The phase change material market size is projected to be worth USD 49,021.39 thousand by 2028, registering a CAGR of 17.90% during the forecast period (2021–2028)
The phase change material market size is projected to be worth USD 49,021.39 thousand by 2028, registering a CAGR of 17.90% during the forecast period (2020–2028). The market was valued at USD 13,397.69 thousand in 2020.
Phase change materials (PCMs) are substances which absorb or release large amounts of so-called 'latent' heat when they go through a change in their physical state, i.e., from solid to liquid and vice versa. Offering a range of thermal management solutions, PCMs facilitate the ability to manage demand between energy requirements and usage.
In medical sector, the PCMs are extensively used for transportation of blood, vaccines, and temperature-sensitive pharmaceuticals, operating tables, hot-cold therapies, treatment of birth asphyxia, and drug delivery.
COVID-19 Impact on the Phase change material Market:
The outbreak of COVID-19 resulted in oil price drop on account of reduced global demand for oil by about 29 thousand barrels a day from about 100 thousand a year ago. An ample supply of crude oil in the market helped synthetic chemicals and materials manufacturers secure raw materials at a lower cost, which could have been used for production of PCMs. However, with curfews, lockdown, and travel restrictions across the globe, the supply chain witnessed disruptions at every point. Due to the shutdown of many supply routes, the availability of these materials was disrupted, thus negatively impacting the market.
Additionally, the restrictions on commerce during the COVID-19 pandemic resulted in the healthcare cold chain industry's supply chain damage, thus causing cold chain manufacturers prioritizing their storage to extend shelf-life. This resulted in high demand for PCMs. Many rising countries, such as India, have insufficient cold chain capacity to meet current vaccination efforts. Furthermore, to meet the increased cold chain space necessary for the vaccine in October 2020, the Union Health Ministry launched a cold chain reinforcement plan to address the demand and supply of proper vaccine storage and management. With the ongoing COVID-19 pandemic evolving dynamically, the operational guideline is being implemented by the government and dynamic documents are being updated as per the evolving situation of the pandemic.
PCMs are bio-based materials such as fatty acids or oils that are employed as a shell material for drug delivery. Phase change materials are renewable, reusable, and engine and fuel independent, making them perfect for vaccination transportation. Temperature-release medication delivery has been the focus of biotech research. The use of PCM as a "cork" is one successful technique for achieving temperature-released medication delivery.
PCM pallet is a flat structure containing PCM, on which products are stored when they are being transported. Certain disadvantages associated with the product are cooling effect comes from beneath the product, which creates a larger temperature gradation from the topmost products to the lower products. Such disadvantages linked with the use of PCM products is a restraint for the market growth.
The number of clinical trials is growing in tandem with the discovery of novel cures and medications. Cold chain logistics are required to protect the integrity of clinical trial materials such as medications, blood samples, tissue samples, urine samples, and sputum samples. Furthermore, the most promising COVID-19 vaccine candidates are designated as "cold chain" items, which necessitate special storage and shipping from the time they leave the manufacturer's facility. Henceforth, the market is predicted to provide opportunities for players engaged in the market due to the need for cold chain logistics for the storage and shipment of such vaccines and treatments
The World Health Organization (WHO) has frame worked guidelines on the international packaging and shipping of vaccines and Codex Alimentarius, for the pharmaceutical shipping through cold chain. Furthermore, The Food and Drug Administration (FDA) in the US establishes guidelines for the manufacture, storage, and distribution of pharmaceutical and food items. This regulations are expected to be a challenge factors for several key players operating in the market
By Temperature Range
Asia-apcific accounted for the largest market share and is projected to exhibit a healthy CAGR over the forthcoming years. The growth of the region can be associated with the growth of the pharmaceutical industry in China, India, and Japan. China's healthcare industry has risen quickly, allowing it to move from a pharmaceutical manufacturing base to a vital R&D hub. As a result, China has solidified its position as a key player in the global pharmaceutical sector, both as a consumer and base for expanding R&D. Additionally, the market in North America is fueled by access to high-value drugs, vaccine transportation, healthcare awareness, high per capita expenditure on healthcare, and the high GDP of the region. In Europe, the presence of many companies and SMEs that manufacture and supply phase change materials is expected to provide optimistic growth for Europe market. Also, The European Health Union implemented a strategy in 2020, which includes a broad scope of areas such as research and development of medicines, laboratory testing, clinical trials, marketing authorization, manufacturing, health technology assessment, pricing and reimbursement, intellectual property protection, and the entry of medicines, including generics and biosimilars in the market.
The global phase change material market is highly fragmented and consists of many organized and unorganized industry players. The key players operating in the global market have large production bases and advanced manufacturing facilities at the domestic and international levels. The global market for phase change material is anticipated to grow at a healthier CAGR during the forecast period, owing to the increasing demand from the biopharmaceuticals companies. Some of the prominent players in the global Phase change material market include Croda International Plc (UK), Sasol (South Africa), Henkel AG & Co. KGaA (Germany), Cryopak (US), Merck KGaA (Germany), Pluss Advanced Technologies Pvt. Ltd (India), PureTemp (US), Teappcm (US), Rubitherm (Germany), Cold Chain Technologies (US), and PCM Products Ltd (UK).
The Phase change material market is segmented by type, equipment, temperature range, end user and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global phase change material emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2028: USD 49,021.39 thousands|
|CAGR||17.90% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||Croda International Plc (UK), Sasol (South Africa), Henkel AG & Co. KGaA (Germany), Cryopak (US), Merck KGaA (Germany), Pluss Advanced Technologies Pvt. Ltd (India), PureTemp (US), Teappcm (US), Rubitherm (Germany), Cold Chain Technologies (US), and PCM Products Ltd (UK)|
|Key Market Opportunities||• Increasing number of clinical trials and development of new therapies|
|Key Market Drivers||• Growing demand for pcms in drug delivery and vaccine and medicinal transport • Use of pcms for therapeutic hypothermia in neonatal and rheumatic diseases|
The global Phase change material market would register a growth of 17.90%.
The biopharmaceutical industry will play a prominent role in taking the market forward.
Disadvantages of phase change materials could restrain the market.
Asia-Pacific would enjoy the upper hand in the Phase change material market.
China, as the largest consumer, would set the trend.