Phase Change Material Market Size to Reach USD 2220.95 Million by 2032 | Future of Energy efficiency and sustainable building practices | According to SNS Insider

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The Phase Change Material Market will be experiencing rapid growth as the rising demand in the solar energy sector. This material is used in solar thermal electricity generating system, solar cooking, and others. This factor will be important for the market growth, as this will be the perfect gateway for the players to attend several untapped opportunities

Pune, July 03, 2024 (GLOBE NEWSWIRE) — The Phase Change Material Market Size is projected to reach USD 2220.95 million by 2032 and grow at a CAGR of 19.78% over the forecast period of 2024-2032.    

 

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The rising usage of phase change material in building materials drives the Market growth.  

In the building and construction industry, phase change materials are becoming more and more in demand. The roofs, walls, floors, and additional building components like windows and shutters are all made of phase-change materials. The market is on the rise as a result of the integration of passive building technologies to alter thermal applications. Phase change material sales are being driven by the growing use of PCMs in concrete, wallboards, roofing, and plastics like polypropylene and polyolefin elastomers to improve building thermal efficiency. For instance, in India according to the India Brand Equity Foundation, more than USD 2500 million were invested through foreign direct investment (FDIs) in the construction development sector in 2021. Thus, the increasing prominence on building materials and infrastructure contributes to the demand in the global phase change materials market.

Moreover, in 2024, The CEO of PLUSS Advanced Technologies announced the innovation of making a temperature-controlled packaging solution for using the phase change material in pharmaceutical and battery safety. It helped the pharmaceutical industry and mitigated drug wastage and cost-effective processes which drove the phase change market growth.

There will be several challenges associated with this, i.e., the infrastructure the high cost and the lack of skilled labor. Despite these challenges, SNS Insider predicts the growth of the market because of the rising government investments and the plans to improve the overall landscape and make it possible for the access element to improve.

“Growing demand for electric vehicles globally drives the market growth.

The rising sales of electric vehicles all over the globe drive the market growth. For instance, according, to the International Energy Agency the sales of electrical vehicles globally are projected to reach approx. 17 million by the end of 2024. This is due to controlling the temperature of the battery in electric vehicles with the use of phase change material and driving the market growth.

Key Players Listed in the Report:

  • Croda International Plc
  • Sasol Limited
  • Cold Chain Technologies Inc.
  • Phase Change Materials Products Ltd.
  • Honeywell Electronic Materials
  • Sumitomo Chemical Co. Ltd.
  • Henkel AG & Company KGAA
  • PureTemp LLC
  • Microtek Laboratories Inc.
  • Rubitherm Technologies GmbH
  • other players

Segmentation Analysis

On the Basis of Type Segment Organic Type holds the dominant share.

The organic type dominated the phase change material market with the highest revenue share of more than 54% in 2023. The rising demand for organic phase change materials have a long history of success in a diverse range of applications.  They are widely used in building and construction (for heating/cooling systems), textiles (to regulate temperature in clothing), and food packaging (to maintain consistent temperature during transport). This established market base provides a strong foundation for further growth in the organic phase change material segment.

On the Basis of Application Segment Building & Construction holds the dominant share.

The building & construction dominated the market with the highest revenue share of more than 39.5% in 2023. Due to the wide range of uses in the building industry. Every area of the house, including the floors, ceiling, and electrical appliances, can have them. Furthermore, they have the ability to hold onto latent heat throughout a substance’s solid-liquid phase transition, reducing the rate at which temperatures inside surroundings change quickly.

Phase Change Material Market Report Scope & Overview

Report Attributes Details
Market Size in 2023 USD 536.27 million
Market Size in 2031 USD 2220.95 million
CAGR (2024-2031) 19.78%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Increasing utilization of phase change material in building and construction activities drives market growth
  • Rising sustainable infrastructure, surge in demand for increasing phase change material drive the market growth.

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Regional Landscape:

Europe led the Phase Change Material Market with the highest revenue share of approx. 35.22% in 2023. In the upcoming years, the region is probably going to maintain its dominance and significant place in the global market. With the greatest building stock on the continent, Germany is Europe’s largest construction market. the main motive is to provide affordable housing by the German government for the country. The government intends to construct approx. 400,000 new homes annually, and in which 100,000 house expanse will get government funding. The rising building and infrastructure increase the market growth.

Whereas, APAC will also be contributing highly in leveraging the revenue pockets of the key players. SNS Insider predicts APAC region will be growing at a maximum CAGR over the forecast period.

Recent Developments

  • In March 2023 BioLife Solutions launched the first-ever non-toxic, non-hazardous, and non-flammable phase change material (PCM) for -70°C ultra-low temperature (ULT) protection was introduced by BioLife Solutions as Ultra guard.
  • In October 2022, Shanghai Polytechnic University a new technology of effective phase change microcapsules for solar energy storage has been announced by researchers. Improved heat transmission, storage capabilities, and high-performance photothermal conversion were all proven by the newly created microcapsule.

Key Takeaways:

  • The phase change material market size will increase due to the growing application in building and construction, equipment and others.
  • Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
  • Government initiatives will have a major impact on overall market growth in organic type segment and increase the market growth.  

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Phase Change Material Market Segmentation, by Type

8. Phase Change Material Market Segmentation, by End-User

9. Phase Change Material Market Segmentation, by Application

10. Regional Analysis

11. Company Profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusion

Access Complete Report Details @ https://www.snsinsider.com/reports/phase-change-material-market-1812 

About SNS Insider

At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That’s why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.

CONTACT: Contact Us: Akash Anand – Head of Business Development & Strategy [email protected] Phone: +1-415-230-0044 (US)

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