.10 Climator Sweden AB 10.11 Ciat Group 10.12 Honeywell Electronic Materials, Inc. 10.13 Phase Change Materials Products Ltd. 10.14 Rubitherm Technologies GmbH 10.15 Teappcm 10.16 BASF SE 10.17 SGL Group 10.18 Salca BV 10.19 Rubitherm Technologies GmbH 10.20 Pluss Advanced Technologies Pvt. Ltd. 10.21 RGEES, LLC. 10.22 Outlast Technologies LLC.

About This Report

Report ID 158051
Category Material & Chemical
Published Date Sept 2022
Updated Date
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