Phase Change Material Market
Report ID: SQMIG20B2049
Phase Change Material Market Size, Share, Growth Analysis, By Type(Organic phase change materials, inorganic phase change materials, bio-based phase change materials, bio-based organic-inorganic hybrid phase change materials), By Application(Building and construction, HVAC (heating, ventilation, and air conditioning)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2049 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
69
|Figures:
70
Phase Change Material Market Insights
Phase Change Material Market size was valued at USD 477 million in 2021 and is poised to grow from USD 612 million in 2023 to USD 3,004 million by 2030, at a CAGR of 25.5% during the forecast period (2023-2030).
Governments and organizations worldwide have been increasingly focused on energy efficiency and sustainable building practices. Phase change materials, with their ability to store and release thermal energy, play a crucial role in reducing energy consumption in buildings.
Phase change materials are employed in the HVAC (heating, ventilation, and air conditioning) industry to improve energy efficiency and enhance thermal comfort. This will drive its demand during the forecast period.
PCM technology is widely utilized in thermal energy storage systems. These systems find applications in various industries, including renewable energy integration, industrial processes, and electric vehicle thermal management.
Ongoing research and development in material science have led to the discovery of new PCM formulations with improved properties, such as higher latent heat capacity and improved durability. These innovations have expanded the range of applications for PCM and driven market growth.
US Phase Change Material Market is poised to grow at a sustainable CAGR for the next forecast year.
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Phase Change Material Market Segmental Analysis
The global phase change material market is segmented into type, application, and region. Based on type, the market is segmented into organic phase change materials, inorganic phase change materials, bio-based phase change materials, bio-based organic-inorganic hybrid phase change materials, salt hydrates, paraffin-based PCMS. Based on application, the market is segmented into building and construction, HVAC (heating, ventilation, and air conditioning), textiles and apparel, cold chain and refrigeration. Based on region, the market is segmented into North America, Latin America, Asia Pacific, Europe, and MEA.
Phase Change Material Market Analysis By Application
Phase change materials (PCMs) offer immense potential for various industries, including construction, automotive, aerospace, and more. Particularly in the building industry, PCMs have limitless applications, seamlessly integrating into roofs, floors, and even electrical equipment, providing a versatile solution for enhancing overall energy efficiency. One of the remarkable features of PCMs is their ability to regulate temperature fluctuations within indoor environments. When incorporated into HVAC devices, PCMs help these systems achieve and maintain their target temperatures more efficiently, heat, ensuring a more stable and comfortable atmosphere inside buildings. PCMs
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Phase Change Material Market Regional Insights
In recent times, significant technological advancements have propelled the European market to the forefront of the global phase change materials (PCM) industry, with North America following closely behind. This industry is witnessing consolidation as various businesses prioritize research and development to explore innovative applications. A pivotal role in driving progress is played by a non-profit organization established in Germany, which fosters cooperation between industries to enhance the phase change materials business worldwide. Key end-users in the European market, including healthcare, aerospace, and automotive sectors, are experiencing a surge in demand for phase change materials. The well-developed manufacturing sector in Europe, with Germany as its leading manufacturer and exporter of PCM, has been instrumental in sustaining Europe's dominance in this industry. As a result, these businesses aspire to achieve significant market share in the phase transition materials sector in the coming years. This stability is projected to persist in the European market for phase change materials.
Certain regions such as North America, China, Japan, Australia, Southern Europe, and India, characterized by intense summer weather conditions, have a high reliance on cooling machines like air conditioners. This climatic aspect creates the likelihood of increased consumption of products based on phase transition materials in these areas, thereby generating a substantial global demand for such materials.
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Phase Change Material Market Dynamics
Phase Change Material Market Drivers
Technological Advancements
- Ongoing advancements in materials science and engineering have led to the development of more efficient and cost-effective phase change materials. These innovations have expanded their applications across various industries, spurring demand.
- Businesses within the PCM industry are focusing on consolidation and investing in extensive research and development to explore new and creative applications. This collaborative effort has facilitated the emergence of Europe as a dominant player in the market.
Phase Change Material Market Restraints
Temperature Range Limitations
- Some phase change materials have specific temperature ranges within which they can effectively function. This limitation restricts their application to certain industries or climates and may not be suitable for extreme temperature conditions.
- The thermal conductivity of some phase change materials may not be as high as desired, impacting their efficiency in certain applications where rapid heat transfer is essential.
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Phase Change Material Market Competitive Landscape
Key players in the global phase change material market are investing in research and development activities to stay ahead in the competition. They are adopting various strategies such as mergers & acquisitions, collaborations, and expanding product portfolios.
Phase Change Material Market Top Player’s Company Profiles
- Sasol Limited (South Africa),
- PureTemp LLC. (US),
- Henkel AG & Company KGAA (Germany),
- Outlast Technologies LLC (US),
- Advansa B.V. (The Netherlands),
- AI Technology Inc. (US),
- Climator Sweden AB (Sweden),
- Ciat Group (France),
- Honeywell Electronic Materials, Inc. (US),
- Phase Change Materials Products Ltd. (UK),
- Rubitherm Technologies GmbH (Germany),
- Teappcm (India)
Phase Change Material Market Recent Developments
- In May 2023, researchers from Texas A&M University in the field of composite phase change materials for thermal energy storage developed fundamental design principles that simplify the design process, enabling the calculation of nearly optimal composite phase change materials without the need for complex computational fluid dynamic calculations or extensive iterative design.
- In March 2023, the Dalian Institute of Chemical Physics (DICP)developed Spatiotemporal Phase Change Materials (STPCMs), which are specifically designed for long-term storage and controllable release of thermal energy.
- In March 2023, Bio Life Solutions made a groundbreaking achievement by launching Ultra guard, a revolutionary non-toxic, non-hazardous, and non-flammable phase change material (PCM) capable of maintaining temperatures as low as -70°C. Ultra-guard finds applications in two critical areas.
Phase Change Material Key Market Trends
- The building and construction industry is set to become a dominant force in the market, fueled by the increasing focus on environmentally friendly construction and energy conservation. This emphasis has led to a rising demand for innovative and highly effective construction materials. Phase change materials (PCM) have emerged as a valuable solution, finding applications in various areas, including under-floor electric heating systems, PCM-filled glass windows, and thermally efficient concrete.
- The primary application of PCM in buildings is for achieving thermal comfort. PCM plays a crucial role in regulating temperatures and reducing heat gain or loss through building walls. This capability has contributed to the growing adoption of phase change materials in building products such as wallboards, roofing materials, concrete, and polymers like polyolefin elastomers and polypropylene. By incorporating PCM into these products, thermal efficiency is significantly enhanced.
Phase Change Material Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global phase change material market analyses, the global market will witness substantial growth during the forecast period. Manufacturers have been investing in research and development to create high-performance phase change material grades with improved properties, such as enhanced heat resistance, UV stability, and chemical resistance. These advanced phase change materials cater to specific industry requirements and expand the application possibilities. Nanotechnology has been leveraged to enhance the properties further. The incorporation of nanomaterials, such as nanoparticles and nanofibers, can improve mechanical strength, thermal stability, and barrier properties, leading to innovative material-based products with enhanced performance characteristics.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 477 million |
| Market size value in 2031 | USD 3,004 million |
| Growth Rate | 25.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phase Change Material Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phase Change Material Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phase Change Material Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phase Change Material Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phase Change Material Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phase Change Material Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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