Phase Change Material Market | Key players operating in the market include Honeywell Electronic Materials, Laird Plc, Sasol Limited, Croda International, Entropy Solutions LLC

According to recent market research "Phase Change Material Market by Type(Organic, Inorganic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), Region - Global Forecast to 2025", the phase change material (PCM) market is projected to reach USD 889 million by 2025, at a CAGR of 16.0% from USD 423 million in 2020.

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PCMS are the materials that have the ability to store and release a large amount of heat/energy while maintaining a constant temperature. Unlike other insulation materials, on reaching a melting point (the temperature at which it changes phase from solid to liquid), PCM absorbs a large amount of heat and releases its stored latent heat while solidifying. It has tremendous potential to meet the increasing need for energy in cooling and heating applications across various industries, including construction, fixed refrigeration, textiles, packaging, electronics, etc.

Inorganic PCM is expected to witness the highest growth between 2020 and 2025. This is due to inorganic PCMs have higher melting points covering sub-zero temperatures, which are useful for cooling in extreme climatic conditions. In addition, rising demand for class-A fire rating products is accompanied by its increasing use in applications such as cold chain & packaging and refrigeration & equipment.

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The phase change material (PCM) market size is projected to reach USD 889 million by 2025 from USD 423 million in 2020, at a CAGR of 16.0% during the forecast period. The increasing awareness about phase change material and its growing demand in applications such as cold chain & packaging, refrigeration & equipment, thermal energy storage, textiles, and electronics are expected to fuel the growth of phase change material in the region. The market is evolving, with major players playing a crucial role in developing new and advanced products.

PureTemp LLC (US), Climator Sweden AB (Sweden), and Croda Industries AG (Germany) are the major players in this market.

PureTemp LLC focuses on the production of organic PCMs which are bio-based in nature. PureTemp was the first company in 2007 to begin producing 100% renewable phase change materials. These phase change materials are derived from sustainable sources such as animal fat and plant oil and are non-toxic and biodegradable. It focuses on new product developments in order to remain competitive in the phase change materials market. For instance, in January 2019, the company launched a temperature-control fabric coating to control ambient temperature swings in apparel, footwear, bedding, safety, medical, workwear, and industrial applications.

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Climator Sweden AB majorly produces inorganic PCMs, basically salt hydrates. It is one of the leading companies in the advanced PCM market and in the temperature stabilization sector. Through its know-how, PCM expertise, and innovation power, the company develops project-based solutions for its customers. The company currently focuses on four application areas, namely, transport, room, body, and equipment. Moreover, it is one of the oldest companies to manufacture phase change materials.

Croda International Plc is one of the major producers of phase change materials (PCMs). The company offers phase change materials under the brand name CrodaTherm. It focusses on new product launches, acquisitions, and expansions to remain competitive in phase change materials market. In March 2019, the company launched two new bio-based phase change materials, namely CrodaTherm 32 and CrodaTherm 37. These two new products provide high latent heat, narrow melting and crystallization points, and high cycle stability. In July 2019, the company launched a microencapsulated form of bio-based phase change material. This product can control temperatures in bedding, mattresses, automotive interiors, clothing, and other applications. In November 2017, Croda inaugurated its Centre of Innovation for Formulation Science at the University of Liverpool’s new Materials Innovation Factory (MIF). This investment is expected to utilize state-of-the-art automated technologies and further improve their formulation of science knowledge and capabilities across all their market sectors.

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