Phase Change Materials Market

Market Overview

The global advanced phase change materials market was estimated to be worth USD 1.78 billion in 2021, and it is expected to reach USD 7.601 billion by 2030, expanding at a CAGR of 17.48% percent from 2021 to 2030.

Phase change materials (PCMs) are substances that, absorb or release substantial amounts of heat that is referred to as "latent" heat. These materials are classified as "phase change materials." PCMs are able to support the capacity to control demand between energy requirements and use, and they offer a variety of methods for thermal management.

PCMs have widespread application in the medical industry, where they are utilised for the transportation of temperature-sensitive medications, blood, vaccinations, and operating tables, as well as for the treatment of birth asphyxia, drug administration, and hot-cold therapy. During the process of phase transition, phase change materials are substances that have a great ability to store significant quantities of energy and then release that energy in the form of latent heat. Radiation of energy is produced whenever there is a change in the material's physical condition, even while the temperature remains the same.

The objective is to make use of the latent heat. If there is an energy crisis, it is essential to make efficient use of the energy supplies that are already available. Materials that undergo phase changes can absorb and release heat by, respectively, liquidating and solidifying at certain temperatures. The naturally occurring latent heat that a phase change material possesses is helpful in regulating the temperature of a building and preventing unexpected changes in the environment. Changes in the temperature of the surrounding environment can recharge phase change material, making it appropriate for use in daily applications. The tightening of laws for the reduction of emissions of greenhouse gases is one factor that is driving growth in the market for phase change materials. The market for phase change materials may be broken down according to type (organic, inorganic), as well as application (HVAC, cold chain & packaging, textile, electronics, thermal energy storage, refrigeration & equipment, and others).

Market Dynamics

Phase Change Materials Market Drivers

• Increasing Use of PCMs in Construction Materials to Meet Increasing Demand

PCMs are utilised in the construction of housing infrastructure, including but not limited to walls, floors, roofs, and other building components (such as shutters and windows). Wallboards or incorporating the material into a matrix of concrete or mortar are examples of bulk uses that may be found in construction systems.

The incorporation of building materials into passive building systems to alter the thermal characteristics of those materials has proven to be the most important use of this technology. Combining building components with PCMs is the most effective method for enhancing the capacity of building components to store thermal energy. The thermal efficiency of the structure is improved by combining a number of different elements, including wallboards, doors, roofs, concrete, and others. The inside of the building envelope is by far the most typical location for the installation of PCMs in residential settings. Therefore, the rising use of the product in the interiors of the structure enables for the space to absorb and release heat at any given time, which is a significant benefit.

Plasterboards and wallboards are two types of acceptable components that can be used in the inclusion of phase change materials. They are widely used and inexpensive, making them ideal for reducing the amount of volatility in the interior air temperature that might occur in building applications, particularly in lightweight buildings.

In certain implementations, polychlorinated biphenyls (PCMs) have been included into the concrete layer that is positioned under the floor. Their panels have also been used as an overlay for the new floor that was installed. By incorporating it into a floor, favourable benefits may be gained. This is owing to the fact that a significant amount of energy is often lost through the floor as a result of heat transfer to the ground.

• Demand for PCMS in drug delivery and vaccination and medical transportation is increasing.

PCMs are bio-based materials like fatty acids or oils that are used as a shell material for drug administration. These materials are referred to as "passive carrier materials." Because they do not require an engine or fuel, phase change materials are ideal for use in the delivery of vaccinations because they are renewable and reusable. Research in biotechnology has been concentrated on developing temperature-release methods for dispensing medications. One method that has shown to be effective in establishing temperature-released drug administration is to employ PCM in the role of a "cork.

Phase Change Materials Market Restraints

• Technical issues and the corrosive nature of the product are restraining market expansion

One of the negatives is its low heat conductivity, and another is its exorbitant price. In addition, the issue that is brought on by supercooling and phase separation leads to thermal cycling loss, which in turn shortens the material's life cycle. Because of these potential issues, their usefulness may be limited in building applications that need for long-lasting systems. A poor thermal conductivity slows down the pace at which heat is transported or absorbed from the structure, which affects the comfort of the inhabitants as well as the performance of the system.

Phase Change Materials Market Opportunities

• The creation of novel treatments and a rise in the quantity of clinical trials

The development of innovative treatments and medicines has led to an increase in the quantity of clinical studies being conducted. The logistics of a cold chain are necessary to preserve the integrity of clinical trial materials such pharmaceuticals, blood samples, tissue samples, urine samples, and sputum samples, among other types of samples. In addition, the COVID-19 vaccine candidates that show the most promise have been labelled as "cold chain" goods, which means that they require certain storage and transportation conditions once they have been removed from the manufacturer's facility. The market will present chances for participants already active in the industry due to the requirement storage logistics for the cold chain and distribution of vaccines and treatments of this kind.

