Report Code : A01645
The increase in emphasis on energy conservation, expansion in application of advanced phase change materials in the textile sector, rapid urbanization in developing countries, and continued technological developments in the field of the advanced phase change materials are expected to provide lucrative opportunities for the development of the market. The upsurge in purchasing power coupled with changing consumer lifestyle are anticipated to support the market penetration during the forecast period.
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Advanced Phase Change Materials Market," The advanced phase change materials market was valued at $1.4 billion in 2020, and is estimated to reach $4.5 billion by 2030, growing at a CAGR of 12.61% from 2021 to 2030.
Phase change materials (PCMs) are used for thermal energy storage, enabling the temporary storage of low- or high-temperature energy for later use. Offering a range of thermal management solutions, PCMs facilitate the ability to manage demand between energy requirements and usage. These materials store and release thermal energy on transitioning from one phase to another, that is, when materials freeze, large amount of energy is released as latent heat fusion or energy of crystallization. Conversely, energy is absorbed from the environment as solids melt into liquid.
Advanced phase change materials find extensive applications in the construction & building sector, which is one of the key factors that drives the market growth. One of the major drivers for the advanced phase change material market is increase in use of phase change material for temperature control. The application of phase change material in buildings ensures temperature regulation in rooms. Variations in environmental temperatures during the day and night are used to change the phase of the material, which releases and absorbs energy during the process.
Temperature regulation using phase change material reduces the load on the heating and cooling equipment used for maintaining room temperature. Furthermore, factors such as increase in emphasis on energy conservation, expansion in application of advanced phase change materials in the textile sector, rapid urbanization in developing countries, and continued technological developments in the field of advanced PCM are expected to fuel the market growth in the near future.
The natural latent heat property of phase change material helps in maintaining a structure’s temperature and prevents sudden external changes. Fluctuations in ambient temperature recharge phase change material, making them suitable for everyday applications. The high regulations for reduction of greenhouse gas emission fuel the growth of the advanced phase change material market. However, the high cost of advanced PCM and lack of awareness among consumers regarding the use of phase change materials and flammability hamper the market growth.
The advanced phase change materials market is segmented based on product type, application, and region.
On the basis of type, it is categorized into organic PCM, inorganic PCM, and bio-based PCM. On the basis of application, it is segregated into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for largest market share of the total revenue in 2020, followed by North America and Europe. The high adoption of phase change materials products in the region is expected to continue to bolster the advanced phase change materials market size, due to the presence of huge population base and presence of many developing countries in this region.
The key players operating in the global advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd.
Other players in the value chain (not profiled in the report), such as Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Ciat Group, Datum Phase Change Ltd., Emco Klimatechnik Gmbh & Co. KG, Rgees LLC., Climator Sweden AB, Ewald Dörken AG, and Laird PLC., are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Advanced phase change materials market in the forecast period.
Key Findings of Study
IMPACT OF COVID-19 ON GLOBAL ADVANCED PHASE CHANGE MATERIALS MARKET
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Advanced Phase Change Materials Market by Application (Building and Construction, Energy Storage, HVAC, Shipping and Transportation, Electronics, Textiles, Others), by Type (Organic PCM, Inorganic PCM, Bio-based PCM): Global Opportunity Analysis and Industry Forecast, 2021-2030
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