Phase Change Materials Market Research Report - Global Forecast till 2027

Phase Change Materials (PCM) Market: Information by Type (Organic and Inorganic), Application (Building & Construction, HVAC, Packaging, Cold Chain Transportation/Storage, Thermal Energy Storage [TES], Refrigeration & Equipment, Textiles, Electronics, Automotive and others) and Region (Asia-Pacific, North America, Europe, Latin America and Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/6810-HCR | February 2021 | Region: Global | 140 pages

Market Synopsis


Global Phase Change Materials Market is expected to register over 16% CAGR to reach to USD 4.2 billion by end of 2025.


Phase change materials (PCMs) are materials that change phase from solid to liquid and liquid to solid i.e., they absorb heat during melting and release the same during crystallization/freezing. PCMs are ideally used in thermal energy storage systems. Unlike conventional heat storage materials, PCMs absorb a large amount of heat without getting hotter. Phase change materials absorb and release heat while maintaining persistent temperature. PCMs finds use in a wide array of applications including HVAC construction activities, electronics, thermal energy storage systems refrigeration & equipment cold chain transportation, and temperature-controlled packaging in the food, healthcare, textile, and automotive industries. Based on type, phase change materials can be categorized into organic and inorganic, wherein inorganic materials such as salt hydrates accounted for the largest market share in 2018. However, the use of organic phase change materials is likely to increase at a significant rate during the review period due to the growing preference for environmentally friendly materials, particularly in the developed regions.


The global demand for phase change material products is driven by the increasing demand for energy-efficient construction materials in buildings to conserve energy sources and reduce harmful emissions. The expanding construction industry with a rise in residential construction across the globe is supporting market growth. Additionally, the increasing popularity of the Leadership in Energy and Environmental Design (LEED) certification, a green building rating system to promote green building concept, has resulted in increased construction activities globally.


The increasing use of phase change materials in electronics and textile is another important factor supporting market growth. PCMs are used in various electronic and optoelectronic applications such as digital memory, RF switches, and switchable absorbers. The expanding electrical & electronics industry on account of increasing demand for portable consumer electronics is likely to propel the market growth.


Factors such as growing preference for organic phase change materials that are based on bio-based sources and increased investment in the development of macro and microencapsulation technologies are expected to create lucrative opportunities for the players operating in the global phase change materials market during the review period. However, the high cost associated with organic phase change materials is expected to hamper the market growth during the review period.


Global Phase Change Materials Market Share, by Application, 2018 (%)  Phase Change Materials Market


Source: MRFR Analysis


Regional Analysis


The phase change material market in Europe accounted for the largest share in 2018 and is expected to register a significant CAGR during the review period. The growth can be attributed to the increased spending on renovation activities to reduce the energy consumption of buildings. The expanding construction industry in Western and Northern Europe with increased spending on construction, renovation, and maintenance to meet the growing requirement of modern architecture and smart buildings is another important factor propelling market growth. The expanding packaging industry with an increase in consumption of packaged food products and significant growth of the healthcare industry in the region are also projected to drive the regional market growth.


The North American market accounted for the second-largest share of the global phase change materials market and is expected to record a healthy CAGR during the review period. The market growth is attributed to the surge in the demand for energy-efficient construction materials coupled with increasing construction spending in the region. In addition, the growing preference for bio-based phase change materials such as paraffin and fatty acid is supporting market growth.


Asia-Pacific is another prominent market on account of increasing residential and commercial construction coupled with growing urbanization and changing lifestyles. Additionally, increasing investments by the government in developing nations such as India, China, and ASEAN for the infrastructure development has resulted in an increase in construction activities, which is expected to propel the market growth during the review period. The growth of major end-use industries such as packaging, healthcare, electrical & electronics, and textile is likely to fuel the demand for phase change materials in the region.


The markets in the Middle East & Africa and Latin America are expected to grow at a significant rate during the review period on account of increasing investments in the construction sector and the development of portable electronics.


Segmentation


The global phase change materials market has been segmented by type, application, and region.


On the basis of type, the market has been segmented into organic and inorganic phase change materials. The organic phase change materials segment has been further sub-segmented into paraffins and bio-based compounds. The inorganic phase change materials segment has been categorized into salt hydrates, metallic, and others.


Based on application, the market has been divided into building & construction, HVAC, packaging, cold chain transportation/storage, thermal energy storage (TES), refrigeration & equipment, textiles, electronics, automotive, and others. The packaging segment has been further sub-segmented into food and pharmaceuticals, whereas the electronics segment has been sub-segmented into phase change memory (PCRAM) and thermal interface material (TIM).


The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.


Key Players


PCM Products Ltd (UK), Honeywell International Inc (US), Global-E-Systems Europe B.V. (the Netherlands), Croda International Plc (UK), Phase Change Energy Solutions Inc (US), Henkel AG & Co. KGaA (Germany), Laird (UK), Sasol Limited (South Africa), PURETEMP LLC (US), Microtek Laboratories, Inc (US), Cold Chain Technologies (US), Cryopak, A TCP Company (US), Climator Sweden AB (Sweden), and Salca BV (the Netherlands).


Intended Audience



  • Phase change materials manufacturers

  • Traders and distributors of phase change materials

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2022: USD 4.2 billion
  • 2027: Significant Value
  •   CAGR   16% (2016-2022)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Application and End-Use
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   PCM Products Ltd (UK), Honeywell International Inc (US), Global-E-Systems Europe B.V. (the Netherlands), Croda International Plc (UK), Phase Change Energy Solutions Inc (US), Henkel AG & Co. KGaA (Germany), Laird (UK), Sasol Limited (South Africa), PURETEMP LLC (US), Microtek Laboratories, Inc (US), Cold Chain Technologies (US), Cryopak, A TCP Company (US), Climator Sweden AB (Sweden), and Salca BV (the Netherlands)
      Key Market Opportunities   
      Key Market Drivers   


    Frequently Asked Questions (FAQ) :


    The phase change materials market can expand at 16% CAGR by 2025.

    By 2025, the phase change materials market can touch USD 4.2 Bn.

    Sasol Limited (South Africa), Microtek Laboratories, Inc (US), and PURETEMP LLC (US) are some reputed names in the phase change materials market.

    The surge in need for organic phase change materials can support the market.

    Expensive PCRAM can restrain the phase change materials market.