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Phase Change Materials Market Analysis | 2022-2028
Phase Change Materials Market Size, Share, Trend, Forecast, Industry & Growth Analysis: 2022-2028
"The global 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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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.
The prime factors that are contributing to the growth of the market are:
There is 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.
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Phase Change Materials Market Report Overview |
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Market Size in 2021 |
US$ 500.85 Million |
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Market Size in 2028 |
US$ 1548.32 Million |
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CAGR (2022-2028) |
17.24% |
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Base Year of Study |
2021 |
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Trend Period |
2017-2020 |
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Forecast Period |
2022-2028 |
Some of the major players in the phase change materials market are:
"The inorganic PCM segment accounted for the largest market share."
The market is segmented as inorganic PCM, organic PCM, and bio-based PCM. Inorganic PCM is expected to lead the market during the forecast period. 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.
"The building & construction segment accounted for the largest market share."
The PCM market is segmented into building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, electronics, textiles, and others. The building & construction segment is expected to remain the largest segment during the forecast period. 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.
"Europe accounted for the largest market share."
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, the 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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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth analysis of the Phase Change Materials Market |
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How lucrative is the future? |
Market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional and country level historical data and forecasts |
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Which are the most attractive market segments? |
Market segment analysis and forecast |
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Which are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirement? |
10% free customization |
The phase change materials market is segmented into the following categories:
By Type
By Application Type
By Encapsulation Technology Type
By Region
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 market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
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.
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.
The phase change materials market size was US$ 500.85 million in 2021.
The phase change materials market size is expected to reach an estimated value of US$ 1548.32 Million by 2028.
The phase change materials market is expected to grow at a CAGR of 17.24% during the forecast period.
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, and Cold Chain Technologies, Inc.
Europe is estimated to be the largest region in the market owing to a growing percentage of the geriatric population in the regional market.
The prime factor that is contributing to the growth of the market is strong demand from end-use industries, such as building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, electronics, textiles, and others the major factor driving the demand for phase change materials in the global market. 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.
Distributors, suppliers, manufacturers, logistics organizations, and government bodies.
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