Phase Change Material Market Forecasts to 2028 – Global Analysis By Product (Eutectic, Fatty Acids, Non-paraffin/Inorganic), Temperature Range (-20 to -35 deg C, 2 to 8 deg C, 10 to 15 deg C), Encapsulation Technology, and By Geography

Phase Change Material Market Forecasts to 2028 – Global Analysis By Product (Eutectic, Fatty Acids, Non-paraffin/Inorganic), Temperature Range (-20 to -35 deg C, 2 to 8 deg C, 10 to 15 deg C), Encapsulation Technology, and By Geography

According to Stratistics MRC, the Global Phase Change Material Market is accounted for $2.64 billion in 2021 and is expected to reach $8.30 billion by 2028 growing at a CAGR of 17.8% during the forecast period. Phase change materials are products that release, store, and absorb heat as they oscillate between liquid and solid forms. They are also known as latent heat storage materials as they can store large amounts of thermal energy as latent heat during phase transition. The progress in PCM will be from one of the initial two central conditions of issue - strong and fluid - to the next. The stage change may likewise be between non-old style conditions of issue. The material adjusts from one glasslike structure to another, which might be a sequential energy state.

Market Dynamics:

Driver:

Growing regulations to reduce greenhouse gases

The changing climate patterns and global warming are the major environmental concerns. The high regulations for reduction of greenhouse gas emission are fueling the growth of the phase change material market. The CRC Energy Efficiency Program 2007 in the United Kingdom is a mandatory carbon emissions reduction scheme that extends to large public and private sector energy intensive entities. The scheme is expected to reduce carbon emissions by 1.2 million tons annually by 2020. 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. Along with the European Union, the Kyoto Protocol has set binding carbon mitigation goals for 37 developing countries and economies in transition. Therefore, the regulations for reducing greenhouse gas emissions are anticipated to drive the phase change materials market.

Restraint:

Poor thermal conductivity

The high cost and poor thermal conductivity are some of the drawbacks. In addition, the problem caused by super cooling and phase isolation contributes to thermal cycling loss and reducing the material's life cycle. Such problems may limit their ability in construction applications that require long-life systems. Low thermal conductivity slows down the rate at which heat from the building is transmitted or absorbed, affecting the comfort of the occupants and the system's performance.

Opportunity:

Rising demand from building materials

Phase change materials are used in roofs, walls, floors or other building materials (such as windows and shutters) across housing infrastructure. The integration of building materials (passive building systems) to change their thermal properties has proved to be the most important application. In building systems, the bulk applications involve wallboards or adding the substance into a concrete or mortar matrix. An optimal way to improve the thermal energy storage ability of building components is to combine them with phase change materials. The doors, roofing, concrete, wallboards, and other materials are combined with increasing the building's thermal efficiency. The most common solution for implementing phase change materials in houses is the inner side of the building envelope. Therefore, the rising adoption of the product in the interiors of the construction allows absorbing and releasing heat in the room at any given time. The plasterboards or wallboards are suitable components for the incorporation of phase change materials. They are affordable and extensively used to minimize internal air temperature variations in building applications, especially lightweight constructions. In addition, the phase change materials have been included in the concrete layer placed under the floor in some applications.

Threat:

Disruptions due to covid-19

Owning to the pandemic situation, several countries around the world went into lockdown, to curb the spread of the virus. Due to this the supply and demand chain got disrupted affecting the market. The phase change material industry got affected negatively by the pandemic. The manufacturing units, industries, mining operations, and infrastructural projects got on hold for the past two years due to the pandemic situation. The fluctuating price of raw materials used to make phase change material and COVID-19 pandemic have hindered the growth of the phase change material market. The companies on a brighter side are expecting the situations to get back to normal and the market to improve in the near future. The countries such as China, US, among the others are back on their feet continuing their regular work.

The building & construction segment is expected to be the largest during the forecast period

The building & construction segment is estimated to have a lucrative growth. The application of phase change material in buildings ensures temperature regulation in rooms. The global buildings and construction industry accounts for 36% of global final energy use, and the progression to achieve the sustainable development goals (SDGs) of the United Nations (UN) will lead to more construction, and the energy intensity per square meter in the buildings will need to improve by 30% by 2030. In order to suffice the energy requirement and increase efficiency, it will be necessary to use phase change materials to store some of the energy that is used during the construction. The growth in the buildings and construction sector coupled with the demand for energy storage will largely support the phase change materials market.

The paraffin/organic segment is expected to have the highest CAGR during the forecast period

The paraffin/organic segment is anticipated to witness the fastest CAGR growth during the forecast period. Organic segment show good storage density with respect to mass & melt and solidify congruently with little or no sub-cooling. Their thermal conductivity is however comparatively low. The paraffin/organic have melting temperature ranges that are suitable for a range of applications as they possess high latent heat, have good thermal characteristics, and are chemically & thermally stable. Organic hydrocarbons are widely used in textiles than other PCMs due to their excellent characteristics such as non-corrosive, thermal & chemical stabilities, and low undercooling. Organics have low solubility in water; hence, are highly used in building materials and they exhibit melting enthalpies between 150 and 220 KJ/Kg.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period owing to the growing construction activities, strong influence of stringent government regulations, and consumer spending. The presence of stringent building codes, along with enhancements in energy efficiency in the region, drove the demand for phase change material. Moreover, variable climatic conditions in Europe also result in high demand for smart clothing and textiles for use under both, hot and cold conditions. The rising construction industry is likely to drive the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. The growth of the region can be associated with the growth of the pharmaceutical industry in China, India, and Japan. China's healthcare industry has risen quickly, allowing it to move from a pharmaceutical manufacturing base to a vital R&D hub. As a result, China has solidified its position as a key player in the global pharmaceutical sector, both as a consumer and base for expanding R&D.

Key players in the market

Some of the key players profiled in the Phase Change Material Market include BASF SE, Ciat Group, Climator Sweden AB, Cold Chain Technologies, Inc, Croda International Plc, Cryopak, Henkel AG & Company KGAA, Honeywell Electronic Materials, Inc, Laird Technologies, Inc, Microtek Laboratories Inc, Outlast Technologies LLC, Phase Change Solutions, PureTemp LLC, and Sasol Limited.

Key Developments:

In January 2019, PureTem LLC, a leading consumer and industrial applications provider, announced the development of a fabric coating. The company reports that the product proves to be an efficient buffer against ambient temperature swings.

In March 2019, Croda International introduced two new biobased PCMs, CrodaTherm 32 and CrodaTherm 37. These two new products provide high latent heat, narrow melting and crystallization points, and high cycle stability.

Products Covered:
• Eutectic
• Fatty Acids
• Non-paraffin/Inorganic
• Paraffin/Organic
• Salt Hydrates

Temperature Ranges Covered:
• -20 to -35 deg C
• 2 to 8 deg C
• 10 to 15 deg C

Encapsulation Technologies Covered:
• Macro
• Micro
• Molecular

Applications Covered:
• Building & Construction
• Carriers
• Cold Chain & Packaging
• Electronics
• Heating, Ventilation, and Air Conditioning (HVAC)
• Refrigeration & Equipment
• Textile
• Thermal Energy Storage

End Users Covered:
• Biopharmaceutical Companies
• Hospitals
• Medical Laboratories

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

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Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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