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Phase Change Materials Market Growth Analysis | 2022-2028
Phase Change Materials Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2022-2028
The phase change materials market was estimated at USD 500.85 million in 2021 and is likely to grow at a CAGR of 17.24% during 2022-2028 to reach USD 1548.32 million in 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 major factors driving the growth of the phase change materials 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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"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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Some of the major players in the phase change materials market are:
Note: The above list does not necessarily include all the top players in the market.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s phase change materials market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our phase change materials market report from the industry stakeholders, we have tried to further accentuate our research scope to the phase change materials market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The phase change materials market is segmented into the following categories:
By Type
By Application Type
By Encapsulation Technology Type
By Region
Click here to learn the market segmentation details.
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 was estimated at USD 500.85 million in 2021
The phase change materials market is likely to reach USD 1548.32 million in 2028.
The phase change materials market is likely to grow at a CAGR of 17.24% during 2022-2028.
Some of the major players in the 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.
The building & construction segment is expected to remain the largest segment during the forecast period.
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