The new report by Expert Market Research titled, ‘Global Advanced Phase Change Materials Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global advanced phase change materials market, assessing the market based on its segments like source, product, industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market (2022): USD 1,233 million
- Forecast CAGR (2023-2028): 9 %
- Market Forecast (2022): USD 3,147 million
Europe is the leading market for advanced phase change materials, followed by the United States. The demand for the industry is being rising due to the strict regulations of the governments in these regions to minimize greenhouse emissions and increasing demand for energy-efficient and environment-friendly technology. Due to their unique structure, advanced phase change can absorb, store and release energy during a phase transition.
They can be converted from liquid to solid vice versa based on their type during the energy conversion, which makes them ideal for a wide range of applications which require temperature control. Thus, advanced phase change materials are being increasingly used in various industries such as the automotive, construction industries, and in the HVAC sector to increase energy savings, which is expected to further propel the growth of the industry in the forecast period.
Industry Definition and Major Segments
Advanced phase change materials (PCMs) refer to materials, which have the ability to absorb, store and release significant energy during the phase transition process due to their distinct structure. They release energy in the form of latent heat while melting which was absorbed in large amount from the atmosphere while freezing. These latent heat transitions can occur in various phase changes such a solid-gas, solid-liquid and solid-solid. These materials can contribute to sustainable energy production by saving excess energy for subsequent use.
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By type, the industry is categorised into:
- Organic PCM
- Inorganic PCM
- Bio-based PCM
Based on form, the industry is categorised into:
- Encapsulated
- Non-encapsulated
By application, the industry is categorised into:
- Building and Construction
- Packaging
- HVAC
- Textiles
- Electronics
- Others
By region, the industry is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The increasing demand for advanced phase change materials is being driven by the growth in the constructions, mainly in the developing economies due to rapid urbanization and population growth. These materials are being increasingly used in the construction industry due to their high heat storage capacity. The rise in demand for economical methods to improve the thermal efficiency of building structures is also contributing to the growth of the market.
Other factors contributing to the growth in demand for advanced phase change materials include increasing awareness towards reducing greenhouse gas emissions, strict building codes and increasing demand for renewable energy sources. These materials are therefore being increasingly used across various industries such as packaging, refrigeration, HVAC, textiles, electronics, etc., further propelling the growth of market in the coming years.
Organic phase change materials lead the global market based on the type, whereas encapsulated PCMs dominate based the industry based on the form. There have been many recent technological advancements in this industry, such as the development of micro and macro encapsulation for advanced phase change materials. Manufacturers are also introducing innovative variants that are bio-based and are derived from vegetables. The global market for advanced phase change materials is thus expected to exhibit strong growth during the next five years.
Key Market Players
The major players in the market are Outlast Technologies LLC, Climator, Croda International Plc, PCM Products, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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