Phase Change Material Market worth $1004 million by 2026 | Key players PureTemp LLC, Climator Sweden AB, Croda International Plc., Henkel AG & Company KGAA, Outlast Technologies LLC

According to recent market research the "Phase Change Material Market by type (Inorganic, Organic), Application (Building &Construction, HVAC, Cold Chain &Packaging, Electronics, Textile) and Region (North America, Europe, APAC, Rest of World) - Global Forecasts to 2026", The market is projected to reach USD 1,004 million by 2026, at a CAGR of 16.0% from USD 477 million in 2021.

This growth is primarily triggered by the increasing demand for energy savings and regulations for reduction of greenhouse gas emission. Europe is the largest phase change material market due to the demand from the building & construction application and stringent government regulations regarding carbon emissions. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. The cost of energy is also high in Europe, which drives demand for phase change material in the region.

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The organic PCM market is majorly segregated into paraffin and non-paraffin based PCMs. Paraffin based PCMs are commonly used across various applications. Organic PCMs majorly constitute paraffin- and fatty acid-based PCMs derived from non-renewable sources, such as crude oil and slack wax. The advantages of organic-based PCMs include chemical stability, non-corrosive and non-toxic properties, high latent heat of fusion, and almost negligible super cooling. Another key advantage of organic PCMs is that they can be microencapsulated, which makes them viable in various applications, such as textiles and thermal energy storage (TES) applications, among others.

Building & Construction is estimated to be the second-largest application of the phase change material market during the forecast period.

Building & construction refers to new building development and construction activities in the study. This segment forms a major application of phase change materials, due to the increasing need for temperature control in buildings, and the construction industry's trend of using modern & lightweight architecture. The use of phase change materials in building applications has been commercialized only recently. In the building & construction application, phase change materials are used to make insulating panels, paints, wall coverings, roofing panels, playing fields, and raised floor panels. The use of phase change materials in buildings offers a number of advantages, such as lightweight architecture and low cooling & heating needs, resulting in energy saving and comfort.

The Growth of the North American phase change material market is driven majorly by initiatives taken by bodies such as the Emerging Technologies Coordinating Council and the National Renewable Energy Laboratory (NREL) of the US Department of Energy (DoE). These institutes help market players in incorporating phase change materials in their products by performing tasks, such as site selection, coordination, and evaluation of tests on technology performance, risks, and costs. Phase change material-based products have a strong demand in the region. The retrofit market, growth in the construction industry, development of green buildings, and increase in energy efficiency codes and building specifications are expected to drive the phase change material market in the region.

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The phase change material market size is projected to reach USD 1,004 million by 2026 from USD 477 million in 2021, at a CAGR of 16.0%. Regulations for reduction of greenhouse gas emission and reduction of operating cost is expected to support the growth of the phase change material market. However, lack of awareness, flammability and corrosion is restraining the growth of the market. On the other hand, increasing need for cold chain logistics has created opportunities for manufacturers.

Limited (South Africa), PureTemp LLC. (US), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Advansa B.V. (The Netherlands), AI Technology Inc. (US), CoolComposites Inc. (US), Cryopak Inc. (Canada), Datum Phase Change Ltd. (UK), IoLiTec-Ionic Liquids Technologies GmbH (Germany), Salca B.V. (The Netherlands), Insolcorp. Inc. (US), Phase Change Energy Solutions Inc. (US), Climator Sweden AB (Sweden), Ciat Group (France), Honeywell Electronic Materials, Inc. (US), Phase Change Materials Products Ltd. (UK), Rubitherm Technologies GmbH (Germany), and Teappcm (India) are the major players in this market.

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PureTemp LLC, also known as Entropy Solutions LLC, is a company based in Minnesota, US. It offers renewable PCM to meet the temperature-sensitive requirements in shipping, building & construction, textile, energy storage, HVAC, and healthcare industries. Unlike most PCM derived from petroleum, Entropy has developed a range of advanced biobased PCM derived from vegetable fats and oils. The company has a strong presence in North America

• On January 2019, PureTemp LLC launched a temperature-control fabric coating to control ambient temperature swings in apparel, footwear, bedding, safety, medical, workwear, and industrial applications.

Croda International Plc. is a British specialty chemical company that manufactures, markets, and distributes bio-based specialty chemicals. The company offers its products in the personal care, healthcare, agriculture, lubricants, coatings & polymers, polymer additives, homecare, geo-technologies, and industrial chemicals segments. The company has a presence in Europe, the Middle East & Africa, North America, Asia Pacific, and Latin America with manufacturing sites and offices in more than 30 countries.

• In May 2019, Croda International introduced two new biobased PCMs, CrodaTherm 32 and CrodaTherm 37. These two new products provide high latent heat, narrow melting and crystallization points, and high cycle stability.

Sasol Limited is an integrated energy and chemical company operating in two major business segments namely, energy business and chemical business. Chemical business includes advanced materials, base chemicals, essential care, and performance solutions. It has a presence in 33 countries across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

• In December 2021, Sasol Limited through its foundation and Research & Technology function signed two cooperation agreements with NRF (National Research Foundation) to sponsor South Africa's next generation of since and engineering researchers.

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