Phase Change Material Market Trends and Forecast Analysis: In-depth Insights for Investors and Stakeholders

As per the report published by The Brainy Insights, the global phase change material market is expected to grow from USD 566.2 million in 2021 to USD 2344.13 million by 2030, at a CAGR of 17.1% during the forecast period 2022-2030. Europe emerged as the largest market for the global phase change material market with a 38.3% share of the market revenue in 2021. The growing desire to preserve energy, along with stringent laws to reduce/minimize dangerous gas emissions, has resulted in the expansion of this industry. Europe, in addition to being a significant market, is predicted to be the fastest market for phase change material.

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The phase change material (PCM) market refers to the industry involved in the production, distribution, and utilization of phase change materials. Phase change materials are substances that can store and release large amounts of heat energy during the process of changing their physical state, typically from solid to liquid and vice versa. These materials have the ability to absorb, store, and release thermal energy when undergoing phase transitions, making them valuable for various applications.

The PCM market has experienced significant growth in recent years, driven by the increasing demand for energy-efficient solutions and the growing awareness of sustainable technologies.

Research and Development: Ongoing research and development efforts are focused on enhancing the properties of PCM, such as improving their thermal conductivity, increasing their cycle life, and expanding their temperature range. These advancements aim to broaden the scope of PCM applications and drive market growth further.

Key Players: Several companies operate in the PCM market, including Phase Change Products Pty Ltd., Sasol, BASF SE, Henkel, Entropy Solutions LLC, The Dow Chemical Company, Cryopak, Croda International Plc., Laird Plc, among others. These companies are involved in the production, development, and commercialization of PCM-based products and solutions.

As with any market, it's essential to consult up-to-date industry reports, market research, and expert analysis for the most accurate and comprehensive information on the current state and future trends of the phase change material market.

The type of segment is divided into organic and inorganic. In 2021, inorganic phase change material accounted for the largest share of the market with 56.71% and revenue of 321.09 million. The inorganic section includes saturated salt solutions derived from natural water, as well as manufactured salts. Salts' chemical makeup varies accordingly. The desired phase transition temperature is obtained in the combination. To reduce phase change salt segregation during supercooling, specific nucleating agents are added to the salt hydrate combination. The application segment is divided into building & construction, cold chain & packaging, HVAC, textile, and electronics. The building & construction application accounted for the largest share of the market, with 28.6% and market revenue of 161.93 million for phase change material in 2021, because of stricter rules governing greenhouse gas emissions and more development in low-carbon structures, particularly in Europe and North America.

The expanding demand from the building and construction sector, as well as the growing worldwide tendency toward power and environmental sustainability, are significant drivers driving the market research. In the housing facilities, phase change elements are employed in floors and walls, roofs, and other construction components. Bulk uses in construction systems involve all ports or incorporating the material into the workability of the concrete matrix. The most significant benefit has been the incorporation of construction supplies to modify their thermal qualities. Combining construction materials with phase change materials is an excellent approach to boost their thermal energy storage capacity. Walls, doors, roofing concrete, and other materials are mixed to improve the thermal performance of the structure. The inner part of the built environment is the most popular approach for incorporating phase change materials in dwellings. As a result of the expanding use of the products inside of buildings, it is now possible to capture and radiate energy in the space at any given moment.

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