According to the latest report by IMARC Group, titled "Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global advanced phase change materials market reached a value of US$
1.4 Billion in 2022. Phase change materials (PCMs) have unique structures that enable absorbing, storing and releasing large amounts of energy during a phase transition. They facilitate phase change from liquid to solid or solid to liquid depending upon their application. They aid in releasing energy in the form of latent heat upon freezing, whereas they absorb heat from the environment during the process of melting. They are used to improve the overall efficiency of solar energy systems by storing excess energy for later use. PCMs are also used for a large number of applications that require temperature control.
Global Advanced Phase Change Materials Market Trends:
The market is driven by the growing utilization of advanced PCMs in the construction industry. There has been a significant increase in construction activities that utilize these materials for their excellent thermal efficiency and high heat storage capacity. This is supported by the implementation of stringent building codes across the residential and commercial sectors and the shifting preference toward green construction. Technological advancements have led to the development of micro and macro encapsulation for advanced PCMs, which is acting as a major growth-inducing factor. Furthermore, manufacturers are also launching innovative variants in the market that are bio-based and derived from vegetables. For instance, Phase Change Energy Solutions, a company based out of North Carolina, Unites States, has introduced BioPCM that is produced from sustainably-grown, food-grade by-products that can store large amounts of latent heat at targeted temperatures ranging from -50°C to 175°C. Rising environmental concerns, growing awareness regarding energy conservation and the increasing utilization of non-toxic and non-corrosive PCMs are some of the other factors facilitating the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 12.74% during 2023-2028.
- On the basis of the type, the market has been classified into organic, inorganic and bio-based PCMs, wherein the organic PCM segment represents the most preferred type.
- Based on the form, the market has been bifurcated into encapsulated and non-encapsulated PCMs. Among these, encapsulated PCMs account for the majority of the total market share.
- On the basis of the application, the market has been divided into building and construction, packaging, HVAC, textiles, electronics and others. At present, the building and construction sector exhibits a clear dominance in the market.
- On the geographical front, Europe holds the leading position in the market. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include BASF SE, Cryopak, Entropy Solutions, Honeywell International Inc., Outlast Technologies LLC, Climator Sweden AB, Croda International Plc, Phase Change Material Products Limited, Phase Change Energy Solutions, Pluss Advanced Technologies Pvt. Ltd., RGEES, LLC., Rubitherm Technologies GmbH, Salca BV, and SGL Group.
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