Global Phase Change Material Market Trends and Forecast
Lucintel finds that the future of the global phase change material market looks promising with opportunities in the building and construction, HVAC, cold chain and packaging, thermal energy storage, electronics, textile, and other end use industries. The global phase change material market is expected to reach an estimated $1,742 million by 2030 with a CAGR of 14% from 2024 to 2030. The major drivers for this market are growth in the construction industry, increasing demand for thermal packaging, and strict regulations for reducing carbon footprints.
Phase Change Materials (PCMs) are made from two main types of raw materials: organic and inorganic. Organic PCMs are derived from organic sources like plants, animals, or even petroleum. These often take the form of fatty acids or esters and offer a variety of transition temperatures to suit different applications. Inorganic PCMs, on the other hand, rely on minerals or byproducts of industrial processes. They can be natural salts or metals extracted from the earth or synthetic materials. Phase Change Materials (PCMs) face competition from traditional methods like insulation or mechanical cooling/heating. The key drawback of PCMs is generally higher upfront cost. While the exact price varies depending on the PCM type and quantity, it can be several times more expensive than traditional materials. However, this higher cost can be offset by the long-term energy savings and improved thermal stability offered by PCMs.
• Lucintel forecasts that organic will remain the largest segment over the forecast period due to the growing usage of paraffin waxes for electronics thermal management.
• Within this market, building and construction will remain the largest segment by end use industry over the forecast period due to increasing usage of phase change materials for reducing the energy consumption of buildings.
• Europe will remain the largest market over the forecast period due to increasing demand from green building construction and development in the region.
Country wise Outlook for the Phase Change Material Market
The phase change material market is witnessing substantial growth globally, driven by increasing adoption of PCM in buildings and construction for thermal energy storage (TES) solutions. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major phase change material producers in key regions: the USA, China, Germany, and India.
Emerging Trends in the Phase Change Material Market
Emerging trends in the phase change material market shaping its future applications and market dynamics:
• Biodegradable PCMs: There is a growing interest in developing biodegradable PCM solutions that offer sustainable alternatives to traditional materials. These PCMs can decompose naturally after use, reducing environmental impact.
• Nano-enhanced PCMs: Integration of nanotechnology to enhance PCM performance by improving thermal conductivity, stability, and energy storage capacity. Nanoparticles embedded in PCMs can facilitate faster heat transfer and more precise temperature regulation.
• Bio-based PCMs: Utilization of renewable and bio-based materials in PCM formulations, reducing reliance on fossil fuels and offering eco-friendly solutions for thermal energy storage and management.
• PCM Composites: Development of PCM composites with other materials (e.g., polymers, metals) to create multifunctional materials with enhanced mechanical properties, durability, and thermal performance.
• Microencapsulation Technology: Advancements in microencapsulation techniques to encapsulate PCM materials within microcapsules, improving stability, preventing leakage, and enabling integration into various applications such as textiles and building materials.
• Smart PCM Systems: Integration of smart technologies such as sensors and control systems with PCMs to create adaptive thermal management solutions. These systems can optimize PCM activation and energy usage based on real-time environmental conditions and user preferences.
• Applications in Renewable Energy: Increasing use of PCMs in conjunction with solar and wind energy systems for efficient storage and utilization of renewable energy, contributing to grid stability and energy savings.
• Healthcare and Textile Innovations: Exploration of PCM applications in healthcare for temperature-sensitive medical devices and in textiles for enhancing comfort and performance in clothing and bedding.
A total of 78 figures / charts and 50 tables are provided in this 173-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments in the Phase Change Material Market
Recent developments in the phase change material (PCM) market which highlights ongoing innovations and advancements across different sectors:
• Expansion in Energy Storage Applications: Phase change materials are increasingly being used for thermal energy storage applications in buildings, electronics, and renewable energy systems. Recent developments include the development of PCM-based energy storage solutions that offer high energy density, long-term stability, and rapid thermal response, enabling efficient energy management and demand-side management strategies.
• Advancements in PCM Formulations: Researchers and manufacturers are focusing on developing advanced PCM formulations with enhanced thermal properties, phase change temperatures, and cycling stability. Recent developments include the synthesis of novel PCM blends, encapsulation techniques, and nano structuring approaches to improve the heat transfer efficiency and thermal cycling durability of PCM-based materials.
• Integration into Building Materials: Phase change materials are being integrated into building materials such as concrete, gypsum boards, and insulation panels to improve the thermal performance and energy efficiency of buildings. Recent developments include the development of PCM-enhanced building products that regulate indoor temperature fluctuations, reduce HVAC energy consumption, and enhance occupant comfort in both residential and commercial buildings.
• Applications in Thermal Management of Electronics: Phase change materials are finding applications in the thermal management of electronic devices and components to mitigate overheating and improve reliability. Recent developments include the use of PCM-based thermal interface materials (TIMs) and heat sinks for dissipating heat generated by high-power electronic devices such as CPUs, GPUs, and power electronics in automotive and aerospace applications.
