Phase Change Materials Market Share Exabits USD 6,437.62 Million at a Thriving CAGR of 18.19% During 2023 to 2030

The market statistics and trends suggest that the Phase Change Material Market Size was valued at USD 1,448.40 million in 2021. The Phase Change Materials market industry is projected to grow from USD 468.32 Million in 2022 to USD 6,437.62 million by 2030. The global market is projected to expand at a CAGR of 18.19%. Phase change materials, as prominent market products are compounds that absorb, store, and release a large amount of heat at a relatively constantly prevailing temperature by changing their nature and physical state. When a phase change material freezes, it results in the release of a large amount of energy as latent heat whereas, when such a material burns and melts, it absorbs a large amount of heat from the prevalent environment.

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The global phase change material industry got affected negatively by the pandemic in 2020. Owing to the sudden arrival of the pandemic situation, several countries around the world went into temporary and permanent lockdown, to curb the spread of the virus. Due to this the constant flow between the supply and demand chain got disrupted affecting the market. The industries, departments, and others like the manufacturing units, infrastructural projects, and mining operations got on hold for the past two years due to the arrival of the novel coronavirus pandemic situation.

The Phase change material helps to absorb and release heat by liquefying and solidifying at the set temperatures. The natural latent heat property of phase change material helps to maintain a structure’s temperature and further, helps in preventing sudden external changes. Fluctuations in the set ambient temperature recharge phase change material, and hence, make them suitable for everyday applications. The high regulations related to the reduction of greenhouse gas emissions are likely to be fueling the growth of the phase change material market.

Market Segmentation

The Phase Change Materials Market has been segmented based on the following:

Based on the type

• Inorganic
• Organic

 Based on the application

• HVAC
• Cold Chain & Packaging
• Thermal energy storage
• Electronics
• Textile
• Building & Construction
• Refrigeration & Equipment
• Others

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Based on the geographical regions

• North America
• Europe
• Asia Pacific
• Rest of the World

Regional Analysis

Europe is an emerging Phase Change Materials market for phase change material market. The growth for the region is mainly attributed to the high economic growth rate, followed by the emergence of other factors like heavy investment across industries such as oil and gas, amongst others like automotive, infrastructure, chemical, and electronics.

The presence of stringent building codes, along with the available enhancements in energy efficiency in the region, was responsible to drive the demand for phase change material during the ongoing period. In addition, the variable climatic conditions in the European region also resulted in the availability of high demand for smart clothing and textiles for use under both, hot and extreme cold conditions. All these factors drive the market in the European market.

Key Players

Croda International Plc (UK), Sasol (South Africa), Henkel AG & Co. KGaA (Germany), Cryopak (US), Merck KGaA (Germany), Pluss Advanced Technologies Pvt. Ltd (India), PureTemp (US), Teappcm (US), Rubitherm (Germany), Cold Chain Technologies (US), and PCM Products Ltd (UK)

Industry News

In January 2019, PureTemp LLC, a prominent Phase Change Materials Market player launched a temperature-control fabric coating to control ambient temperature swings in consumer applications like apparel, footwear, bedding, safety, medical, workwear, and other industrial applications.

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Table Of Contents

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Market Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat Of New Entrants

4.1.2 Bargaining Power Of Buyers

4.1.3 Bargaining Power Of Suppliers

4.1.4 Threat Of Substitutes

4.1.5 Segment Rivalry

4.2 Value Chain/Supply Chain Of Global Phase Change Materials (PCM) Market

5 Industry Overview Of Global Phase Change Materials (PCM) Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact Analysis

5.4 Market Challenges

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