Overview and Scope
Phase-change materials refer to a class of substances that, while changing from one physical state to another, such as from a solid to a liquid, absorb or release significant amounts of latent heat. Phase change materials are also known as latent heat storage units, commonly used in solar power plants, waste heat recovery systems, preservation of food, pharmaceutical products, and construction.
Sizing and Forecast
The phase change materials market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to energy-efficient building construction, temperature regulation in electronics, thermal management in food preservation, growth in green building standards, energy storage and hvac applications.
The phase change materials market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to integration into wearable technology, advanced phase change materials for evs, smart textiles and clothing, growth in data centers and cloud computing, expansion of renewable energy storage. Major trends in the forecast period include customized phase change materials for specific applications, biodegradable and sustainable pcms, advanced encapsulation technologies, nanomaterial-enhanced phase change materials, integration with iot and sensor networks..
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Segmentation & Regional Insights
The phase change materials market covered in this report is segmented –
1) By Type: Organic, Inorganic, Bio-based
2) By Encapsulation Technology: Macro, Micro, Molecular
3) By Product: Paraffin, Non-Paraffin, Salt Hydrates, Eutectics
4) By End-User: Building and Construction, Packaging, Textiles, Electronics, Transportation, Other End-Users
Europe was the largest region in the phase change materials market in 2023. The regions covered in the phase change materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing construction industry across the globe is contributing to the growth of the phase change materials market in the forecast period. The phase change materials are used in a variety of places during the construction of a building, such as roofs, floors, and electrical appliances, and they are also used to reduce temperature fluctuations in the internal environment by storing latent heat while material transitions from solid to liquid. The rapid growth in the urban population is expected to increase the demand for new residential and commercial buildings during the forecast period. For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is projected to reach $8 trillion by 2030. Therefore, the growing construction industry across the globe drives the growth of the phase change materials market.
Key Industry Players
Major companies operating in the phase change materials market include Honeywell Electronic Materials Inc., Microtek Laboratories Inc., Croda International plc, Sasol Ltd., Henkel AG & Co. KGaA, Climator Mep Pvt Ltd., PCM Products Ltd., Phase Change Energy Solutions, Rubitherm Technologies, Cryopak Industries Inc., Outlast Technologies, DuPont de Nemours Inc., Dow Inc., Badische Anilin und Soda Fabrik, Puretemp LLC, Pluss Advanced Technologies Inc., Cold Chain Technologies Inc., EPCM Holdings, Entropy Solutions LLC, Laird plc, Phase Change Materials Products Ltd., Salsa Shop Kinkerstraat B.V, Shin-Etsu Chemical Co. Ltd., Smart Materials Corporation, Thermal Energy System Specialists, Henan Shijixiang Enterprise Co Ltd., AdvanSource Biomaterials Corporation, Encapsys LLC, Advanced Cooling Technologies Inc., Chemours Company
The phase change materials market report table of contents includes:
1. Executive Summary
- Phase Change Materials Market Characteristics
- Phase Change Materials Market Trends And Strategies
- Phase Change Materials Market – Macro Economic Scenario
- Global Phase Change Materials Market Size and Growth
. - Global Phase Change Materials Market Competitive Benchmarking
- Global Phase Change Materials Market Competitive Dashboard
- Key Mergers And Acquisitions In The Phase Change Materials Market
- Phase Change Materials Market Future Outlook and Potential Analysis
- Appendix
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