Global Advanced Phase Change Materials Market By Type (Organic , Inorganic , and Bio-based), By Application (Building & Construction , Refrigeration , and Consumer goods), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019–2028

Advanced Phase Change Material Market Overview:

The global market for advanced phase change materials valued at USD 1,468.2 million in 2021. It is projected to grow at a 14.5% CAGR over the forecast period.

Due to its ability to replicate the thermal mass effect, phase change materials will be used more in lightweight construction. This is expected to fuel industry growth.

Global Advanced Phase Change Materials Market Scope:

Product type analysis

With a market share of over 40.2%, paraffin wax was the top-selling product segment in 2021. Because of their low cost and ease of use, paraffin waxes are popular in the building and construction, and HVAC industries. The product’s high flammability will likely limit the market growth.

From 2023 to 2032, the salt hydrates market is expected to grow at a CAGR of more than 13.6%. These materials are typically preferred for applications that require high melting points and enthalpy because they have a wider operating temperature range, ranging from 30 to 600 degrees Celsius. Salt hydrates are also non-flammable and have high thermal conductivity, making them a popular product segment.
The increasing popularity of bio-based phase changes materials due to their superior recycling properties and lack of material degradation, as well as higher melting points and better encapsulation will increase product demand during the forecast period. The fastest-growing category of bio-based advanced phase changer materials is expected to be biodegradable and resistant to fire.

Application analysis

The largest application segment, building & construction, accounted for 25.9% revenue share in 2021. The forecast period will see an increase in the use of phase change material in residential and industrial infrastructures, as well as heating, ventilation, and air conditioning (HVAC), systems.

Over the next eight years, industry growth will be boosted by stringent regulations in North America and Europe that require green buildings to be built. Industry growth will also be driven by the growing construction industry in emerging countries like Brazil, India, China, and India.

In 2021, shipping and transportation made up more than 11.2% of the market. From 2023 to 2032, it is anticipated to expand at a CAGR of over 19%. Over the forecast period, the demand for the product is anticipated to be driven by the growing use of advanced phase change materials in the transportation of perishable foods, temperature-sensitive pharmaceuticals, and electronics.

The rising use of cutting-edge phase-change material with high automobiles, which will raise their operational efficiency and lower their carbon emissions, is anticipated to fuel the industry’s growth.

Кеу Маrkеt Ѕеgmеntѕ:

By Product Type

• Paraffin Wax
• Salt Hydrates
• Others

By Application

• Building & Construction
• Commercial Refrigeration
• HVAC
• Energy Storage
• Shipping & Transportation
• Others

Market Dynamics:

Due to its temperature balancing capabilities, the industry is expected to grow. The industry will also benefit from the continued investments of companies in technological advancements for micro and macro encapsulation to advanced phase change material.

Product demand will rise due to a decrease in dependence on traditional resources and a growing focus to reduce greenhouse gas emissions. Over the forecast period, product demand is expected to rise due to rising demand for energy-efficient green buildings and increasing emphasis on indoor climate improvement and building inertia.

Industry growth is expected to be boosted by an increased emphasis on strict implementation of environmental regulations and growing investment in developing environment-friendly bio-based advanced phase-change material.

Regional Analysis

Europe was the largest regional market in 2021 and accounting for 35.6% of the global market share, thanks to growing demand from HVAC, construction, and automotive industries. The region will see a
rise in product demand due to strict regulations for green building certification and improving the building’s energy efficiency.

Due to rapid industrialization, Asia Pacific will account for a large portion of the market. Moreover, the region’s growing investment in transportation infrastructure is expected to drive product demand, especially in emerging economies like India and China. This is due to rapid urbanization.

Over the forecast period, North America’s growth will be driven by increasing awareness of and the implementation of energy-efficient technology and practices. The region is also expected to see significant growth in the construction and building industry due to rising demand from residential sectors, which will be driven by the growing immigration rate.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Due to the small number of players on the market, the industry is highly competitive. The emerging players in China and the rest of Asia will offer relatively low-cost solutions to material problems to disrupt established players in North America, Europe, and Asia.

Advansa B.V. is one of the key industry players. Others include CryopakInc and Dupont as well as Outlast Technologies LLC, Royal Dutch Shell, and Rubitherm Technologies GmbH. BASF and DuPont offer paraffin-based PCMs for building applications. Honeywell and Dow Building Solutions are other major players in the market.

Маrkеt Кеу Рlауеrѕ:

• Advansa B.V.
• CryopakInc
• Aralon Color GmbH
• Dupont
• Outlast Technologies LLC
• Royal Dutch Shell
• Flint Group
• Rubitherm Technologies GmbH
• Other Key Players

For the Advanced Phase Change Materials Market research study, the following years have been considered to estimate the market size: