Phase Change Materials Market Analysis

Global Phase Change Materials Market Overview

Phase Change Materials Market Size was valued at USD 1,448.40 million in 2021. The Phase Change Materials industry is projected to grow from USD 468.32 Million in 2022 to USD 6,437.62 million by 2030, exhibiting a compound annual growth rate (CAGR) of 18.19% during the forecast period (2022 - 2030). Rising demand for phase change materials (PCMs) in several end-use industries such as building & construction, food and beverages, pharmaceuticals, textile, and others for storage and the transportation of various tempeature sensitive products are driving market expansion.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Phase Change Materials Market Trends

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  Increasing Adoption of Phase Change Materials in the Building and Construction Industry to Surge Demand

  
  

Phase change materials are widely used in roofs, floors, walls, and other building materials in the building & construction industry. Such materials can lower the temperature variations, resulting in betterment related to human comfort and decreasing the energy consumption of buildings due to their ability to release and absorb energy in/from the environment. Among all the activities engaging in significant energy consumption, one of the main sectors in some countries is related to buildings. According to the International Energy Agency (IEA), the building & construction segment accounts for almost 30% of the total energy consumption and yields about 30% of the total carbon dioxide emissions. The stringent government regulations for reducing greenhouse gas emissions is expected to boost the phase change materials market growth during the forecast period.

Figure 1: Projected Public and Private Infrastructure Investment as a Percentage of Gross Domestic Product (GDP), 2016–2040 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Accordingly, the growing adoption of the product in the interiors of the construction permits soaking and emitting heat in the room at any given time. PCMs are economical and broadly used to reduce internal air temperature variations in building applications, particularly lightweight constructions. Plasterboards and wallboards are appropriate components and are considered ideal for the internalization of PCMs. The use of PCMs in building materials is advantageous, specifically in incredibly cold and hot climates, where the energy needed to maintain the internal conditions of buildings at a comfortable level can attain substantial consumption levels. PCMs can also be added to conventional and alveolar bricks and have also been included in the concrete layer inducted under the flooring systems.

By incorporating it into a floor, favorable effects are acquired as a large amount of energy is lost from the floor due to heat transfer to the ground. Other emerging solutions include placing of PCMs in sunshades and windows. In such applications, a PCM must fill the frame, layer, glass, or any other hollow part, such as the cavity of the shutters. The building & construction industry needs high-performance materials that are strong, lightweight, high-performance, durable, and versatile. The quality and performance of building materials need to be extremely consistent; as a result, the demand for phase change materials is increasing for infrastructural development. Therefore, rapid urbanization, economic growth and bolstering of infrastructural projects, and extensive application of phase change materials in the building & construction sector are said to drive the market.

Phase Change Materials Market Segment Insights

Phase Change Materials Type Insights

The Phase Change Materials Market segmentation, based on type, the phase change materials market is segmented into organic, inorganic, and others. The Organic segment accounted for the largest market share of 51.60% with respect to the Phase Change Materials Market revenue. This is because the materials used in phase change materials can be paraffinic such as paraffin wax, or non-paraffinic, such as fatty acids, fatty acid esters, glycolic acids, and alcohols. Non-paraffinic compounds are fabricated from bio-sourced raw materials, such as animal fats and vegetable oils, including beef tallow, margarine, coconut oil, and castor oil. These materials are sustainable, biodegradable, non-toxic, and less flammable. The most frequent organic materials used as phase change material (PCM) are HVAC, building & construction, electronics, medical devices, refrigerants, cold boxes or storage, carriers, vaccine cold chain equipment, and other applications. The hydrophilic characteristic of these organic materials includes high latent heat, good nucleation properties, low liquid phase sub-cooling capability, and minimal volume variation.

Phase Change Materials Application Insights

The Phase Change Materials Market segmentation, based on application, the phase change material market is segmented into building & construction, HVAC, cold chain & packaging, electronics, textiles, and others. The cold chain & packaging segment dominated the market in 2021 and while the building and construction segment is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to several advantages when compared with other storage materials. PCM can absorb large amounts of energy per storage volume/mass with a small temperature difference between the storage medium and its surroundings. It stores the energy with minimal losses over time and will release the energy when needed. Hence, growth of construction industry will impact market growth.

