The global advanced phase change materials market was valued at $1.4 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 12.61% from 2021 to 2030.
Phase change materials are compounds that absorb, store, and release an oversized amount of heat at a comparatively constant temperature by changing their physical state. When a phase change material freezes, it releases an oversized amount of energy in the form of heat whereas, when such material melts, it absorbs an oversized amount of heat from the environment. Phase change material absorbs and release heat by liquefying and solidifying at set temperatures. The natural heat property of phase change material helps in maintaining a structure’s temperature and prevents sudden external changes. Fluctuations in ambient temperature recharge phase change material, making them suitable for everyday applications.
The major driver for the advanced phase change material market is increase in use of activity materials for temperature control. The appliance of phase change material in buildings ensures temperature regulation in rooms. Variations in environmental temperatures during the day and night lead to the utilization of phase change materials to smart textiles or fabrics, which releases and absorbs energy accordingly. Temperature regulation using activity material reduces the load on the heating and cooling equipment used for maintaining temperature. The benefits of using phase change material such as energy-saving and low greenhouse emission emissions compel governments to encourage and enforce its use, leading to a rise in demand for phase change material. Indirect regulations and policies in exceedingly few countries, such as China and Australia create awareness about activity material as another for reducing energy consumption, greenhouse gases, and overhead.
The major problem faced by the advanced phase change material market is the lack of awareness regarding the advantages of using activity material and its products. Companies are marketing organic materials to extend awareness regarding their products and advantages, which is expected to be derived by using them, hence driving the demand for the market. The government also plays a crucial role in increasing awareness about natural action material through regulations and subsidies. The advanced phase change material market got affected negatively by the COVID-19 pandemic. Owning to the pandemic situation, several countries globally went into lockdown, to curb the spread of the virus, due to which, the availability and demand chain got disrupted, thus affecting the market. Industries, manufacturing units, infrastructural projects, and mining operations were closed down for the past two years, owing to the pandemic situation. The fluctuating price of raw materials leads to decrease in the production of organic phase change materials and therefore, the COVID-19 pandemic hinders the expansion of the advanced phase change materials market.
The advanced phase change materials market is segmented based on product type, application, and region.
On the basis of type, the market is categorized into organic PCM, inorganic PCM, and bio-based PCM. On the basis of application, it is segregated into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of phase change materials products in the region is expected to continue to bolster the advanced phase change materials market size, due to the presence of huge population base and presence of many developing countries in this region.
The key players operating in the global advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd. Other players in the value chain (not profiled in the report) include Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Ciat Group, Datum Phase Change Ltd., Emco Klimatechnik Gmbh & Co. KG, Rgees LLC., Climator Sweden AB, Ewald Dörken AG, and Laird PLC. Key players in the market are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the advanced phase change materials market in the forecast period.
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. Restrictions on international trade and lockdown regulations on the operations of the chemicals industry are projected to limit short-term demand for advanced phase change materials in the infrastructure market. Industries, manufacturing units, infrastructural projects, and mining operations were closed for the past two years due to the pandemic situation. The fluctuation in price of raw materials used to make phase change material and the COVID-19 pandemic hinder the growth of the phase change material market. Countries such as China, the U.S., and others are back on their feet, due to the availability of COVID-19 vaccines, and are continuing regular work due to the presence of huge investment in the infrastructure developments such as smart city, airports, and others.
Phase change materials are compounds that absorb, store, and release an oversized amount of heat at a comparatively constant temperature by changing their physical state. When a phase change material freezes, it releases an oversized amount of energy in the form of heat whereas, when such material melts, it absorbs an oversized amount of heat from the environment. Phase change material absorbs and release heat by liquefying and solidifying at set temperatures. The natural heat property of phase change material helps in maintaining a structure’s temperature and prevents sudden external changes. Fluctuations in ambient temperature recharge phase change material, making them suitable for everyday applications.
The major driver for the advanced phase change material market is increase in use of activity materials for temperature control. The appliance of phase change material in buildings ensures temperature regulation in rooms. Variations in environmental temperatures during the day and night lead to the utilization of phase change materials to smart textiles or fabrics, which releases and absorbs energy accordingly. Temperature regulation using activity material reduces the load on the heating and cooling equipment used for maintaining temperature. The benefits of using phase change material such as energy-saving and low greenhouse emission emissions compel governments to encourage and enforce its use, leading to a rise in demand for phase change material. Indirect regulations and policies in exceedingly few countries, such as China and Australia create awareness about activity material as another for reducing energy consumption, greenhouse gases, and overhead.
The major problem faced by the advanced phase change material market is the lack of awareness regarding the advantages of using activity material and its products. Companies are marketing organic materials to extend awareness regarding their products and advantages, which is expected to be derived by using them, hence driving the demand for the market. The government also plays a crucial role in increasing awareness about natural action material through regulations and subsidies. The advanced phase change material market got affected negatively by the COVID-19 pandemic. Owning to the pandemic situation, several countries globally went into lockdown, to curb the spread of the virus, due to which, the availability and demand chain got disrupted, thus affecting the market. Industries, manufacturing units, infrastructural projects, and mining operations were closed down for the past two years, owing to the pandemic situation. The fluctuating price of raw materials leads to decrease in the production of organic phase change materials and therefore, the COVID-19 pandemic hinders the expansion of the advanced phase change materials market.
The advanced phase change materials market is segmented based on product type, application, and region.
On the basis of type, the market is categorized into organic PCM, inorganic PCM, and bio-based PCM. On the basis of application, it is segregated into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of phase change materials products in the region is expected to continue to bolster the advanced phase change materials market size, due to the presence of huge population base and presence of many developing countries in this region.
