Phase Change Material Market by type (Inorganic, Organic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Electronics, Textile) and Region (North America, Europe, APAC, Rest of World) - Global Forecasts to 2026

Phase Change Material Market by type (Inorganic, Organic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Electronics, Textile) and Region (North America, Europe, APAC, Rest of World) - Global Forecasts to 2026

The phase change material market is estimated to grow to USD 1,004 million by 2026 from USD 477 million in 2021, at a CAGR of 16.0%. Global warming and changing climate patterns are major environmental concerns. The European Union (EU) planned to reduce greenhouse gas emissions by 20% by 2020 and by 40% by 2030, with new environment-friendly technologies being required to achieve this objective. The use of phase change material is expected to reduce the demand for coolers and heaters, and subsequently lower the demand for electricity. Through incorporating phase change material in applications such as building and HVAC, companies now have the potential to earn 10–20 times more carbon credits than available through using other green insulating materials. Regulations for carbon emission reductions such as the CRC Energy Efficiency Scheme in the UK have made it mandatory for non-energy-intensive organizations in the public and private sectors to reduce carbon emissions. There is an increasing demand for phase change material in buildings that reduces the required compressor load for heating and cooling buildings by maintaining required room temperatures, thus decreasing carbon emissions. All these factors are expected to drive the phase change material market.

Inorganic expected to be the largest phase change material type of the phase change material market, in terms of value, between 2021 and 2026

By type, the phase change material market is segmented into inorganic, and organic. Phase change material stores energy as latent heat, in contrast to materials that store energy as sensible heat or chemical energy. Inorganic accounted for the larger share of the global phase change material market in 2020 in terms of value. Rising demand for class-A fire rating phase change material in the country, accompanied by its increasing use in applications such as cold chain & packaging, and refrigeration & equipment drives the demand for inorganic phase change materials.

“government initiatives for construction of green buildings to drive the demand for phase change materials in the Europe.”

Europe was the largest market for phase change material in terms of both, value and volume in 2020. Growth of the overall phase change material market in the region is driven majorly by demand from the building & construction application and stringent government regulations regarding carbon emissions. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. The cost of energy is also high in Europe, which drives demand for phase change material in the region.
By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,

The key players profiled in the report include Cold Chain Technologies, Inc. (US), Croda International Plc. (UK), Microtek Laboratories Inc. (US), Sasol Limited (South Africa), PureTemp LLC. (US), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Climator Sweden AB (Sweden), among others.

Research Coverage

This report segments the market for phase change material based type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for phase change material.

Reasons to Buy this Report

This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the construction lubricants market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:
Market Penetration: Comprehensive information on phase change materials offered by top players in the global market
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for phase change material across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global phase change material market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the phase change material market