Figure 2: Phase Change Materials Market, by Application, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Phase Change Materials Regional Insights

By Region, the Phase Change Materials market industry study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe Phase Change Materials Market accounted for USD 516.22 million in 2021 and is expected to exhibit a 18.84% CAGR during the study period. This is attributed to presence of many companies in Europe that manufacture, and supply phase change materials are expected to provide optimistic growth.

Further, the major countries studied are the U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: PHASE CHANGE MATERIALS MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Phase Change Materials Market accounts for the second-largest market share dueto the high investment for phase change material market across the region. North America is likely to grow as long-term energy costs are expected to climb, making PCMs an appealing investment in new buildings. Furthermore, the US Phase Change Materials Market retained the greatest market share due to expansion of its manufacturing facilities and increasing distribution network across the country. Other environmentally sensitive construction markets, such as those in hot climes are also likely to rise. The growth in the region is attributed to the growth of the building & construction industry in the Canada Phase Change Materials Market will exhibit significant expansion in the North American region.

The Europe Phase Change Materials Market is expected to grow at a significant CAGR from 2022 to 2030. This is owing to presence of many companies in Europe that manufacture and supply phase change materials are expected to provide optimistic growth. The Germany Phase Change Materials Market is predicted to expand, owing to stronger building energy efficiency laws (the European Union approved a binding legislative resolution in 2007 to reduce carbon emissions by 20% while concurrently improving energy efficiency by another 20% by 2020) and the desire to minimize operating costs are driving growth in Germany. Increased knowledge of the benefits of advanced PCM and the level of commercialization of advanced PCM in in Italy Phase Change Materials Market, Europe is expected to have the greatest growth rate in the market.

Asia-Pacific Phase Change Materials Market is expected to emerge as the fastest-growing regional market due to various factors such as shifting manufacturing base from western countries to Asia-Pacific; strong economic development; and expansion of end-use industries including textile, electrical and electrical electronics, healthcare, building & construction, and others. China Phase Change Materials Market and India Phase Change Materials Market are anticipated to dominate the Asia-Pacific market over the forthcoming years. China's healthcare industry has risen quickly, allowing it to move from a pharmaceutical manufacturing base to a vital R&D hub.

Phase Change Materials Key Market Players & Competitive Insights

Major market players have large production bases and advanced manufacturing facilities at the domestic and international levels. Furthermore, the key players in the phase change materials market are focusing on growth strategies such as developing technologies for PCM products, patent, etc on a level to gain a maximum share of the market. Acquisition is the most common growth strategy adopted by most of the participants.

One of the primary business strategies adopted by manufacturers in the Phase Change Materials Industry to benefit clients and expand the Phase Change Materials Market sector is to manufacture locally to reduce operating costs.

Croda International Plc (Croda) is a holding company for a group of companies that manufactures a diverse range of chemicals and chemical products, including oleochemicals and industrial chemicals. It supplies products to companies specializing in personal care, pharmaceutical, plastics, food processing, nutrition, fire prevention, engineering, and automotive industries.

Sasol is a integrated chemicals and energy company. It produces oil and chemical products. The company offers products such as automotive lubricants, greases, cleansers, fuels, polymers, and specialty gases.

Key Companies in the Phase Change Materials Market include

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  Croda International Plc (UK)

  
  


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  Sasol (South Africa)

  
  


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  Henkel AG & Co. KGaA (Germany)

  
  


• Cryopak (US),


• Merck KGaA (Germany)


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  Pluss Advanced Technologies Pvt. Ltd (India)

  
  


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  PureTemp (US)

  
  


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  Teappcm (US)

  
  


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  Rubitherm (Germany)

  
  


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  Cold Chain Technologies (US)

  
  


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  PCM Products Ltd (UK)

  
  

Phase Change Materials Market Segmentation

Phase Change Materials Type Technology Outlook

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  Organic

  
  


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  Inorganic

  
  


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  Others

  
  

Phase Change Materials Application Outlook

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  Building and Construction

  
  


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  HVAC

  
  


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  Cold Chain & Packaging

  
  


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  Organic

  
  


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  Inorganic

  
  


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  Electronics

  
  


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  Textiles

  
  


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  Others

  
  

Phase Change Materials Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America