Phase Change Material Market Size and Segmentation By Type,(Organic, Inorganic, Eutectic), By End-user (Bio pharmaceutical Companies, Hospitals, Medical Laboratories, Others), By Application (HVAC, Cold Chain & Packaging, Thermal Energy Storage, Electronics, Textile, Building & Construction, Refrigeration & Equipment, Others), by Region Global Market Forecast 2024-2032

Phase Change Material Market Report Scope & Overview:

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The Phase Change Material Market Size was valued at USD 536.27 million in 2023 and is expected to reach USD 2220.95 million by 2031 and grow at a CAGR of 19.78% over the forecast period 2024-2032.

One important market driver is the growing requirement for PCMs to deliver medications, vaccinations, and therapeutic hypothermia using PCMs in rheumatic and newborn diseases. It increases the demand in the healthcare equipment industry and rises the demand. PCMs are also used in the construction of clean energy buildings to manage heat flow, resulting in significant reductions in heating and cooling costs which drive the market growth.

Rising demand for electric vehicles drives the market growth due to the sales of electric vehicles rising all over the globe. It helps to controlling of temperature of the battery in electric vehicles is accomplished with the incorporation of phase change material. For Instance, according to the International Council on Clean Transportation in 2023, annual U.S. EV sales surpassed 1 million its increasing by 58% from 2022. Moreover, investment in the energy sector also drives market growth. For instance, the International Energy Agency has invested USD approx. more than 2 trillion in energy and in clean energy as well. Therefore, this investment helps the adoption of phase change material and increases the demand.

Market Dynamics

Drivers

• Increasing utilization of phase change material in building and construction activities drives market growth

Throughout the housing infrastructure, PCMs are utilized in the walls, floors, roofs, and other building elements (such as windows and shutters). Bulk applications in building systems include adding the material to mortar or concrete matrices or wallboards. The most significant use has turned out to be the integration of building materials (passive building systems) to alter their thermal qualities. The best approach to increasing building components' capacity to store thermal energy is to mix them with PCMs. The building's thermal efficiency is increased through the combination of concrete, roofing, doors, walls, and other elements. The inside of the building envelope is the most often used location for PCM implementation in residential buildings. As a result, the product's growing use in interior construction allows for the constant absorption and release of heat in the space. Plasterboards and wallboards are good building materials to use with phase change materials. They are widely utilized and reasonably priced for reducing changes in interior air temperature in building applications, particularly in lightweight buildings. In certain applications, PCMs have been included into the layer of concrete beneath the floor.

• Rising sustainable infrastructure, surge in demand for increasing phase change material drive the market growth.

Growing energy use has put pressure on the world's resources and sparked environmental risks such as air pollution, temperature rise, and CO2 emissions. The PCM market is expanding as a result of these urgent problems. When it comes to creating sustainable renewable energy solutions and the next generation of Energy Storage Systems (ESSs), phase change materials (PCMs) are revolutionary. For instance, according to the UNEP prediction, investment in energy buildings is USD 237 billion in 2021.  An economical and ecologically friendly method of energy management is offered by PCMs, which cleverly capture and release thermal energy in response to temperature variations.

Restraint

•  Technical issues & high cost of product to hamper the market growth.

Among the disadvantages are high cost and poor heat conductivity. In addition, the issue brought on by phase isolation and supercooling shortens the material's life cycle and increases thermal cycling loss. Their capacity in building applications that call for long-life systems may be restricted by such issues. Low thermal conductivity slows down the rate at which heat from the building is transferred or absorbed, which affects both the system's effectiveness and the inhabitants' comfort.

Opportunities

• Growing demand for electric vehicles may create the opportunity 

• Rising research & development increase the opportunity in the market

Market segmentation

By Type

• Organic

• Inorganic

• Eutectic

The organic type dominated the phase change material market with the highest revenue share of more than 54% in 2023. Petroleum biproducts that naturally arise and have a phase-change temperature are known as organic phase-change materials. They grow at the fastest rate and contain fatty acids and paraffin. Furthermore, they have minimal to no subcooling and are thermally and chemically stable. In the upcoming years, segmental growth is anticipated to be driven by this. The hydrated salt solutions produced from manufactured natural water salts make up the inorganic portion. This leads to variations in the chemical makeup of salts. The proper phase-change temperature is obtained in the mixture. The mixture of salt hydrates is treated with certain nucleating agents to reduce phase-change salt separation and supercooling.

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By Application

• HVAC

• Cold Chain & Packaging

• Thermal Energy Storage

• Electronics

• Textile

• Building & Construction

• Refrigeration & Equipment

• Others

The building & construction dominated the market with the highest revenue share of more than 39.5% in 2023. Due to the wide range of uses in the building industry. Every area of the house, including the floors, ceiling, and electrical appliances, can have them. Furthermore, they have the ability to hold onto latent heat throughout a substance's solid-liquid phase transition, reducing the rate at which temperatures inside surroundings change quickly. The massive quantity of wasted energy generated every time a boiler, water heater, or air conditioner restarts is captured by phase change materials (PCMs). In addition, when integrated into the infrastructure of an HVAC device, it cycles through to reach or maintain its desired temperature.

By End-user

• Biopharmaceutical Companies

• Hospitals

• Medical Laboratories

• Others

Regional Analysis

Europe led the Phase Change Material Market with the highest revenue share of approx. 35.22% in 2023. In the upcoming years, the region is probably going to maintain its dominance and significant place in the global market. This is explained by the large effects of consumer spending, building activity, and stringent government regulations. The market will most likely be driven by the growing construction industry. Furthermore, it is projected that the product's expanding demand in the packaging, cold chain, and building and construction industries will raise demand. Due to the expanding use of new building techniques and the growing demand for HVAC systems in the residential sector, the market in North America is predicted to rise fast. It seems like this data is rather automated.

Asia-Pacific is also growing and expanding in the upcoming time due to China having thus solidified its standing as a significant participant in the global pharmaceutical market, both as a source of pharmaceuticals and as a location for more research and development (R&D).

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of the Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

Key Players:

Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and other players.

Recent Development:

• May 2023 Texas A&M University researchers created fundamental design guidelines for composite phase transition materials that enable quick thermal energy storage. The Office of Naval Research-funded theoretical framework offers three advantages for developing cylindrical composites, evaluating performance, and taking into consideration heat loads unique to thermal storage applications.

• In March 2023 BioLife Solutions launched the first-ever non-toxic, non-hazardous, and non-flammable phase change material (PCM) for -70°C ultra-low temperature (ULT) protection was introduced by BioLife Solutions as Ultra guard.

• In April 2021, Cold Chain Technologies increased its expansion in Europe and the Middle East region to increase its market presence in the market.