Phase Change Materials Market Expansion Supported by Thermal Management and Passive Cooling Solutions

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 2034"

The Phase Change Materials Market is valued at USD 630.0 Mn in 2024 and is estimated to reach over USD 2938.1 Mn by the year 2034, exhibiting a CAGR of 16.8% during the forecast period.

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Phase change materials (PCMs) are substances that undergo a phase transition-typically between solid and liquid states-absorbing or releasing substantial amounts of latent heat during the process. This thermal energy exchange enables effective temperature regulation. In certain cases, PCMs transition between different crystalline structures, each associated with distinct energy levels.

The global PCM market is projected to experience significant growth, driven primarily by increasing demand in the construction and packaging sectors. In the construction industry, PCMs are utilized in various energy-efficient applications, including waste heat recovery, solar water heating, and space heating and cooling systems. The ongoing expansion of the global construction sector, coupled with the integration of PCMs into Heating, Ventilation, and Air Conditioning (HVAC) systems, is expected to further propel market development.

Moreover, the adoption of PCMs for photovoltaic (PV) panel cooling is gaining traction. Their capacity to store and release latent heat within specific temperature ranges makes them highly effective for passive cooling applications, enhancing both the operational efficiency and lifespan of PV modules.

Another key factor supporting market growth is the rising demand for cold chain logistics. The transportation and storage of temperature-sensitive products-such as pharmaceuticals, biological materials, and clinical trial samples-require precise thermal management to maintain product integrity. The growing need for reliable cold chain solutions, particularly for the distribution of COVID-19 vaccines and other sensitive biopharmaceuticals, is anticipated 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 their increasing application in advanced thermal management systems. PCMs help stabilize indoor temperatures in buildings by utilizing diurnal temperature variations to trigger phase transitions, during which significant amounts of energy are absorbed or released. This thermal regulation reduces reliance on conventional heating and cooling systems, thereby enhancing overall energy efficiency.
In addition, PCMs are extensively employed in the pharmaceutical and biotechnology sectors, particularly in drug delivery applications.

Materials such as fatty acids and oils are commonly used as encapsulating agents, providing sustainable, reusable, and equipment-independent solutions. PCMs also play a crucial role in cold chain logistics, ensuring the maintenance of stable temperature conditions during the transport and storage of vaccines. Ongoing innovations in biotechnology increasingly leverage PCMs for temperature-sensitive drug delivery systems, facilitating controlled release of therapeutic compounds.

Challenges:
Despite promising market prospects, several technical challenges constrain the adoption of PCMs. Low thermal conductivity, phase separation, and supercooling can adversely affect PCM performance and longevity, particularly in construction applications. Inorganic PCMs, including salt hydrates and polypropylene-based materials, are prone to corrosion, thermal instability, and supercooling, which can increase maintenance requirements and reduce operational lifespan. These performance limitations present significant barriers, especially for large-scale infrastructure projects, thereby restricting overall market growth.

Regional Trends:
Europe currently dominates the global PCM market, accounting for approximately 40% of total revenue. The region's strong focus on sustainable building practices and energy-efficient materials is expected to further accelerate market growth. Regulatory initiatives, such as those implemented by the Scandinavian Federation of Heating, Ventilation, and Sanitary Engineering Associations (SCANVAC), encompassing Denmark, Finland, Iceland, Norway, and Sweden, encourage the adoption of energy-efficient technologies, including PCMs, in the built environment. Germany, as a leading producer and exporter of phase change materials, is projected to play a pivotal 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.