Regional Analysis

Due to technical improvements, European markets now dominate the global phase change materials (PCM) industry, followed by North America. As the industry consolidates, several businesses are focusing on and investing in research and development for a variety of creative applications. Many industries are cooperating with a non-profit organisation established in Germany to improve the worldwide phase transition materials business.

The European market for phase change materials is seeing a spike in demand from key end-users such as healthcare, aerospace, automotive, and others, owing to its well-developed big manufacturing sector. Germany, as the top manufacturer and exporter of phase change materials, is making a substantial contribution to market growth, allowing Europe to maintain its dominance in the phase change materials industry. As a result, in the future years, the company hopes to achieve a significant market share in phase transition materials. The European market for phase change materials will remain stable in the following years. Because of their meteorological circumstances, regions like North America, China, Japan, Australia, Southern Europe, and India experience summer at its height. As a result, cooling machine use, such as air conditioners, is always high in these areas. There's a probability that the consumption of phase transition material-based products may rise in these areas. Creating a large need for phase transition materials on a worldwide scale.

North America

Because of the rising use of modern construction methods and the demand for HVAC systems in the residential sector, the market in North America is anticipated to rise exponentially. The region's frigid climate necessitates effective HVAC systems, eventually driving demand for innovative phase transition materials.

Asia-Pacific

In 2022, China held more than 50% market share in the Asia-Pacific region. The building, construction, and cold chain packaging industries rely heavily on this nation for manufacturing. The country's numerous construction projects will drive India's market.

LAMEA

The Latin American market, which relies heavily on imports, is anticipated to grow slowly because fewer buildings are being built. The key drivers of demand include expanding manufacturing bases, rising consumer disposable incomes, and rising living standards in developing nations like Mexico and Brazil. Additionally, the electronics sector has had significant growth in Latin America, which has a favorable impact on demand.
Due to its lack of electronic manufacturing hubs and poor infrastructure, the Middle East and Africa are predicted to grow slowly.

Segmental Analysis

Organic PCM, inorganic PCM, and bio-based PCM are the three segments based on type for the PCM market. Organic PCM now dominates the market.

Based on form the market has been divided into two types: encapsulated and non-encapsulated. Encapsulated PCM now dominates the market. The market has been divided into applications such as building and construction, packaging, HVAC, textiles, electronics, and others. Building and construction currently dominate the market. The market is examined geographically throughout North America, Europe, Asia-Pacific, and Latin America.

Organic PCM

Organic PCMs, also known as paraffin and non-paraffin, is currently the most well-known category of phase change materials. Non-paraffins are mostly made from resources safe for consumption (vegetable oil) and environmentally beneficial.

Bio-based

the bio-based sector is anticipated to experience the fastest market growth. Fatty acid esters and fatty acids are bio-based PCMs that offer a green alternative. Bio-based PCMs are made of resources that are environmentally benign and renewable. They come from the production of the agro-food industry and its byproducts, including materials safe for human consumption, such as palm kernel oil, palm oil, coconut oil, and soybean oil. Since most commercial materials used in manufacturing industries are environmentally friendly, it is becoming increasingly crucial for enhancing sustainability, reducing environmental effects, and lowering carbon footprint in all sectors.

inorganic PCM

Hydrated salt solutions from synthetic natural water salts make up the inorganic segment. As a result, salts' chemical composition varies. The mixture reaches the proper phase-change temperature. The mixture of salt hydrates is treated with unique nucleating agents to reduce phase-change salt separation and supercooling.

building and construction

The market for advanced phase change materials is dominated by the buildings & construction sector globally. Advanced phase change materials have a considerable role in the building sector to save energy and ensure a clean and green future. Demand for highly effective and cutting-edge thermal insulation materials has increased due to the introduction of strict standards for energy-efficient buildings, particularly in developed regions. Additionally, the increased emphasis on energy efficiency and green building has increased the demand for highly effective and innovative construction materials, which has led to the use of advanced phase change materials in a variety of applications, including thermally efficient concrete, phase change material (PCM) filled glass windows and underfloor electric heating systems.

Recent Developments

• In October 2022, The World Business Council for Sustainable Development welcomed Croda as a member.
• In March 2022, The European Wax Division of Sasol will be sold to AWAX Group.
• In December 2022, PPES, a manufacturer of batteries, chose BASF as a strategic supplier of high-performance cathode active materials.