• Focus on Sustainable and Bio-Based PCMs: ThereÄX%$%Xs a growing interest in sustainable and bio-based phase change materials derived from renewable feedstocks such as fatty acids, bio-based polymers, and agricultural waste. Recent developments include the synthesis of eco-friendly PCM formulations with low toxicity, biodegradability, and recyclability, addressing environmental concerns and regulatory requirements in various industries.
• Innovation in PCM Microencapsulation and Packaging: PCM microencapsulation and packaging technologies are undergoing continuous innovation to improve the stability, scalability, and cost-effectiveness of PCM-based products. Recent developments include advancements in microencapsulation techniques such as spray drying, fluidized bed coating, and sol-gel encapsulation, enabling the production of microencapsulated PCM particles with tailored properties for specific applications.
Strategic Growth Opportunities for Phase Change Material Market
The phase change material (PCM) market presents exciting growth prospects due to its unique ability to store and release thermal energy. Some key strategic growth opportunities for this market include:
Innovation in Material Development:
• Tailored Phase Change Properties: Developing PCMs with specific melting and solidification temperatures will cater to diverse applications. For instance, PCMs with lower transition temperatures are ideal for thermal management in electronics, while those with higher temperatures can be used in building materials for enhanced energy efficiency.
• Encapsulation and Stability: Research into improved encapsulation techniques can enhance the stability and lifespan of PCMs. This will broaden their applicability and address concerns about potential material leakage or degradation over time.
• Bio-based and Sustainable PCMs: Developing PCMs derived from bio-based materials aligns with the growing focus on sustainability. This can create new market opportunities in eco-conscious industries like green building and sustainable packaging.
Expanding Application Areas:
• Building and Construction: PCMs integrated into building materials like wall panels or insulation can significantly improve energy efficiency by regulating indoor temperatures passively. This presents a significant growth opportunity in the construction sector, particularly for sustainable building practices.
• Textile Industry: Textiles embedded with PCMs can offer superior thermal regulation properties for clothing. This can lead to the development of comfortable and energy-saving clothing for various applications, from sportswear to workwear.
• Cold Chain and Food Packaging: PCMs can be incorporated into packaging materials to maintain consistent temperatures during food transportation and storage. This can minimize food spoilage and extend shelf life, creating a valuable solution for the cold chain logistics industry.
• Thermal Management in Electronics: PCMs can be used in electronic devices like laptops and smartphones to manage heat dissipation. This can enhance device performance and lifespan, particularly in compact and high-power electronics.
Cost Reduction and Scalability:
• Economical Production Techniques: Developing cost-effective production methods for PCMs will be crucial for wider market adoption. This can involve optimizing existing processes or exploring alternative materials with lower production costs.
• Large-Scale Manufacturing: Scaling up PCM production will be essential to meet the demands of growing industries like construction and cold chain logistics. Collaboration with material suppliers and manufacturers can help establish robust and cost-efficient large-scale production facilities.
Regulatory Landscape and Awareness:
• Standardization and Certification: Establishing standardized testing procedures and certifications for PCMs can ensure product quality and performance consistency. This will create a more reliable market environment and encourage broader adoption.
• Raising Awareness: Increasing industry and consumer awareness about the benefits of PCMs is critical. Educational initiatives and industry collaborations can showcase the potential of PCMs in various applications, driving market demand.
By capitalizing on these strategic growth opportunities, the PCM market can unlock its full potential and become a transformative force in energy efficiency, thermal management, and sustainable product development across diverse industries.
Phase Change Material Market Driver and Challenges
The phase change material (PCM) market is influenced by several drivers and faces specific challenges that impact its growth and adoption:
The factors responsible for driving the phase change material market include:
1. Energy Efficiency Requirements: Increasing focus on energy efficiency and sustainability in buildings and industries drives the demand for PCM solutions. PCMs can store and release thermal energy, reducing heating and cooling energy consumption in buildings, HVAC systems, and cold chain logistics.
2. Growth in Building and Construction: The construction industryÄX%$%Xs growth, coupled with stringent building regulations, supports the adoption of PCM for passive cooling and heating applications in buildings. PCMs enhance indoor thermal comfort, reduce HVAC system size, and contribute to green building certifications like LEED.
3. Demand in HVAC and Refrigeration: PCMs are used in HVAC systems and refrigeration equipment to improve energy efficiency and thermal management. They help stabilize temperatures, reduce peak loads, and enhance system performance, particularly in regions with extreme temperature variations.
4. Rising Awareness of Thermal Energy Storage: The increasing awareness of renewable energy integration and grid stability drives interest in PCM for thermal energy storage (TES) systems. PCMs enable efficient storage and retrieval of thermal energy from renewable sources like solar and wind, supporting grid stability and energy management.
5. Advancements in Material Technology: Continuous research and development in PCM materials and formulations improve their thermal properties, reliability, and scalability. Innovations such as bio-based PCMs, microencapsulation techniques, and hybrid PCM systems expand application possibilities and drive market growth.
Challenges facing the phase change material market are:
1. Cost and Economics: The initial cost of PCM materials and systems can be higher compared to traditional insulation and thermal management solutions. Cost-effectiveness remains a challenge, especially in cost-sensitive industries and applications, requiring manufacturers to demonstrate long-term energy savings and return on investment.
2. Compatibility and Integration: Integrating PCM into existing building materials, HVAC systems, and industrial processes requires compatibility testing, engineering expertise, and sometimes modification of infrastructure. Ensuring seamless integration without compromising system performance or durability poses challenges for adoption.
3. Durability and Reliability: PCM materials must withstand cyclic thermal cycling, mechanical stress, and long-term stability to maintain performance over extended periods. Ensuring durability and reliability in diverse operating conditions and environments is crucial for market acceptance and customer satisfaction.
4. Regulatory and Standards Compliance: Compliance with building codes, safety standards, and regulations related to thermal energy storage and building materials poses challenges for PCM manufacturers. Adhering to stringent performance, fire safety, and environmental regulations is essential for market entry and acceptance.
5. Awareness and Education: Limited awareness and knowledge about PCM technology among end-users, architects, engineers, and policymakers hinder market growth. Educating stakeholders about the benefits, applications, and potential savings associated with PCM solutions is critical to expanding market adoption and overcoming barriers.
Investment in research and development, demonstration projects, and partnerships to address market barriers effectively. PCM manufacturers and stakeholders must innovate continuously, enhance product offerings, and align with evolving market trends and customer needs to capitalize on growth opportunities in energy efficiency and thermal management applications.
Phase Change Material Suppliers and Their Market Shares
In this globally competitive market, several key players such as Honeywell, DuPont, Croda, PureTemp, etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Phase Change Material leadership report".
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies global phase change material companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the global phase change material companies profiled in this report includes.
• Honeywell
• DuPont
• Sasol
• Croda
• PureTemp
• Pluss Advanced Technologies
• Phase Change Energy Solutions
• Rubitherm Technologies
• Phase Change Materials Products
• Outlast Technologies
These companies have established themselves as leaders in the phase change material industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the phase change material market are evolving, with the entry of new players and the emergence of innovative phase change material technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Global Phase Change Material Market by Segment
Several major segments of the Phase Change Material (PCM) market are experiencing notable growth. Firstly, within the building and construction sector, PCM adoption is increasing rapidly for applications such as passive cooling and heating, driven by stringent energy efficiency regulations and the emphasis on sustainable building practices. In HVAC and refrigeration, PCMs are being integrated to enhance energy efficiency and thermal management, reducing operational costs and environmental impact. The thermal energy storage (TES) segment is expanding as PCMs enable efficient storage and retrieval of thermal energy, supporting renewable energy integration and grid stability initiatives. Additionally, PCM applications in cold chain logistics are growing, ensuring temperature stability for perishable goods during storage and transportation.
This phase change material market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including product form and end use industry. The report offers insights into regional dynamics, highlighting the major markets for phase change material and their growth potentials. The study includes a forecast for the global phase change material market by product form, end use industry, and region as follows:
Global Phase Change Material Market by Product Form [Value ($M) Analysis for 2018 – 2030]:
• Organic
• Inorganic
• Bio-based and Others
Global Phase Change Material Market by End Use Industry [Value ($M) Analysis for 2018 – 2030]:
• Building and Construction
• HVAC
• Cold Chain and Packaging
• Thermal Energy Storage
• Electronics
• Textile
• Others
Global Phase Change Material Market by Region [Value ($M) analysis for 2018 – 2030]:
• North America
o United States
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o United Kingdom
o Spain
• Asia Pacific
o China
o Japan
o India
o South Korea
• The Rest of the World
o South America
o Middle East
o South Africa
Features of Global Phase Change Material Market
• Market Size Estimates: Phase change material market size estimation in terms of value ($M)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by product form and end use industry.
• Regional Analysis: Phase change material market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different product form, end use industry, and regions for the global phase change material market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global phase change material market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the global phase change material market size?
Answer: The global phase change material market is expected to reach an estimated $1,742 billion by 2030.
Q2. What is the growth forecast for global phase change material market?
Answer: The global phase change material market is expected to grow at a CAGR of 14% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the global phase change material market?
Answer: The major drivers for this market are growth in the construction industry, increasing demand for thermal packaging, and strict regulations for reducing carbon footprints.
Q4. What are the major applications or end use industries for global phase change material market?
Answer: Building and construction is the major end use industry for global phase change material market.
Q5. Who are the key global phase change material companies?
Answer: Some of the key global phase change material companies are as follows:
• Honeywell
• DuPont
• Sasol
• Croda
• PureTemp
• Pluss Advanced Technologies
• Phase Change Energy Solutions
• Rubitherm Technologies
• Phase Change Materials Products
• Outlast Technologies
Q6.Which global phase change material product form segment will be the largest in future?
Answer: Lucintel forecasts that organic will remain the largest segment over the forecast period due to the growing usage of paraffin waxes for electronics thermal management.
Q7: In global phase change material market, which region is expected to be the largest in next 7 years?
Answer: Europe is expected to remain the largest region and witness the good growth over next 7 years
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the global phase change material market by product form (organic, inorganic, and bio-based and others), end use industry (building and construction, HVAC, cold chain and packaging, thermal energy storage, electronics, textile, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 7 years in this market?