Phase Change Material Market is segmented By Product (Paraffin Waxes, Salt Hydrates, Inorganic Eutectics, Hygroscopic Material, Others), By Application (Thermal Energy Storage, Solar Power Plant, Building and Construction, Shipping and Transportation, Heating, Ventilation and Air Conditioning (HVAC), Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.
Phase Change Material Market Size, Demand Insights
Phase change materials market size is expected to reach USD million by 2029, growing at a CAGR of 18.1% from 2022 to 2029.
Phase Change Material Market Scope and Summary
Metrics |
Details |
Market CAGR |
18.1% |
Segments Covered |
By Product, By Application, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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A phase change material (PCM) is a compound that emits or absorbs energy in a phase transition to produce usable heat or cooling. The transition will typically occur between one of the first two primary states of matter, solid or liquid. In non-classical states of matter, such as crystal conformity, when the material changes from one crystalline structure to another that may have a higher or lower energy state, the phase transition may also take place. Phase change materials with a latent heat of fusion and melting temperature inside the acceptable range are used as latent heat storage materials. The products are non-toxic, non-explosive, and non-flammable and could be used to develop thermal storage systems with desired thermophysical, kinetic, and chemical characteristics.
Phase Change Material Market Dynamics and Trends
The growing energy concerns and transition toward sustainability are major Phase change materials market drivers for the respective market. Nonetheless, a lack of product awareness restrains the Phase change materials market growth.
The growing energy concerns and a substantial switch toward sustainability
Extreme cold or heat waves across the globe due to global climate change are the new primary causes for an extensive boost witnessed in increased demand for heating and cooling systems. However, in modernity, the consumer and industry demand for sustainable energy is expanding and evolving, supported by growing global efforts to reduce pollution and preserve the environment. So the factor above sparked the thought that if some of the peak load could be moved to an off-peak load period by thermal storage for space heating and cooling purposes, power generation and its expenses might be managed effectively. Phase change materials are utilized for the respective purpose as they can store and release thermal energy as latent heat.
Because phase change materials can efficiently and sustainably harness diverse temperatures, their application in designing and building sustainable energy systems is essential to the effectiveness of these systems. Establishing thermal comfort in buildings, automobiles and solar energy harvesting are some of the newer uses of phase change materials. Currently, phase change materials have been widely employed to capture solar energy, particularly in solar cookers, since they don't require fuel, thereby further minimizing expenses and conserving a huge amount of electric or biofuel power.
Further, phase change materials can be used to control the temperature to reduce heat gain or loss via building walls. Moreover, thermal comfort is attained without significantly increasing the weight of structural materials because a modest amount of phase change materials is sufficient to store solar energy. Future applications for phase change materials are also expanding due to the worldwide trend toward energy conservation and sustainable development. Therefore, growing energy concerns and switching toward sustainability act as a major market drivers for the global phase change materials market.
Lack of product awareness
Lack of knowledge about the advantages of employing phase change material and its products is the main issue facing the phase change material sector. Companies that sell phase change materials have to work to raise public knowledge of their goods and the benefits that can be obtained from using them. Through laws and subsidies, the government must also significantly raise public understanding regarding phase change materials.
Due to benefits like energy savings and reduced greenhouse gas emissions, the demand may rise due to governments encouraging and enforcing the use of phase change materials. Thus, the lack of awareness is the main restraint that limits the growth of the global phase change materials market. However, a few nations, including China and Australia, are promoting phase change material as an alternative for reducing energy consumption, operating costs, and pollution through indirect rules and policies.
COVID-19 Impact on Phase Change Material Market Growth
The earliest waves of COVID-19 negatively influenced the global phase change materials business, just as in any other market, but the pandemic's overall impact was only marginal. To synthesize phase change materials on an industrial scale, it is necessary to use heavy machinery, skilled manpower, and industrial reagents. The requirement for social isolation and additional industry curfews also significantly hampered the market during the outbreak. The supply of raw resources required to produce phase change materials and final goods was greatly hindered by the global lockdown imposed by the COVID-19 outbreak. Significant changes were made to the market for phase change materials' demand-supply dynamics. The COVID-19 outbreak and fluctuating pricing for the raw materials used to make them have also impeded the market expansion for phase change materials. Since phase change materials are most frequently used in the construction, electronics, and packaging industries, the market is expected to expand as the post-COVID-19 environment further stimulates it.
