Phase Change Materials Market - A $5.1 Billion Industry Opportunity by 2030, with a CAGR of 15%

STRATEGIC MARKET RESEARCH LLP
STRATEGIC MARKET RESEARCH LLP

Phage Change Materials Market Report published by Strategic Market Research states that as of 2021, the global market value was USD 1.66 billion, having a proliferating CAGR of 15%, and it was forecasted to have a value of approximately USD 5.1 billion by 2030 according to Strategic Market Research.

New York, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The Worldwide Phase Change Materials Market's worth in 2021 was USD 1.66 billion, and by 2030 it will reach USD 5.1 billion with a 15% CAGR. A phase change material is any substance that releases and absorbs heat as its physical state changes, such as from solid to liquid and liquid to solid. The most well-known example is water, which has a phase transformation from solid to liquid at 0°C and has been utilized for ages as cold storage in the form of ice and snow to keep food cool. It takes the same energy to melt 1 kg of ice as it does to heat water from 0°C to 80°C. PCM is particularly appealing for a variety of applications due to its great storage capacity and relatively low losses as compared to other storage technologies.


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Phase Change Materials Market Global Insights: 

  • On the basis of type, in 2021, the organic segment held a considerable position in the market.

  • In 2021, the building and construction segment recorded the largest revenue share of over 35% in terms of application.

  • Europe ruled the overall market with the biggest market share of nearly 40% by region in 2021.

Factors influencing the Phase Change Materials Market growth

 Factors such as the increasing emphasis on green construction and increasing adoption of PCM in building materials are stimulating its growth rate.

  • The rising importance of green construction primarily accelerates the market for phase change material. Due to population increase, fast urbanization, and changes in people's lives, the annual energy consumption of buildings is rising quickly. The hazards of climate change and rising GHG emissions have highlighted the need to develop new forms of energy. Green building initiatives have primarily concentrated on conserving natural resources, improving energy efficiency, using environment friendly building materials, and implementing radical changes in the design concept, management processes, and procurement to lessen the environmental impact of buildings.

  • The construction and building sector's demand for phase change material has also increased. Roofs, walls, floors, and other building components such as windows, shutters, and others use phase change materials. The market has grown as a result of the integration of passive building systems for changing thermal applications. The increasing use of phase change materials in construction materials such as wallboards, roofing, concrete, and plastics like polyolefin elastomers and polypropylene to improve thermal efficiency is boosting the market for phase change materials.

Phase Change Materials Market: A thorough Segmentation Analysis

The worldwide Phase Change Materials Market segmentation has been performed on the basis of type, application, and region.
By type:

  • Inorganic

  • Hygroscopic Materials

  • Organic

By Application

  • Textiles

  • Cold Chain and Packaging

  • Energy Storage Management

  • HVAC System

  • Building and Construction

  • Shipping and Transportation

  • Refrigeration and Equipment

  • Electronics

By Region

North America

  • Canada

  • United States

  • Mexico

Europe

  • United Kingdom

  • France

  • Spain

  • Germany

  • Italy

  • Rest of Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia Pacific

LAMEA

  • Argentina

  • Brazil

  • South Africa

  • Rest of LAMEA


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Phase Change Materials Market Report Coverage

Report Attribute

Details

Forecast Period

2021 - 2030

Market size value in 2021

USD 1.66 Billion

The Revenue forecast in 2030

USD 5.1 Billion

Growth rate

15

%

The base year for estimation

2021

 

Historical data

2017 - 2020

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2030

Report coverage

Revenue forecast, , competitive landscape, company ranking, growth factors, and trends

Segments covered

Application, Type, Region

Regional scope

Europe, Asia Pacific, North America, LAMEA

Country scope

US, Canada, Mexico, Germany, UK, France, United Kingdom, Rest of Europe, China, Japan, South Korea, India, South Africa, Brazil, Middle East, Rest of LAMEA

Key companies profiled

BASF SE, DuPont de Nemours, Inc., Croda International PLC, DuPont de Nemours, Inc., Henkel AG & Co. KGaA, Honeywell International Inc., Cryopak, Microtek Laboratories Inc., Rubitherm Technologies GmbH, Outlast Technologies LLC, Phase Change Energy Solutions Inc, DowDuPont, Chemours Company.

On the basis of type, the organic segment held a considerable position in the market in 2021. The expanding usage of organic PCMs such as polyolefin waxes or paraffin wax, fatty acids, and others in a variety of end-use industries, particularly in the building and construction sector, has a significant impact on their high demand. Additionally, organic phase change materials offer outstanding qualities like low prices, low density, thermal stability, good heat storage capacity & high latent heat, which increase their demand in major end use industries. Because of its low water solubility, paraffin hydrocarbons are increasingly employed in construction and building materials. Due to the increased demand for organic PCMs in construction and building, the worldwide phase change industry is expected to rise rapidly over the projected period.

In 2021, the building and construction segment recorded the largest revenue share of over 35% in terms of application. The phase change material use is increasing in the building and construction industries for solar cooling, passive heating and cooling systems, and other applications. The growing need for thermal energy storage systems in the construction and building segment offers opportunities for energy conservation. The need for phase change materials is also being accelerated by the expanding investment and development in smart and environment friendly construction projects. Consequently, the global phase change materials market will expand quickly throughout the projected period as a result of increased demand for PCM in the building and construction sector.

Europe ruled the overall market with the biggest market share of nearly 40% by region in 2021. The significant position of Europe in this market is due to the major developments and increased demand in various industries like textile, automotive, building and construction, pharmaceutical, and others. Additionally, the development of the phase change materials business in this region is fuelled by the growing emphasis on green building and construction to reduce carbon emissions. The monthly volume of building output increased by 1.1% in January 2022, followed by a 2.0% growth in December 2021, as per the Office for National Statistics report. Furthermore, the increasing use of PCMs in solar power, textiles, and packaging is enhancing market development prospects.


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Key players in Phase Change Materials Market:

  • Chemours Company

  • Outlast Technologies LLC

  • Microtek Laboratories Inc.

  • Rubitherm Technologies GmbH

  • Phase Change Energy Solutions Inc.

  • DowDuPonyt

  • Cryopak

  • Honeywell International Inc.

  • Henkel AG & Co. KGaA

  • DuPont de Memours, Inc.

  • Croda International PLC

  • BASF SE


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Recent Developments

  • Sinomax USA introduced the first Bio-Based Phase Change Material in foam mattresses in September 2022. This foam mattress technology covers many important aspects, including wash ability. Bio Frost is the Phase Change Material. It is USDA Bio preferred approved, and this technology has up to 94 percent biobased content. Biofrost outperforms its competitors in terms of chilling capacity, longevity, and affordability.

  • On March 2022, the experts at Martin Luther University Halle-Wittenberg (MLU) and the University of Leipzig developed a new heat storage material to store excess heat and release it back into the environment when needed. In comparison to existing materials, the new one can absorb substantially more heat, is more stable, and is made of non-harmful components.

  • On February 2022, Antora Energy, a thermal storage startup, acquired $50 million in funding from a consortium of investors led by Bill Gates's Breakthrough Energy Ventures in order to expedite the development of their heat based carbon block energy storage system for usage in heavy industry.

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