Phase Change Materials Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 214 | Report Code: MC24062503 | Research Suite: Report (PDF) & Market Data (Excel)
Phase change materials (PCM) are materials that can accumulate and release a large quantity of latent heat while undergoing phase transformation between a solid-liquid phase. PCMs uses latent heat where heat is stored or rejected at the phase change point without necessarily changing the temperature of the material. While undergoing a change in state from solid to liquid, a PCM takes heat from the surrounding environment thus storing energy. On the other hand, when it undergoes a phase transition from liquid to solid for example, it gives out heat energy to the surroundings.
This cycle is
important to enable PCMs to keep stable temperatures throughout the process.
This remarkable thermal storage characteristic makes them extremely suitable
for applications where strict temperature control and energy moderation is
necessary. Some of the most familiar PCMs are organic PCM, inorganic PCM, and
the eutectic PCM among others. The global phase change materials (PCMs) market
is witnessing significant growth, driven by the increasing demand for
energy-efficient solutions and sustainability. PCMs are essential in
applications where temperature regulation is critical, including building &
construction, thermal energy storage, HVAC systems, cold chain & packaging,
electronics, refrigeration, and textiles among others.
The phase change materials market is anticipated to reach USD XXX.X million by 2034 from USD XXX.X million in 2023, at a CAGR of XX.X% during the forecast period.
The renewable energy sector is increasingly adopting PCMs
for energy storage applications. PCMs are used in solar power plants and wind
turbines to store excess energy and release it when needed, ensuring a stable
power supply. Moreover, ongoing research and innovation are leading to the
development of advanced PCMs with improved thermal conductivity, stability, and
environmental friendliness. Bio-based and nano-enhanced PCMs are emerging as
promising solutions, which is expected to further boost the phase change
materials market during the forecast period 2024-2034.
Growth
Drivers:
There is growing awareness of
energy efficiency as a major issue of concern both with individual companies
and industries as well as on a global level. The contributions of PCMs lie in
the fact that they provide thermal storage by absorbing and releasing heat
hence helping to conserve energy in the applications of buildings, HVAC systems
etc. They also posit that the global PCMs market will experience significant
growth due to the increasing regulation and awareness of energy saving around
the world.
Migration towards sustainable
environment and awareness of corporate social responsibility is the megatrend
that influences the PCM market. PCMs help in achieving sustainability objectives
of mitigating green-house emissions since it strengthens energy efficiency. The
advancement of utilizing bio-based PCM also adds a strength to this trend as
they are renewable and biodegradable compare with conventional phase change
materials. The growing emphasis on sustainable practices including acceptable
energy consumption standards in government and corporate entities is expected
to accelerate the use of PCMs.
The growth of the cold chain
logistics industry as a result of the increased global demand for
temperature-sensitive products such as pharmaceuticals, vaccines, and
perishable goods that has acted as the significant growth driver for PCMs. PCMs
help to maintain the temperature of the vehicle and products precisely as
required, thus maintaining quality and effectiveness. Hence one, the switch
towards safe and improved cold chain solutions especially in the developing
countries is likely to give PCMs an incremental boost.
Recent technological advancement
in material science and engineering shows that improved build of PCM with
enhanced thermal characteristics and stability and cost advantage. For
instance, nano-enhanced PCMs can store and release greater amounts of energy
per unit mass and within a shorter duration as compared to conventional ones;
thus, they find uses in more fields. These technologies are useful in helping
to expand the market and to develop new applications for PCM which will suit
other requirements.