Phase Change Material Market Segment and Shares Analysis
The global phase change materials market is classified based on product, application,n, and region.
The increasing application of paraffin waxes in packaging helps the sector to dominate the product segment of the global phase change materials market
The paraffin wax segment heavily dominates the product segment of global phase change materials. Some advantages of employing paraffin wax include gas and odor barrier, water and water vapor resistance, and better process efficiency. The rubber industry heavily utilizes paraffin wax in hot melts, board sizing, and packaging, which raises demand. One of the main applications for paraffin on a global scale is the paperboard and packaging sector. Paraffin waxes and combinations of paraffin-based resin provide gloss, freshness sealing, moisture, and grease barriers. Due to the need for stability during storage and transportation and aesthetic considerations, a significant share of industrial items is packed using paraffin wax.
The demand for a wide range of goods, all of which require packaging, has expanded due to rising living standards and earnings, particularly in eastern European and North American nations. As a result, a growing need for packaging is in the market, increasing the need for paraffin. For instance, the Association for Packaging and Processing Technologies predicts that the global packaging market grew from US$ 36.8 billion in 2016 to US$ 42.2 billion in 2021. As demand from the food and e-commerce industries rises, the packaging industry proliferates, thereby boosting the paraffin wax segment of the global phase change material market.
Phase Change Material Market Geographical Analysis
The heavily sprouting and growing electronics, construction, and packaging industries in Asia-Pacific boost the region’s phase change materials market
Due to massive demand from end-user sectors such as packaging, textile, electronics, building and construction, and transportation, Asia-Pacific dominates the world market for phase change materials. Phase change materials are utilized for medical packaging, biological packaging, chemical packaging, and even food packaging in China. Packaging is one of the primary industries that use these materials. Similarly, the electronics sector of countries such as China, India, South Korea, and Japan dominates the Asia-Pacific region and the global economy. The application of phase change materials in the electronics industry is anticipated to increase over the forecast period due to rising local and international demand for electronics and the global shift toward renewable energies.
Due to the nation's emphasis on energy-efficient structures, phase change materials are widely used in construction. Phase change materials can be used to control the temperature to reduce heat gain or loss via building walls. Moreover, thermal comfort is attained without significantly increasing the weight of structural materials because a modest amount of phase change materials is sufficient to store solar energy. Furthermore, HVAC systems frequently use phase change materials. Over the projection period, all the aforementioned causes are projected to lead to an increase in demand for the Asia-Pacific phase change materials market.
Phase Change Material Companies and Competitive Landscape
The market for phase change materials is very dynamic regarding the number and capabilities of both international and local producers. Numerous large-scale producers, including BASF SE, Honeywell International, DuPont, Cryopak Industries, Advansa B.V., Dow, Salca B.V., Phase Change Products Pty Ltd, Climator SWEDEN AB, Rubitherm Technologies GmbH, are the cause of the market's fragmentation. Important market players use strategies like mergers, acquisitions, product launches, contributions, and collaborations to advance in their markets and acquire notoriety.
Cryopak
Overview: Offering cold chain solutions to the life sciences, pharmaceutical, biotech, and food industries, Cryopak is a TCP Reliable subsidiary. The business produces products for temperature-sensitive transportation requirements, such as gel packs, temperature monitors, insulated shipping containers, and phase-change materials. Further, the company also provides package design and testing services in its ISTA-certified lab. The major objective of Cryopak is to assure and safeguard the integrity of the products they deliver. Cryopak has offices throughout Canada, U.S., and France, with its headquarters in New Jersey, U.S.
Product Portfolio:
- Exo-Gel: Whether the product needs to be frozen, refrigerated, or stored at room temperature, the product offers advanced thermal protection for temperature-sensitive products that require storage within highly specific temperature ranges throughout transit. The product shields items from heat spikes and maintains a phase change temperature of 27°C.
- Cryopak Phase 22: Most applications that require a controlled temperature use Cryopak Phase 22. Although the product's phase change temperature is only 72°F, it offers thermal protection when shipping items with a temperature range of 59–86°F. When utilized as liquid, the product may keep its contents heated. But when employed as a solid, it shields the contents from the heat.
Frequently Asked Questions
What is the Projected CAGR value of the Phase Change Material Market?
Phase Change Material Market is expected to grow at a CAGR of 18.1% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Phase Change Material Market during 2022-2029.
Which is the fastest-growing region in the Phase Change Material Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
