Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global advanced phase change materials market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.74% during 2023-2028.
The advanced phase change materials market is currently being catalyzed by a rising demand for energy efficient and environment friendly technology. Based upon their unique structure, these materials have the ability to absorb, store and release energy during a phase transition. During the energy conversion process, these materials can be converted from liquid to solid or solid to liquid based upon their application. This makes them ideal for a diverse range of end uses which require temperature control. The material, during the transition process, absorbs energy as it changes from a solid to a liquid and releases energy as it changes back to a solid. Advanced PCMs are mainly segmented into organic PCMs, inorganic PCMs, bio-based PCMs and other PCMs, based on the technology of the material used in the application. Organic PCMs are additionally segmented as paraffin and non-paraffin materials, and inorganic PCMs are further categorized in metallic and salt hydrate. Bio-based APCMs are generally extracted from animal fat or plant oil and postures higher biodegradability over others.
The factors driving the demand for advanced phase change materials include an increasing awareness towards reducing greenhouse gas emissions, strict building codes and a rising demand for renewable sources of energy. Additionally, the augmented demand for these materials from the building and construction industry is further fueling the growth of the market. Moreover, due to the adoption of these materials across a diverse range of applications, such as packaging, HVAC, refrigeration, electronics, textiles, etc., the advanced phase change materials market is expected to register continuous growth in the near future. Furthermore, factors such as a growing awareness for energy conservation, continued technological developments and rising levels of urbanization in developing countries are expected to be additional drivers for this market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global advanced phase change materials market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, form and application.
Breakup by Type:
Based on type, the market has been segmented as organic PCM, inorganic PCM and bio-based PCM. Currently, organic PCM dominate the market, holding the largest share.
Breakup by Form:
Based on form, the market has been segmented as encapsulated and non-encapsulated. Currently, encapsulated PCM dominates the market, holding the largest share.
Breakup by Application:
Building and Construction
On the basis of application, the market has been segmented as building and construction, packaging, HVAC, textiles, electronics and others. Currently, building and construction dominate the market, holding the largest share.
Middle East and Africa
Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe is the leading market, accounting for the majority of the market share.
The competitive landscape of the market has also been examined with some of the key players being BASF SE, Cryopak, Entropy Solutions, Honeywell International Inc., Outlast Technologies LLC, Climator Sweden AB, Croda International Plc, Phase Change Material Products Limited, Phase Change Energy Solutions, Pluss Advanced Technologies Pvt. Ltd., RGEES, LLC., Rubitherm Technologies GmbH, Salca BV, and SGL Group.
This report provides a deep insight into the global advanced phase change materials market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the advanced phase change materials industry in any manner.
Key Questions Answered in This Report
1. What was the size of the global advanced phase change materials market in 2022?
2. What is the expected growth rate of the global advanced phase change materials market during 2023-2028?
3. What are the key factors driving the global advanced phase change materials market?
4. What has been the impact of COVID-19 on the global advanced phase change materials market?
5. What is the breakup of the global advanced phase change materials market based on the type?
6. What is the breakup of the global advanced phase change materials market based on the form?
7. What is the breakup of the global advanced phase change materials market based on the application?
8. What are the key regions in the global advanced phase change materials market?
9. Who are the key players/companies in the global advanced phase change materials market?
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