The key players operating in the global advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd. Other players in the value chain (not profiled in the report) include Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Ciat Group, Datum Phase Change Ltd., Emco Klimatechnik Gmbh & Co. KG, Rgees LLC., Climator Sweden AB, Ewald Dörken AG, and Laird PLC. Key players in the market are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the advanced phase change materials market in the forecast period.
COVID-19 Impact Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. Restrictions on international trade and lockdown regulations on the operations of the chemicals industry are projected to limit short-term demand for advanced phase change materials in the infrastructure market. Industries, manufacturing units, infrastructural projects, and mining operations were closed for the past two years due to the pandemic situation. The fluctuation in price of raw materials used to make phase change material and the COVID-19 pandemic hinder the growth of the phase change material market. Countries such as China, the U.S., and others are back on their feet, due to the availability of COVID-19 vaccines, and are continuing regular work due to the presence of huge investment in the infrastructure developments such as smart city, airports, and others.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current advanced phase change materials market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of advanced phase change materials market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global advanced phase change materials market.
Key Market Segments
By Application
- Building and Construction
- Energy Storage
- HVAC
- Shipping and Transportation
- Electronics
- Textiles
- Others
By Type
- Organic PCM
- Inorganic PCM
- Bio-based PCM
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Rest of LAMEA
Key Market Players
- BASF SE
- Entropy Solutions
- Sonoco Products Company
- Outlast Technologies LLC
- E. I. Du Pont De Nemours And Company
- Phase Change Energy Solutions
- Cryopak Inc.
- Microtek Laboratories, Inc.
- Advansa B.V.
- Pluss Advanced Technologies Pvt. Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ADVANCED PHASE CHANGE MATERIALS MARKET, BY APPLICATION
CHAPTER 5: ADVANCED PHASE CHANGE MATERIALS MARKET, BY TYPE
CHAPTER 6: ADVANCED PHASE CHANGE MATERIALS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Advanced Phase Change Materials Market,' the advanced phase change materials market was valued at $1.4 billion in 2020, and is estimated to reach $4.5 billion by 2030, growing at a CAGR of 12.61% from 2021 to 2030.Phase change materials (PCMs) are used for thermal energy storage, enabling the temporary storage of low- or high-temperature energy for later use. Offering a range of thermal management solutions, PCMs facilitate the ability to manage demand between energy requirements and usage. These materials store and release thermal energy on transitioning from one phase to another, that is, when materials freeze, large amount of energy is released as latent heat fusion or energy of crystallization. Conversely, energy is absorbed from the environment as solids melt into liquid.
Advanced phase change materials find extensive applications in the construction & building sector, which is one of the key factors that drives the market growth. One of the major drivers for the advanced phase change material market is increase in use of phase change material for temperature control. The application of phase change material in buildings ensures temperature regulation in rooms. Variations in environmental temperatures during the day and night are used to change the phase of the material, which releases and absorbs energy during the process. Temperature regulation using phase change material reduces the load on the heating and cooling equipment used for maintaining room temperature. Furthermore, factors such as increase in emphasis on energy conservation, expansion in application of advanced phase change materials in the textile sector, rapid urbanization in developing countries, and continued technological developments in the field of advanced PCM are expected to fuel the market growth in the near future.
The natural latent heat property of phase change material helps in maintaining a structure’s temperature and prevents sudden external changes. Fluctuations in ambient temperature recharge phase change material, making them suitable for everyday applications. The high regulations for reduction of greenhouse gas emission fuel the growth of the advanced phase change material market. However, the high cost of advanced PCM and lack of awareness among consumers regarding the use of phase change materials and flammability hamper the market growth.
The advanced phase change materials market is segmented based on product type, application, and region.
On the basis of type, it is categorized into organic PCM, inorganic PCM, and bio-based PCM. On the basis of application, it is segregated into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of phase change materials products in the region is expected to continue to bolster the advanced phase change materials market size, due to the presence of huge population base and presence of many developing countries in this region.
The key players operating in the global advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd. Other players in the value chain (not profiled in the report), such as Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Ciat Group, Datum Phase Change Ltd., Emco Klimatechnik Gmbh & Co. KG, Rgees LLC., Climator Sweden AB, Ewald Dörken AG, and Laird PLC., are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Advanced phase change materials market in the forecast period.
Key Findings of Study
- By region, Europe accounted for the largest advanced phase change materials market share in 2020.
- By type, the organic PCM segment held the largest market share in 2020.
- By application, the building & construction segment held the largest market share in 2020.
IMPACT OF COVID-19 ON GLOBAL ADVANCED PHASE CHANGE MATERIALS MARKET
- Emergence of COVID-19 had less impact on the growth of the global advanced phase change materials market during the pandemic outbreak period.
- This impact is mostly attributed to significant disruptions in raw material transportation, unavailability of labor, and shutdown of many manufacturing industries.
- The decrease in demand for many non-essential products and shut down of manufacturing industries created a negative impact on the development of global advanced phase change materials market.
Companies Mentioned
- BASF SE
- Entropy Solutions
- Sonoco Products Company
- Outlast Technologies LLC
- E. I. Du Pont De Nemours And Company
- Phase Change Energy Solutions
- Cryopak Inc.
- Microtek Laboratories, Inc.
- Advansa B.V.
- Pluss Advanced Technologies Pvt. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 226 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 1.4 billion |
| Forecasted Market Value ( USD | $ 4.5 billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
