A phase change material is a substance that releases or absorbs enough energy during a phase transition to produce usable heat or cooling. Phase Change Materials are substances that can absorb or release a significant amount of energy over a defined time period and under particular working conditions (PCMs). Phase change Materials have a wide range of applications, including refrigeration, textiles, and construction.
The market worth of phase change materials in 2021 was USD 1.66 billion and will be worth USD 5.1 billion, growing at a 15% CAGR During 2021-2030.
The tightening of regulations to decrease greenhouse gas emissions is one driver propelling development in the market for phase change materials.
Market Dynamics
Drivers
Phase change materials are becoming more widely used in construction, especially in poorer nations. Per the Department for Promotion of Industry and Internal Trade, India’s FDI in building projects ranged between USD 29.53 billion and USD 23.99 billion between April 2020 and December 2020.
Additionally, PCMs are used in a variety of applications for the housing infrastructure, including those for walls, floors, roofs, and others. Adding PCMs to building components is a great way to increase their ability to store thermal energy. To increase the structure’s thermal efficiency, materials are combined, including wallboards, roofing, concrete, doors, and others.
Restraints
The cost rise and poor thermal conductivity are some drawbacks. Reduced material lifespan and thermal cycling loss are further problems caused by phase isolation and supercooling. Such problems may constrain their ability to use long-life technology in building applications. Low thermal conductivity has an adverse effect on system performance and occupant comfort because it slows down the rate at which heat from the building is transmitted or absorbed.
Opportunity
Numerous cutting-edge techniques for integrating PCM into various items have been released onto the market as encapsulation technologies advance. Phase change material (PCM) is known to be incorporated into finished products, such as building materials, textile fibers, and other objects, through encapsulation. Using cutting-edge processes like microencapsulation and macroencapsulation, PCM can be included in a finished product. New opportunities will emerge due to these innovative industry advances and the ongoing investments made by important companies.
Market Segmentation
On the basis of type, the phase change materials market is segmented into organic PCM, Inorganic PCM, and Bio-Based PCM.
The inorganic segment ruled the market with the largest market share in 2021. Inorganic PCMs are non-flammable, have a high heat of fusion, excellent thermal conductivity, and are reasonably priced. However, the majority of them are phase-broken, supercooled, and corrosive to most metals. Hydrated salts are the most common inorganic PCMs, driving category development.
On the basis of application, the phase change materials market is segmented into electronics, textile, HVAC, thermal energy storage, cold chain & packaging, shipping & transportation, refrigeration & equipment, building & construction, and others.
The market is ruled by the building and construction sector. Waste heat recovery, solar water heating, space heating and cooling, phase change material filled glass windows, thermally efficient concrete, etc., are only a few of the systems in the building industry that use PCMs. When it comes to achieving energy conservation goals and a green and clean future, phase change material is essential to the building sector. The overall demand for highly innovative and effective thermal insulation materials has significantly increased as a result of the implementation of tight criteria for energy-efficient buildings.
Regional Analysis
In 2020, Europe led the entire regional market with the largest share of more than 30%. The demand from the building and construction industries and stringent government rules on carbon emissions are the factors boosting the growth of the region’s overall market for phase change materials. Phase change material helps save carbon credits awarded to each project; hence government initiatives to create green buildings aided market growth. Energy costs are also high in Europe, which increases the demand for phase transition materials there.
Due to its tremendous economic growth and major investment in sectors including oil and gas, automotive, infrastructure, chemical, and electronics, Europe is also a rising market for phase transition materials. The region’s strict building regulations and advancements in energy efficiency enhanced the demand for phase change materials. In addition, the changing environment in Europe has increased the demand for smart clothing and textiles that can be worn in hot and cold areas. These factors have an impact on the European market.
Key Players
- Croda International PLC
- DuPont de Nemours, Inc.
- BASF SE
- DuPont de Nemours, Inc.
- Henkel AG & Co. KGaA
- Phase Change Energy Solutions Inc.
- Honeywell International Inc.
- Outlast Technologies LLC
- Microtek Laboratories Inc.
- Cryopak
- DowDuPont
- Rubitherm Technologies GmbH
- Chemours Company
The market worth of phase change materials in 2021 was USD 1.66 billion and will be worth USD 5.1 billion, growing at a 15% CAGR During 2021-2030. Growing awareness of the need to reduce greenhouse gas emissions, stricter building regulations, and rising demand for renewable energy sources are among the factors driving demand for phase change materials. The building and construction industries’ rising need for these materials is also a factor in the market’s expansion.
