Advanced Phase Change Materials Market by Type (Organic, Inorganic, and Bio-Based), and by Application (Building & Construction, Energy Storage, Cold Chain & Packaging, HVAC, Shipping & Transportation, Electronics, Textiles, and Others)- Global Opportunity Analysis and Industry Forecast 2022-2030

Market Definition

The Advanced Phase Change Materials Market size was valued at USD 1.52 billion in 2021, and is predicted to reach USD 5.02 billion by 2030, with a CAGR of 14.2% from 2022 to 2030.

Advanced phase change materials (PCMs) are substances that absorb and release sufficient energy during the phase transition to enable heating or cooling. The transition is from one of the two states of matter such as solid or liquid to the other. It may also be between non-classic states of matter such as conformity of crystals and supersolid. The phase changes the material from conforming to a crystalline structure that may be at a higher or lower energy state.

The natural latent heat property of these materials helps in preventing sudden external changes and maintaining the structure’s temperature. Advanced phase change materials can store and provide massive volumes of thermal energy after the transition from one state to the other. They are used for various commercial applications in offices, airplanes, and clinics that require energy storage or stable temperature.

Market Dynamics and Trends

The rise in awareness towards reducing greenhouse gas emissions, strict building codes, and rising demand of renewable sources of energy are significant factors that drive the growth for the global advanced phase change materials market. Additionally, the extensive demand for these materials from the construction and building industry to provide a cost-effective way of controlling temperature is fueling the growth of the global market.

The use of these materials in harnessing solar energy is increasing, especially in the manufacturing of solar cookers. In addition, there is a rise in demand from the textile industry as they absorb heat from the surrounding environment to keep the wearer cool. These are some of the important factors that are expected to drive the growth of advanced PCMs throughout the forecast period.

However, a lack of awareness about their usage, high costs, and poor thermal conductivity are expected to restrain the growth of the market during the forecast period. On the contrary, the advancements in encapsulation technologies such as spray, freeze, and vacuum-drying have led to the widespread usage of phase change materials with different melting points and various forms from fibers to raw powder. This factor is expected to create ample growth opportunities for the advanced phase change materials industry in the coming years.

Market Segmentation and Scope of the Study

The global advanced phase change materials market is segmented on the basis of type, application, and geography. Based on type, the market is classified into organic, inorganic, and bio-based. Based on application, the market is categorized into building & construction, energy storage, cold chain & packaging, HVAC, shipping & transportation, electronics, textiles, and others. Geographical breakdown and analysis of each of the aforesaid classification includes regions such as North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Europe holds the lion share of the global advanced phase change materials market, and is expected to continue its dominance in the market during the forecast period. This is attributed to factors such as demand for low-carbon & net-zero energy buildings coupled with increasing demand for green buildings in the region. Moreover, massive investments across industries such as automotive, infrastructure, chemical, and electronics are propelling the advanced PCMs market growth in this region.

Furthermore, the presence of prominent players in the advanced PCM market such as BASF SE, Outlast Technologies LLC, Cryopak, Inc., E. I. Du Pont De Nemours and Company, and Microtek Laboratories, Inc. is expected to boost the growth of market in this region.

On the other hand, North America is anticipated to witness a swift growth in the market, as the demand for advanced PCMs is increasing due to access to high-value drugs, rising healthcare awareness among the people, and vaccine transportation. The high scale usage of HVAC systems due to cold weather conditions in this region eventually propels the demand for PCMs. Also, high per capita expenditure on healthcare and high GDP of the region are further estimated to drive the growth of advanced PCMs market.

Moreover, key players such as Sasol Limited, PureTemp LLC, Croda International Plc, Honeywell Electronic Materials are increasing market presence in this region by investing in R&D and launching new advanced phase change materials products such as PlusICE range that includes FlatICE, BallICE, TubeICE, and Eutectic Plates which is expected to drive the market growth.

Competitive Landscape

Various market players operating in the global advanced PCM market include Cold Chain Technologies, Inc., Croda International Plc., Microtek Laboratories, Inc., Sasol Limited, PureTemp LLC., Henkel AG & Company KGAA, Cryopak, BASF SE, CIAT Group, and Honeywell Electronic Materials, Inc., among others. These key market players are adopting several strategies including product launches to sustain their dominance in the global market.

For instance, in July 2021, Cryopak introduced and launched a new product line of polyurethane packaging, PUR-Forma that is effective for delivery of pharmaceuticals and other industry products, which requires controlled temperature. In addition, in February 2020, Honeywell Electronic Materials, Inc. announced the launch of its Solstice E-cooling technology for cooling the data centers and other high-performance electronic applications. This new technology works with greater efficiency and reduced environmental impact.

Key Benefits

• The advanced phase change materials market report provides the quantitative analysis of the current market and estimations from 2022 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of an extensive analysis of the advanced market trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities, and their impact on the market is provided in the report.

• The competitive analysis of the market players along with their market share in the advanced phase change materials market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Type

• Organic

• Inorganic

• Bio-Based

By Application

• Building & Construction

• Energy Storage

• Cold Chain & Packaging

• HVAC

• Shipping & Transportation

• Electronics

• Textiles

• Others

By Geography

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining countries 

REPORT SCOPE AND SEGMENTATION: