Phase Change Materials Market Industry Analysis & Forecast

Insights

The Phase Change Materials Market was estimated to grow from US$ 500.85 Million in 2021 to US$ 1548.32 Million by 2028 at a CAGR of 17.24% during the forecast period of 2022-2028.

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What are Phase Change Materials?

Phase Change Materials are materials that can change their phase or form from solid to liquid and vice versa. These are useful in storing heat so that they can be used later when needed. When they absorb, they melt, and they again solidify when they release heat. These can be stored in different insulated buffers so that they can be used for upcoming needs.

Phase Change Materials can be of several types with their advantages and disadvantages. These materials can be used in a wide number of areas such as construction, textiles, refrigeration, and many others.

Key Players

Some of the major players in the phase change materials market are-

• Honeywell Electronic Materials, Inc.
• Laird PLC.
• Sasol Limited
• Croda International PLC.
• Entropy Solutions LLC
• Microtek Laboratories Inc.
• Pluss Advanced Technologies Pvt. Ltd.
• Phase Change Energy Solutions Inc.
• Rubitherm Technologies GmbH
• Phase Change Materials Products Ltd.
• Outlast Technologies LLC.
• Henkel AG & Company
• KGaA
• Cold Chain Technologies, Inc.

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Drivers

The prime factor that is contributing to the growth of the market are-

• Strong demand from end-use industries, such as building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, electronics, textiles, and others.
• Phase change material holds the unique feature that it can store and release a large amount of energy/heat while maintaining a constant temperature and hence, is used to conserve energy, reduce operating costs, and provide temperature security.

Segment Analysis

By Type

The Inorganic PCM is expected to lead the market during the forecast period.

The market is segmented as Inorganic PCM, Organic PCM, and Bio-based PCM. The Inorganic PCM segment is driven due to its good thermal conductivity, high latent heat of fusion, non-flammability, and low cost. Inorganic PCMs are extensively used in thermal energy storage, HVAC, cold chain & packaging, and refrigeration & equipment.

By Application Type

The Building & Construction Segment is expected to remain the largest segment during the forecast period.

The PCM market is segmented as building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, electronics, textiles, and others. The Building & Construction segment is driven due to stringent regulations towards greenhouse gas emissions and increased investment in low-carbon buildings, especially in North America and Europe.

By Region

Europe is expected to remain the largest market for phase change materials during the forecast period.

Stringent regulation regarding the usage and handling of temperature-sensitive goods, implementation of strict building codes, and the European Union directives to improve efficiency in buildings are the major factors that have led to the dominance of Europe in the global PCM market.

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The phase change materials market is segmented into the following categories. 

By Type

• Inorganic PCM
• Organic PCM
• Bio-Based PCM

By Application Type

• Building & Construction
• HVAC
• Cold Chain & Packaging
• Thermal Energy Storage (TES)
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Application Type: Boiler/Power Plant, Solar Energy Storage, and Geothermal Energy Storage
• Refrigeration & Equipment
• Textiles
• Electronics
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Application Type: Phase Change Memory (PCRAM) and Thermal Interface Material (TIM)
• Others
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Application Type: Automotive, Healthcare, Telecommunication

By Encapsulation Technology Type

• Macro
• Micro
• Molecular

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.