Microencapsulated Paraffin Phase Change Materials Market Size, Share and Industry Analysis Report by End-user Sector (Building & Construction, HVAC, Packaging, Textiles, Chemical, Healthcare, Aerospace & Automotive), Regional Outlook, Application Potentia

Microencapsulated Paraffin Phase Change Materials Market Size, Share and Industry Analysis Report by End-user Sector (Building & Construction, HVAC, Packaging, Textiles, Chemical, Healthcare, Aerospace & Automotive), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global microencapsulated paraffin phase change materials market is expected to grow at an exponential rate through 2028 on account of increasing product demand in the construction and packaging sectors.

Microencapsulated paraffin phase change materials (PPCMs) have successfully overcome challenges associated with regular PPCM, such as leakage issues and poor thermal conductivity. Microencapsulation of PPCM has gained notable momentum as it offers better performance with safer and more efficient installation within buildings. Consequently, phase change materials are considered crucial in terms of thermal energy consumption and climate conditions.

Paraffin, in particular, is a predominantly used PCM in building applications owing to its medium and low melting temperatures. Microencapsulated PPCM is an economical alternative as well as a highly accessible and cost-effective solution with relatively safer operations, which has impelled product adoption in recent years.

Moreover, technological developments in 3D printing are likely to catalyze advancements in microencapsulated PPCM. 3D printable PCM building material is one such innovation that offers a wide range of usage in terms shape and size, catering to decorative and structure requirements of a building, which has been favorable for industry expansion.

The global microencapsulated paraffin phase change materials market has been segmented based on end-user and region. With respect to end-user, the market has been fragmented into building & construction, textiles, HVAC, aerospace & automotive, chemical industries, electrical & electronics, healthcare, and packaging. The healthcare sub-segment is estimated to exhibit significant progress at a CAGR of around 8.5% through the assessment timespan due to increasing application of microencapsulated PPCM for packaging in the healthcare sector.

Paraffin finds extensive usage in the healthcare sector, wherein it serves as an efficient solution for heat/cold storage during transportation. It helps maintain critical temperatures for blood and vaccine storage as well as pain relief packs and other essential healthcare products, which is set to contribute to segmental growth.

The microencapsulated paraffin phase change materials market size from the aerospace & automotive sub-segment is likely to showcase extensive growth at about 9% CAGR over the review timeline as a result of mounting usage in air conditioning systems installed in cars. Additionally, the advent of electrification in the automotive industry is driving the demand for solutions for temperature management of batteries for efficient electric mobility, which is speculated to promote product uptake.

From the regional point of view, the Middle East and Africa microencapsulated paraffin phase change materials market is expected to witness substantial growth at approximately 9.0% CAGR through the forecast period driven by prominent government initiatives focused on strengthening the region’s manufacturing industry. Considerable growth in the number of large-scale infrastructure projects is aiding the growth of the construction industry in the Middle East region, which is primed to cause a potential surge in demand for microencapsulated PPCM.

Furthermore, in May 2021, Qatar University’s Advanced Materials Centre (CAM) conducted workshops pertaining to materials used in the building sector, including heat insulating and absorbing materials that help reduce energy consumption. Thus, rising research focus on exploring the applications of these materials is anticipated to support product penetration in the MEA region.