Phase Change Materials Market - Analysis by Growth, Trends, Future Opportunities and Forecast upto 2031

The Phase Change Materials Market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031, growing at a CAGR of 17.54% between 2021 and 2031.

Phase change materials have been developing significantly since the 1970s, and much can be attributed to the technological advancements in this field. The ecosystem of the phase change materials market comprises PCM manufacturers, PCM-based product manufacturers, end users, and others. The market is still developing, with Europe at the forefront, followed by North America and other regions.

Phase Change Materials Industry Overview

The Phase Change Materials Market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031, growing at a CAGR of 17.54% between 2021 and 2031. The phase change materials market is driven by several factors, including the growing popularity of bio-based phase change materials. Phase change materials are a preferred choice these days because of their high heat energy storage capacities, which is expected to positively impact the growth of the overall market.

Market Segmentation

Phase Change Materials Market by Application

Among different applications, the building and construction segment led the market in 2020 and is expected to be the largest application during the forecast period (2021-2031). Buildings require to reduce their energy consumption and enhance their energy conservation to promote energy efficiency and long-term sustainability. Furthermore, the usage of efficient energy materials such as PCMs is essential to minimize the energy reliance on buildings. As a result, incorporating PCMs in building systems such as walls, windows, ceilings, or floors is an effective approach to decreasing the energy consumption of buildings for heating and cooling.

Phase Change Materials Market by Type

Among different types, paraffins led the market in 2020 and are estimated to lead the market during the forecast period (2021-2031). It is a widely utilized material, owing to the benefits of paraffin-based PCMs. The accessibility of paraffin at a wide range of temperatures is the major reason for its suitability as an energy storage medium. Paraffins are reliable, safe, and non-corrosive in general. Also, properties such as chemical stability, non-toxic properties, high latent heat of fusion, and others are contributing to the growth of paraffins.

Phase Change Materials Market by Region

The demand for phase change materials varies according to various regions. The phase change materials market holds a prominent share in various countries of North America, South America, Europe, the U.K., China, Asia-Pacific, and the Middle East and Africa, among which Europe is expected to account for the highest share of the global phase change materials market, owing to the presence of a significant number of phase change materials manufacturers such as Henkel AG Co. KGaA, Climator Sweden AB, Rubitherm Technologies GmbH, and others.

Key Market Players and Competition Synopsis

Some key players operating in the market are Henkel AG Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), and Rovilus

The companies that are profiled in the report have been selected based on a selective pool of players, such as tier-1 players, mid-segment players, and small and emerging companies, based on various factors such as product portfolios, annual revenues, market penetrations, research, and development initiatives, along with a domestic and international presence in the phase change materials market.

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How This Report Can Add Value

This extensive report can help with:

  •   A dedicated section focusing on the futuristic trends adopted by the key players operating in the global phase change materials market 
  •   Extensive competitive benchmarking of top 19 players offering a holistic view of the global phase change materials landscape
  •   Qualitative and quantitative analysis of phase change materials industry at country level granularity based on region, application, and type segments

Recent Developments

  •   In February 2021, Rubitherm Technologies GmbH developed a phase change storage device known as “Phasecube” for use in domestic ventilation systems to reduce energy costs.
  •   In January 2019, PureTemp LLC developed a fabric coating that acts as a buffer against environmental temperature swings in consumer products such as safety, medical, apparel, workwear, footwear, bedding, and industrial applications. The bio-based phase change material is enclosed in spherical microcapsules and bound to the surface of the fabric.
  •   In 2018, Microtek Laboratories Inc. expanded its product portfolio by adding bio-based phase change material solutions to the product portfolio. These PCMs are biodegradable, non-toxic, and eco-friendly. 
  •   In August 2021, Carborundum Universal Ltd. (CUMI) agreed to buy a controlling stake in PLUSS Advanced Technologies Pvt. Ltd., with an initial investment of $ 15.7 million (? 115 crores). This would address the opportunities in medical devices, pharma cold chain, buildings and HVAC, refrigeration and food supply chain, and others.

Key Questions Answered in the Report -

  •   What are the major factors and trends that are impacting the adoption/consumption of phase change materials?
  •   What are some of the key initiatives taken by the existing players to improve their market positioning and strategy adopted by new players entering in phase change materials marketspace?
  •   With respect to various types of commercially available phase change materials, which are the leading categories, promising applications, and preferred types in the market, and how are these going to evolve in the coming years? 
  •   What are the latest developments in various countries for the development of phase change materials, and what are the consumption patterns? 
  •   How has COVID-19 impacted the phase change materials market across the globe?
  •   What are the bottlenecks around the adoption of phase change materials across different regions and countries, and what are the government regulations across the globe impacting the phase change materials market?

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