Phase Change Materials Market Top Players - Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC.

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 substance that absorbs or releases sufficient energy during a phase transition to provide functional heating or cooling. This transition typically occurs between the primary states of matter-solid and liquid-but may also involve changes between different crystalline structures with varying energy levels.

The market for phase change materials is expected to experience significant growth, driven primarily by increasing demand in the construction and packaging industries. In the construction sector, PCMs are widely used in applications such as waste heat recovery, solar water heating, and space heating and cooling. Growing investments in the global construction sector, along with the increasing use of PCMs in Heating, Ventilation, and Air-Conditioning (HVAC) systems, are anticipated to drive market expansion during the forecast period.

Additionally, phase change materials are increasingly being used in photovoltaic (PV) panel cooling systems that rely on passive cooling. PCMs' ability to absorb, store, and release large amounts of latent heat over a defined temperature range makes them ideal for enhancing the performance and efficiency of PV modules.

The growing demand for cold chain logistics presents a key opportunity for the PCM market. Clinical trials for novel therapies and treatments, including the storage and transportation of drugs, blood, tissue, urine, and sputum samples, require effective temperature management to maintain sample integrity. Moreover, the majority of COVID-19 vaccine candidates and other temperature-sensitive pharmaceuticals require cold chain handling from the manufacturing site to the end user. The increasing need for specialized cold chain logistics is expected to create significant opportunities for PCM manufacturers during the forecast period.

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:
A key factor driving the phase change materials (PCM) market is the increasing adoption of these materials for temperature regulation. PCMs enable buildings to maintain consistent indoor temperatures by utilizing daily temperature fluctuations to trigger phase transitions, during which energy is absorbed and released. This process reduces the load on heating and cooling systems, enhancing overall energy efficiency.

PCMs are also widely used in pharmaceutical and biotechnology applications, particularly for drug delivery. Fatty acids and oils, often used as shell materials in medication delivery systems, provide renewable, reusable, and machine-independent solutions. PCMs are particularly effective for vaccine transportation and storage due to their ability to maintain stable temperatures. Biotech research has increasingly focused on optimizing drug delivery at varying temperatures, with the use of phase change materials as carriers proving to be an effective method for achieving temperature-controlled medication release.

Challenges:
Despite the market's growth potential, several challenges hinder the broader adoption of phase change materials. Technical limitations such as low thermal conductivity, phase isolation, and supercooling reduce the lifespan and performance of PCMs, especially in construction applications. Additionally, inorganic PCMs, such as salt hydrates and polypropylene, are prone to corrosion, instability, and supercooling, which can lead to higher maintenance costs and shorter operational lifespans. These factors pose significant barriers to market expansion, particularly in large-scale construction projects.

Regional Trends:
Europe holds the largest share of the PCM market, accounting for approximately 40% of global revenue. The increasing preference for eco-friendly materials is expected to further drive market growth in the region. Regulatory bodies such as the Scandinavian Federation of Heating, Ventilation, and Sanitary Engineering Associations (SCANVAC) in Denmark, Finland, Iceland, Norway, and Sweden have implemented measures to develop and promote energy-efficient building solutions, including the use of phase change materials. Germany, as a leading producer and exporter of PCMs, is expected to play a crucial role in sustaining Europe's dominant position in the global market.

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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.