Phase Change Materials Market Size

Phase Change Materials Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Phase Change Material (PCM) market has shown remarkable growth, and is expected to reach USD 64376.8 million by 2022. This growth rate is estimated to be 18.19% during the forecast period. This expansion is a result of the increasing demand for energy-efficient solutions in various sectors, such as construction, electronics, and textiles, where Phase Change Materials are used to enhance thermal management and energy storage capabilities. Besides, the growing focus on the environment and energy conservation, and the technological advancements that have led to the development of cost-effective and efficient Phase Change Materials, are also driving this market growth. Furthermore, the integration of Phase Change Materials in smart building technology and the growing demand for renewable energy are bolstering the growth of this market. The leading companies, such as BASF SE, Honeywell International Inc., and Phase Change Energy Solution, are engaging in strategic initiatives, such as collaborations and product launches, to strengthen their position in the market and expand their applications.

Regional Market Size

Regional Deep Dive

The market for Phase Change Materials (PCM) is growing rapidly in various regions. The growing energy efficiency requirements and the development of the thermal management technology are the main drivers. In North America the focus is on sustainable building and energy efficiency, while in Europe it is on regulations that support energy efficient solutions. The Asia-Pacific region is characterized by rapid industrialization and urbanization, which in turn leads to an increase in the demand for PCMs in building and refrigerating technology. The Middle East and Africa (MEA) are slowly adopting PCMs, especially in the energy sector. In Latin America, however, new applications are being developed in agriculture and food.

North America

• Energy conservation is the aim of the United States Department of Energy.
• The companies BASF and Phase Change Energy Solution are investing in R & D to develop advanced PCMs for specific applications such as heat energy storage and HVAC systems.
• Towards the end of the 20th century, smart buildings became the trend of urban development, and building materials were also adapted to this trend, and energy saving and environmental protection were improved.

Europe

• In Europe, the Green Deal has been set up to increase the use of phase-change materials in building, and the new building regulations give energy-efficient building materials a tax advantage.
• The especial interest of the public is the development of the pcms based on natural substances.
• Energy transition in Europe has created a need for the use of PCMs in energy storage systems to improve the integration of wind and solar energy.

Asia-Pacific

• China's urbanization has become the main demand for the application of phase change materials in construction, and the government has supported the development of energy-saving buildings.
• The use of a new class of phase-change materials for cooling and heat energy storage has been researched by Tsinghua University and Shanghai Jiaotong University.
• In countries like India, the emphasis on food safety and preservation is leading to the adoption of PCMs in cold-chain logistics.

MEA

• The United Arab Emirates’ commitment to the environment is reflected in its Clean Energy Strategy 2050, which encourages the use of phase-change materials in energy-efficient buildings.
• In South Africa, the application of a polymer to a solar-thermal system is being studied with a view to improving energy storage.
• The extreme temperature fluctuations of the region create a unique market for the use of a large number of reversible and reversible heat exchangers in the construction and industry.

Latin America

• Brazil is exploring the use of phase-change materials in agriculture, particularly for the temperature control of perishable goods during transport.
• The government of Mexico has launched several programmes to promote the use of PtCs in energy-efficient buildings, with the aim of reducing energy consumption.
• In the context of the growing interest in the region in sustainable energy, the use of phase-change materials for energy storage is becoming an increasingly important research field, particularly in the field of solar energy.

Did You Know?

“Phase-change materials can absorb and release large amounts of energy during their phase transitions, and so they are up to ten times more effective than conventional insulating materials.” — International Journal of Energy Research

Segmental Market Size

The Phase Change Materials (PCM) segment is a key contributor to energy efficiency in many industries, including building and construction, HVAC, and thermal energy storage. It is currently experiencing strong growth, driven by rising demand for energy-efficient solutions and the push for sustainable development. The need to regulate the temperature of buildings and the integration of renewable energies are the main drivers behind this growth.

The use of phase-change materials is at the stage of implementation. Notable examples of this are BASF and Dow, which are at the forefront of developing new PCM products. These include energy storage systems in which the PCMs store surplus heat for later use and building materials that help to maintain comfortable indoor temperatures. The market is also benefiting from trends such as government regulations on energy efficiency and a push towards greater sustainability. Also influencing the market are advances in encapsulation and smart materials. Together, these will lead to more efficient and versatile applications in a variety of sectors.

Future Outlook

The market for phase-change materials is expected to grow from about £468m in 2022 to £6.44bn by 2030, with a CAGR of 18.19 per cent. This is driven by the increasing demand for energy-efficient solutions across many sectors, such as construction, electronics and textiles. By 2030, the use of phase-change materials in building materials and HVAC systems is expected to have increased substantially. The penetration of phase-change materials in new building projects could be as high as 25 per cent, according to industry forecasts.

In this respect, the development of bio-based and improved phase-change materials is expected to continue to boost the market. It is precisely the development of new materials with improved properties and reduced environmental impact that will allow the industry to meet the stricter regulations imposed by the authorities on the reduction of the carbon footprint. The phase-change materials market is also expected to be boosted by government policies to promote energy efficiency and the use of renewable energy sources. Phase-change materials are also expected to be integrated into smart building solutions and the growing interest in energy storage solutions will also have an important influence on the market. Phase-change materials will be an integral part of the energy-saving strategies that are increasingly being adopted by the industry, which will lead to an increase in the research and development of phase-change materials in the coming years.