Phase Change Materials Market Growth Accelerates Due to Increased Adoption in Sustainable Construction and Renewable Energy Systems

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 undergoes a phase transition, typically between solid and liquid states, and absorbs or releases substantial amounts of energy during this process to provide efficient heating or cooling. In some cases, phase transitions may also occur between different crystalline structures with varying energy levels.

The PCM market is projected to experience considerable growth, driven primarily by the rising demand from the construction and packaging industries. Within the construction sector, PCMs are increasingly employed in applications such as waste heat recovery, solar water heating, and space heating and cooling. The expansion of global construction activities, coupled with the growing integration of PCMs in Heating, Ventilation, and Air Conditioning (HVAC) systems, is expected to propel market growth over the forecast period.
Furthermore, PCMs are gaining traction in photovoltaic (PV) panel cooling systems, which rely on passive cooling mechanisms. Due to their ability to absorb, store, and release large quantities of latent heat within a specific temperature range, PCMs are ideally suited to enhance the performance and efficiency of PV modules.

The increasing demand for cold chain logistics presents a significant opportunity for the PCM market. The transportation and storage of temperature-sensitive items, such as drugs, blood, tissue samples, and clinical trial materials, require precise temperature control to maintain integrity. Additionally, the storage and distribution of COVID-19 vaccine candidates and other sensitive pharmaceuticals necessitate reliable cold chain management. This rising need for specialized cold chain solutions is expected to create substantial opportunities for PCM manufacturers in the coming years.

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:
The phase change materials (PCM) market is primarily driven by the growing adoption of these materials for efficient temperature regulation. PCMs enable buildings to maintain stable indoor temperatures by leveraging daily temperature variations to trigger phase transitions, during which energy is absorbed and released. This process reduces the load on heating and cooling systems, thereby improving overall energy efficiency.

PCMs are also extensively utilized in pharmaceutical and biotechnology sectors, particularly in drug delivery systems. Fatty acids and oils, commonly used as shell materials in medication delivery systems, offer renewable, reusable, and machine-independent solutions. Furthermore, PCMs play a critical role in the transportation and storage of vaccines, as they help maintain consistent temperatures. Biotechnological research is increasingly focused on optimizing drug delivery across different temperatures, with phase change materials proving to be an effective solution for ensuring temperature-controlled medication release.

Challenges:
Despite the growth potential in the PCM market, several challenges impede its broader adoption. Technical constraints, such as low thermal conductivity, phase isolation, and supercooling, can limit the lifespan and efficiency of PCMs, particularly in construction applications. Inorganic PCMs, such as salt hydrates and polypropylene, are vulnerable to corrosion, instability, and supercooling, which can lead to higher maintenance costs and reduced operational lifespans. These issues present significant barriers to market growth, especially in large-scale construction projects.

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