Advanced Phase Change Material Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMA334 | Last Updated On: May 25 2022 | Available Formats

> Global Advanced Phase Change Material Market Expected to reach a high CAGR of 18.10% By 2029: DataM Intelligence

Global Advanced Phase Change Material Market is segmented By Product Type (Paraffin waxes, Salt hydrates, Inorganic eutectics, Hygroscopic material, others), By Application Type (Thermal energy storage, Solar power plant, Building and construction, Shipping and transportation, Heating, ventilation, and air conditioning, other), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Advanced Phase Change Material Market Trends Growth Insights

The Global Advanced Phase Change Material Market is expected to grow at a CAGR of 18.10% from 2022 to 2029. The increasing investments in the construction sector over the globe doubled with the acceptance of PCM in heating, AC, and ventilation applications are expected to drive its demand over the forecast period. Additionally, the packaging business is also projected to produce considerable revenue share during the forecast period 2022-2029. In the construction sector, Advanced Phase Change materials are used for space cooling/heating, solar water heating, waste heat retrieval structure, and others.

The innovation trends in the global Advanced Phase Change Material market along with continuing investments by major companies are expected to come up with novel opportunities over the forecast period. Additionally, the increasing attractiveness of bio-based Advanced Phase Change Materials due to their safety and environmental aids will also drive the demand for the global Advanced Phase Change Material Market in the next coming years.

Advanced phase change material (APCM) is a substance with high heat fusion which, melts and solidifies at a specific temperature, it is capable of storing and releasing a large amount of energy. Heat is absorbed and released when material changes from solid to liquid or vice versa. An ideal PCM has high heat fusion, high thermal conductivity, high specific heat and density, long-term reliability during repeated cycling, and dependable freezing behavior. The temperature ranges offered by advanced phase-change materials technology are medium and high-temperature energy storage applications for the building services and refrigeration engineers.

The scope of this thermal energy application is wide-ranging of solar heating, hot water, heating rejection, i.e., cooling tower and dry cooler circuitry thermal energy storage applications. Advanced phase change materials perform best in small containers. Therefore they are usually divided into cells. The packaging material conducts heat well, and it is durable enough to withstand frequent changes in the storage material’s volume as phase changes occur. The commonly used PCMs are salt hydrates, fatty acids and esters, and paraffin such as octadecane. Ionic liquids were investigated as original PCM in recent developments. Paraffin waxes are the most common PCM for electronics thermal management because they have a high heat of fusion per unit weight, large melting point selection, provide dependable cycling, are non-corrosive, and are chemically inert.

Advanced Phase Change Material Market Scope

Metrics

Details

Market CAGR

18.10%

Segments Covered

By Product Type, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Market

Asia Pacific

Largest Market Share 

North America

Report Key Highlights:

  1. The Phase change materials market is projected to grow as a result of advanced technology. Over the forecast period, innovative industry developments, and ongoing investment by major companies are projected to give innovative opportunities.
  2. The organic product segment controlled the global phase change materials market, and it is projected to grow over the forecast period, due to the surge in the construction industry in the Asia Pacific and North America. Growth of phase change thermal interface materials is probably to perform as future opportunities.
  3. Europe Advanced Phase Change Material Market is projected to have the highest phase change materials market share over the forecast period depending on volume and value due to the growing requirement for phase change materials in applications containing cold chain and packaging, building, and construction. Besides, stringent rules focused on minimizing greenhouse gas releases is further major factor donating to its enhancement.
  4. North America's advanced phase change materials market is expected to have a prominent growth rate over the forecast period. This is majorly owing to the strong government rules and regulations, consumer spending, and construction actions. Furthermore, the growing constriction industry is expected to push the market in North America.
  5. Countries in the Asia Pacific region, are China, India, Japan, Singapore, Australia, South Korea, and the Rest of the APAC countries. China accounted for the highest share of the global Advanced Phase Change Material Market share over the period of 2022-2029. China is the major production place for the contraction sector and India has a large number of construction actions which additionally drives the market growth in the Asia Pacific region in the coming decades.
  6. Packaging is one of the key industries in China, where phase change materials are used for medical packaging, food packaging, chemical packaging, and biological packaging.
  7. Major Companies such as Laird International and Croda international produce and phase change materials that are not made from crude oil or petroleum, PCM is made from renewable farming resources.
  8. To control temperature there is high demand for bio-based phase change materials majorly in the pharmaceutical industry and are a huge necessity by producers to market their products in packaging that won’t reflect the product and are biodegradable.

Market Drivers

  • The increase in total energy supply from thermal and solar resources and the growth of advanced phase change material in the construction industry for developed and developing countries is the primary driver for the growth of the global market.
  • The advanced phase-change materials have a superior heat storage capacity that is driving the growth of the market.
  • The increasing use of these advanced phase change materials in the textile industry and temperature-controlled packaging are also driving the growth of the global market.

Restraints

  • The high cost and hazardous nature of a few advanced phase-changing materials are significant restraints for the global advanced phase change material industry.
  • Lack of awareness and corrosion & flammability issues would be a considerable restraint for the global market.

Segmentation Analysis

By product type

  • The global market is segmented by product types such as paraffin waxes, salt hydrates, inorganic eutectics, and hygroscopic material.
  • Paraffin waxes account for the significant market within advance phase change material as it shows functional properties for temperature change and it is a Bio-Based APCM. Paraffin waxes freeze without much undercooling; it can melt congruently and also it is safe and non-reactive.

By application type

  • The market for advanced phase change material is segmented by application types such as thermal energy storage, solar power plant, building and construction, shipping and transport, heating ventilation and air conditioning, and others.
  • Building and construction segment has a significant market for advanced phase change materials due to increasing concerns for safety at the time of fire accidents or a potential explosion.

Key market segments covered

BY PRODUCT TYPE

  • Paraffin waxes
  •  Salt hydrates
  •  Inorganic eutectics
  •  Hygroscopic material
  • Others

BY APPLICATION TYPE

  •  Thermal energy storage
  •  Solar power plant
  •  Building and construction
  •  Shipping and transport
  •  Heating, ventilation, and air conditioning (HVAC)
  •  Others

BY REGION

  •  Asia Pacific
  •  Europe
  •  North America
  •  South America
  •  Rest of the World

Who can benefit from this report?

  •  Raw Material Suppliers/ Buyers
  •  Product Suppliers/ Buyers
  •  Industry Investors/Investment Bankers
  •  Education & Research Institutes
  •  Research Professionals
  •  Emerging Companies
  •  Manufacturer

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