Phase Change Materials Market Analysis: Market Dynamics, Key Drivers, Challenges, and Regional Trends.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Phase Change Materials Market Size, Share & Trends Analysis Report By Type (Paraffin, Salt Hydrates, Eutectics, Non-Paraffin), Application (Building And Construction, Energy Storage, HVAC, Shipping And Transportation, Electronics, Cold Chain And Packing, Ventilation, Commercial Refrigeration, Textiles) - Market Outlook And Industry Analysis 2031"

The Phase Change Materials Market is valued at 2.40 billion in 2023 and is estimated to reach over USD 9.10 billion by 2031, exhibiting a CAGR of 18.30% during the forecast period.

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A phase change material (PCM) is a compound that releases or absorbs enough energy during a phase transition to deliver usable heat or cooling. The transition typically occurs from one of the first two basic states of matter-solid or liquid-to the second. The phase transition may also occur between non-classical forms of matter, such as the unity of crystals, where the material transitions from one crystalline structure to another that may have a higher or lower energy level.

The market for phase change materials will be primarily driven by rising expansion in the building and packaging industries. In the building industry, phase change materials are used in various systems, such as waste heat recovery, solar water heating, and space heating and cooling. Due to growing investments in the global construction sector and the use of these materials in Heating, Ventilation, and Air-Conditioning (HVAC) applications, it is predicted that the demand for phase change materials will rise throughout the projection period.

Furthermore, a photovoltaic panel cooling system using passive cooling material. Because they absorb, store, and release considerable amounts of latent heat over a specific temperature range, phase change materials have been used frequently in research for PV module cooling. Clinical trials are becoming more common as novel therapies and treatments for diseases are developed. To preserve the quality of clinical trial materials such as drugs, blood, tissue, urine, and sputum samples, cold chain logistics are required. The majority of prospective COVID-19 vaccine candidates are also categorized as "cold chain" products, necessitating special handling after they leave the manufacturing site. During the projected period, the industry is anticipated to create possibilities for industry players due to the requirement for cold chain logistics for the storage and distribution of such vaccines and treatments.

List of Prominent Players in the Phase Change Materials Market
• 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')
• Rovilus

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Market Dynamics:
Drivers-
One of the key aspects propelling the market for phase change materials is the growing use of these materials to regulate temperature. Buildings can control the temperature by using phase change materials. Temperature variations throughout the day and at night are used to change the material's phase, which releases and absorbs energy in the process. When phase change materials are used for temperature control, less stress is placed on the heating and cooling systems required to maintain room temperature. Phase change materials are substances utilized as shell material in the administration of medications, such as fatty acids or oils. Phase change materials are excellent for delivering vaccines because they are renewable, reusable, and fuel- and machine-independent. Biotech research has focused on how drugs are distributed at various temperatures. Using phase change materials as a cork is one effective method for attaining temperature-released medication delivery.

Challenges:
The phase change material experiences a slowdown in market development as a result of these factors. The use of phase change materials in construction and building is expanding. However, the corrosive nature of Phase change materials and technical problems such as low conductivity or supercooling create a significant market challenge. Supercooling and phase isolation shorten the material's life cycle, making it less suitable for prolonged use in construction. Additionally, the inorganic type, like salt hydrates or polypropylene, has drawbacks like corrosivity, instability, and a super cool tendency, which shortens the life cycle and results in higher maintenance costs.

Regional Trends:
The European market for phase change material had the highest revenue share, estimated to be over 40%. The trend toward the use of eco-friendly materials is likely to strengthen the region's phase change material business. Several European regulatory associations, including the Scandinavian Federation of Heating, Ventilation, and Sanitary Engineering Associations in Denmark, Finland, Iceland, Norway, and Sweden (SCANVAC), have taken steps to develop and promote efficient building mechanical solutions, as well as to raise awareness about phase change material applications. To continue its dominance in the phase change material sectors, Europe may benefit from Germany's significant market expansion as the leading manufacturer and exporter of phase change materials.

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Recent Developments:
• In September 2022, Sinomax USA introduced the first foam bedding made with a bio-based phase change material. Washability is one of the many important aspects that this foam mattress technology solves. Bio Frost is the phase change material. This type of technology has up to 94 % biobased content and is approved by the USDA Bio preferred program. In comparison to its other PCMs, Biofrost has a significantly higher cooling capacity, lasts longer, and costs less.
• In July 2019, Croda International unveiled a microencapsulated type of bio-based phase change material. This item has temperature control capabilities for use in bedding, mattresses, clothing, and other implementations.
• In January 2019, PureTem LLC, a top provider of consumer and industrial applications, announced the creation of a fabric coating. According to the manufacturer, the product works well as an insulator against changes in ambient temperature.

Segmentation of Phase Change Materials Market
By Application
• Building and Construction,
• Heating, Ventilation (HVAC) and Air Conditioning (HVAC) Systems
• Energy Storage Management
• Commercial Refrigeration,
• Cold Chain and Packaging,
• Textiles
• Others
By type
• Paraffin
• Salt Hydrates
• Eutectics
• Non-Paraffin
• Others
By Region-
• North America-
• The US
• Canada
• Mexico
• Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
• Latin America-
• Brazil
• Argentina
• Rest of Latin America
• Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.