Phase Change Materials Market Segmentation:
By Type:
·
Organic
PCM
o Paraffin PCM
o Bio-Based PCM
·
Inorganic
PCM
·
Eutectic
PCM
·
Others
By Application:
·
Thermal
Energy Storage
o Boiler/Power Plant
o Geothermal Energy Storage
o Solar Energy Storage
·
Electronics
o Phase Change Memory (PCRAM)
o Thermal Interface Material (TIM)
·
Heating,
Ventilation, and Air Conditioning (HVAC)
·
Building
& Construction
·
Cold Chain
& Packaging
·
Refrigeration
·
Textiles
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
· Middle East and Africa
Phase Change Materials Market by Type Review:
Based on the type, the phase change materials market is segmented into four segments including organic PCM, which is further sub-segmented into paraffin PCM and bio-based PCM, inorganic PCM, eutectic PCM, and others. On the basis of type, the organic PCM segment is expected to dominate the market in terms of market share, while the segment is also predicted to grow at the highest rate in terms of CAGR during the forecast period.
Phase
Change Materials Market by Application Review:
Based on the application, the
market is segmented into thermal energy storage, electronics, heating,
ventilation, and air conditioning (HVAC), building & construction, cold
chain & packaging, refrigeration, textiles, and others. On the basis of application,
the building & construction segment is expected to be the largest in terms
of market share, while the cold chain & packaging segment is predicted to
grow at the highest rate in terms of CAGR during the forecast period.
Regional
Outlook:
The phase change materials market research report offers
detailed analysis and forecasts for five major regions i.e., North America,
Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
The Europe region is forecasted to dominate the global phase
change materials market followed by Asia Pacific, North America, Latin America,
and Middle East & Africa during the forecast period 2024-2034.
The Europe region is forecasted to maintain its dominant
position in the global phase change materials market, accounting for a
projected market share of XX.X% in 2023. The regional phase change materials
market is mainly driven by stringent environmental regulations, advanced
building technologies, and a strong focus on sustainability. The region's
commitment to reducing greenhouse gas emissions and enhancing energy efficiency
has propelled the adoption of PCMs across various industries. Furthermore, the
EU has implemented several directives such as the Energy Performance of
Buildings Directive (EPBD) and the Renewable Energy Directive (RED), which
promote the use of energy-efficient materials and technologies, including PCMs,
which is predicted to further drive the phase change materials market in the
region during the forecast period 2024-2034.
Europe's PCM market is driven by stringent energy efficiency
regulations, increasing adoption of green building practices, and advancements
in technology. Countries such as Germany, France, the United Kingdom, Italy,
and Spain are major contributors to the regional market growth.
Europe has implemented stringent regulations and directives
aimed at improving energy efficiency and reducing carbon footprint in buildings
and industries. Directives such as the Energy Performance of Buildings
Directive (EPBD) and the EU's commitment to achieve carbon neutrality by 2050
incentivize the adoption of PCM solutions in construction and HVAC sectors.
Moreover, Europe is a hub for technological innovation in PCM materials, with ongoing research focused on enhancing thermal performance, durability, and cost-effectiveness. Advancements in encapsulation techniques, phase change temperatures, and compatibility with building materials, is expected to further drive the market growth in the region during the forecast period 2024-2034.
Asia Pacific is the fastest-growing market for PCMs, driven
by rapid industrialization, urbanization, and increasing investments in
infrastructure. Countries like China, India, Japan, and South Korea are at the
forefront of PCM adoption due to their expanding construction and electronics
sectors. Furthermore, government policies promoting energy conservation and
sustainable development support the PCM market. For instance, China's 13th
Five-Year Plan emphasizes energy efficiency in building construction. Moreover,
the robust electronics industry in China, Japan and South Korea drives the
demand for PCMs for thermal management in electronic devices, which is expected
to further drive the market growth in the region during the forecast period
2024-2034.
Key
Companies in Phase
Change Materials Market:
The research report offers a competitive analysis of
prominent companies operating in the phase change materials market. Some of the
leading players profiled in the market research report include:
·
Honeywell International, Inc.
·
DuPont de Nemours, Inc.
·
Croda International Plc
·
Boyd
·
Sasol
·
PureTemp LLC
·
Climator Sweden AB
·
Rubitherm Technologies GmbH
·
Microtek Laboratories, Inc.
·
Phase Change Solutions
·
PCM Products Ltd
·
Cold Chain Technologies
·
Outlast Technologies GmbH
· Other Players