Phase Change Materials Market Forecasts to 2028 – Global Analysis By Type (Bio-Based, Inorganic, Organic and Other Types), Application and By Geography

Phase Change Materials Market Forecasts to 2028 – Global Analysis By Type (Bio-Based, Inorganic, Organic and Other Types), Application and By Geography

According to Stratistics MRC, the Global Phase Change Materials Market is accounted for $2.1 billion in 2022 and is expected to reach $6.1 billion by 2028 growing at a CAGR of 19.4% during the forecast period. The term latent heat refers to heat that is absorbed or released by phase change materials in significant volumes. They provide a range of thermal management techniques and are able to assist the capacity to control demand between energy requirements and utilisation. Phase change materials are substances that have a great capacity to store large amounts of energy and then release that energy as latent heat during the phase transition process. Even though the temperature remains constant, energy is released as radiation anytime the physical state of the material changes.

According to Europa, EU GHG emissions have reduced by 19% relative to 1990 levels in 2017, marking an absolute decline of 935 million tons of CO2 equivalents, placing the EU on track to reach its 2020 goal of lowering GHG emissions by 20% by 2020 and 40% by 2030 compared to 1990.

Market Dynamics:

Driver:

Increasing use of PCMs in construction materials

Building infrastructure for housing, including but not limited to walls, floors, roofs, and other building components, is constructed utilising phase-change materials. The most significant use of this technology has turned out to be changing the thermal properties of building materials by incorporating them into passive building systems. As a result, the product's increasing application in building interiors is fueling market expansion.

Restraint:

Technical issue and corrosive nature

A significant obstacle is created by the corrosive nature of phase change materials and technical problems such low conductivity or super cooling. Inorganic varieties also suffer from drawbacks like corrosion, instability, and a propensity to become extremely cool, which shortens their lifespan and raises maintenance costs. As a result, these elements are limiting the market's expansion.

Opportunity:

The rise in the need for cold chain logistics

Due to the fact that relatively large amounts of food are now being transported and stored, the pharmaceutical and food industries have experienced tremendous growth in terms of logistics. The growth of has been greatly influenced by the increase in the transportation of goods that are temperature-sensitive and must reach customers in the appropriate forms. Manufacturers of phase transition materials have opportunities as a result of all these considerations.

Threat:

High cost of switching from conventional material

HVAC (heating, ventilation, and air conditioning) system users must invest in phase transition materials for their systems. The corporation then takes the appropriate measures to incorporate phase change material if it is determined to be cost-effective. The cost of switching from the current systems to phase change materials is now significant. As a result, this is the main issue impeding market expansion.

Covid-19 Impact

The corona outbreak has a significant effect on the market for phase change materials. Applications for phase change materials in the building and construction industry are expanding. The building and construction industry experienced a sharp fall in growth as a result of the suspension of construction activity, logistics issues, manpower shortages, and other tight constraints. Along with a lack of raw materials, rising prices, and a shrinking workforce, the construction supply chain was disrupted. Major construction sites and projects around the world were delayed as a result.

The organic segment is expected to be the largest during the forecast period

The organic segment is estimated to have a lucrative growth, due to rising demand in the building and construction. The petroleum byproducts known as organic phase change materials have a specific phase transition temperature. The strong demand is a result of its expanding use across many end-use industries, particularly in the building and construction sector. The organic phase transition materials also offer good qualities including decreased density and efficient costs, which increases their demand in important end-use sectors.

The building and construction segment is expected to have the highest CAGR during the forecast period

The building and construction segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increased the demand for highly effective and innovative construction materials. The demand for highly efficient and cutting-edge thermal insulation materials has increased as a result of the introduction of strict standards for energy-efficient buildings, particularly in developed regions. Advanced phase change materials have a significant role to play in the building sector to save energy and ensure a clean and green future.

Region with Largest share:

North America is projected to hold the largest market share during the forecast period owing to the rising use of modern construction methods and the demand for Heating, ventilation, and air conditioning (HVAC) systems in the residential sector. Additionally, the sector for phase change materials is expanding in this region due to the increased focus on green building and construction to lower carbon emissions.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to technical improvements. The significant development and demand in numerous end-use sectors, including building & construction, textile, automotive, pharmaceutical, and others, has a significant impact on the market for phase change materials in this region. Building material demand for phase change materials is creating market expansion potential.

Key players in the market

Some of the key players profiled in the Phase Change Materials Market include PureTemp LLC, PCM Products Ltd, Climator Sweden AB, Global E Systems, Croda International Plc, Honeywell International Inc., Laird Technologies, Inc., Phase Change Solutions, Sasol Limited, Cold Chain Technologies, Change Materials Products Ltd., Rubitherm Technologies GmbH, Microtek Laboratories Inc., Advansa B.V., Henkel AG & Company KGAA and Sinomax USA Inc.

Key Developments:

In September 2022, Sinomax USA Inc., a U.S.-based leading foam products distributer and manufacturing company launched first-of-its-kind, bio-based phase change material based foam bedding. The company will launch new product by the name of BioFrost product line, which will provide more sustainable cooling solution with the same or better cooling power and lower costs than other PCMs.

In April 2020, the Rubitherm Technologies introduced the newly air-guided ventilation PCM, PhaseCube. The phase change material has availability in various sizes and temperature and offers efficient adaption to the requirement of client's system.

Types Covered:
• Bio-Based
• Inorganic
• Organic
• Other Types

Applications Covered:
• Textile
• Cold Chain & Packaging
• Thermal Energy Storage
• Electronics
• Building & Construction
• Heating, ventilation, and air conditioning (HVAC)
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements