By GlobeNewswire – Press Releases
Pune, July 03, 2024 (GLOBE NEWSWIRE) — The Phase Change Material Market Size is projected to reach USD 2220.95 million by 2032 and grow at a CAGR of 19.78% over the forecast period of 2024-2032.
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The rising usage of phase change material in building materials drives the Market growth.
In the building and construction industry, phase change materials are becoming more and more in demand. The roofs, walls, floors, and additional building components like windows and shutters are all made of phase-change materials. The market is on the rise as a result of the integration of passive building technologies to alter thermal applications. Phase change material sales are being driven by the growing use of PCMs in concrete, wallboards, roofing, and plastics like polypropylene and polyolefin elastomers to improve building thermal efficiency. For instance, in India according to the India Brand Equity Foundation, more than USD 2500 million were invested through foreign direct investment (FDIs) in the construction development sector in 2021. Thus, the increasing prominence on building materials and infrastructure contributes to the demand in the global phase change materials market.
Moreover, in 2024, The CEO of PLUSS Advanced Technologies announced the innovation of making a temperature-controlled packaging solution for using the phase change material in pharmaceutical and battery safety. It helped the pharmaceutical industry and mitigated drug wastage and cost-effective processes which drove the phase change market growth.
There will be several challenges associated with this, i.e., the infrastructure the high cost and the lack of skilled labor. Despite these challenges, SNS Insider predicts the growth of the market because of the rising government investments and the plans to improve the overall landscape and make it possible for the access element to improve.
“Growing demand for electric vehicles globally drives the market growth.
The rising sales of electric vehicles all over the globe drive the market growth. For instance, according, to the International Energy Agency the sales of electrical vehicles globally are projected to reach approx. 17 million by the end of 2024. This is due to controlling the temperature of the battery in electric vehicles with the use of phase change material and driving the market growth.
Key Players Listed in the Report:
- Croda International Plc
- Sasol Limited
- Cold Chain Technologies Inc.
- Phase Change Materials Products Ltd.
- Honeywell Electronic Materials
- Sumitomo Chemical Co. Ltd.
- Henkel AG & Company KGAA
- PureTemp LLC
- Microtek Laboratories Inc.
- Rubitherm Technologies GmbH
- other players
Segmentation Analysis
On the Basis of Type Segment Organic Type holds the dominant share.
The organic type dominated the phase change material market with the highest revenue share of more than 54% in 2023. The rising demand for organic phase change materials have a long history of success in a diverse range of applications. They are widely used in building and construction (for heating/cooling systems), textiles (to regulate temperature in clothing), and food packaging (to maintain consistent temperature during transport). This established market base provides a strong foundation for further growth in the organic phase change material segment.
On the Basis of Application Segment Building & Construction holds the dominant share.
The building & construction dominated the market with the highest revenue share of more than 39.5% in 2023. Due to the wide range of uses in the building industry. Every area of the house, including the floors, ceiling, and electrical appliances, can have them. Furthermore, they have the ability to hold onto latent heat throughout a substance’s solid-liquid phase transition, reducing the rate at which temperatures inside surroundings change quickly.
Phase Change Material Market Report Scope & Overview
| Report Attributes | Details |
| Market Size in 2023 | USD 536.27 million |
| Market Size in 2031 | USD 2220.95 million |
| CAGR (2024-2031) | 19.78% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Regional Landscape:
Europe led the Phase Change Material Market with the highest revenue share of approx. 35.22% in 2023. In the upcoming years, the region is probably going to maintain its dominance and significant place in the global market. With the greatest building stock on the continent, Germany is Europe’s largest construction market. the main motive is to provide affordable housing by the German government for the country. The government intends to construct approx. 400,000 new homes annually, and in which 100,000 house expanse will get government funding. The rising building and infrastructure increase the market growth.
Whereas, APAC will also be contributing highly in leveraging the revenue pockets of the key players. SNS Insider predicts APAC region will be growing at a maximum CAGR over the forecast period.
Recent Developments
- In March 2023 BioLife Solutions launched the first-ever non-toxic, non-hazardous, and non-flammable phase change material (PCM) for -70°C ultra-low temperature (ULT) protection was introduced by BioLife Solutions as Ultra guard.
- In October 2022, Shanghai Polytechnic University a new technology of effective phase change microcapsules for solar energy storage has been announced by researchers. Improved heat transmission, storage capabilities, and high-performance photothermal conversion were all proven by the newly created microcapsule.
Key Takeaways:
- The phase change material market size will increase due to the growing application in building and construction, equipment and others.
- Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
- Government initiatives will have a major impact on overall market growth in organic type segment and increase the market growth.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Phase Change Material Market Segmentation, by Type
8. Phase Change Material Market Segmentation, by End-User
9. Phase Change Material Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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Source: GlobeNewswire – Press Releases