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Phase Change Materials Market Size (2024 - 2029)

The phase change materials market is projected to experience significant growth, driven by the global emphasis on energy conservation and sustainable development. Despite setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels and is expected to expand steadily. The construction sector's growth and the increasing demand for organic products are anticipated to further propel the market. However, concerns regarding the hazardous nature of some phase change materials may pose challenges. Opportunities are emerging with the development of phase change thermal interface materials and a growing awareness of bio-based alternatives. While Europe has traditionally led the market, the Asia-Pacific region is expected to witness the most rapid growth in the coming years.

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Market Size of Phase Change Materials Industry

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Phase Change Materials Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 15.00 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Low

Major Players

Phase Change Materials Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Phase Change Materials Market Analysis

The phase change materials market is expected to register a CAGR greater than 15% during the forecast period.

The phase change materials market was affected negatively due to the COVID-19 pandemic. The weakening transportation industry and a brief halt in construction activity due to the pandemic lockdown had a detrimental impact on the phase change materials market. However, the market reached pre-pandemic levels and is expected to grow steadily during the forecast period.

  • The expanding global trend toward energy conservation and sustainable development is primarily driving the market. Because of the expanding construction sector, the organic product segment is also anticipated to propel the market ahead.
  • However, the hazardous nature of phase change materials is expected to hinder the market's growth.
  • The development of phase change thermal interface material and rising awareness of bio-based phase change materials is likely to act as an opportunity in the future.
  • The continent of Europe long dominated the market. However, the Asia-Pacific region is anticipated to achieve the greatest CAGR throughout the projection period.

Phase Change Materials Industry Segmentation

A phase change material is a substance that releases/absorbs sufficient energy at phase transition to provide helpful heat/cooling. PCMs can provide district cooling and thermal buffer swings in buildings and store solar thermal energy for short-term or seasonal applications. The market is segmented by product type, encapsulation technology, end-user industry, and geography. By product type, the market is segmented into organic, inorganic, and bio-based products. Regarding encapsulation technology, the market is segmented into macro, micro, and molecular. End-user industry segmentation includes building and construction, packaging, textiles, electronics, transportation, and other end-user industries. The report also covers the market size and forecasts in 14 countries across major regions. The report offers market size and forecasts for phase change materials in terms of revenue (USD million) for all the above segments.

By Product Type
Organic
Inorganic
Bio-based
By Encapsulation Technology
Macro
Micro
Molecular
By End-user Industry
Building and Construction
Packaging
Textiles
Electronics
Transportation
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Rest of the World
Brazil
Saudi Arabia
South Africa
Other Countries
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Phase Change Materials Market Size Summary

The phase change materials (PCM) market is poised for significant growth, driven by the increasing global focus on energy conservation and sustainable development. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to expand steadily. The construction sector's growth, particularly in the Asia-Pacific region, is a key factor propelling the market forward. PCMs are increasingly utilized in building applications to enhance thermal efficiency, such as in under-floor heating systems and thermally efficient concrete. Despite the market's potential, the hazardous nature of some PCMs poses challenges, although advancements in bio-based and thermal interface materials present future opportunities.

The Asia-Pacific region is anticipated to experience the highest growth rate during the forecast period, fueled by rising demand from various end-user industries, including construction, packaging, textiles, electronics, and transportation. China's burgeoning packaging industry and India's rapidly expanding market are significant contributors to this growth. Additionally, the construction sectors in China and Japan are expected to drive demand for PCMs, supported by initiatives focusing on energy-efficient structures. The market remains fragmented, with key players like Cryopak, Microtek Laboratories Inc., and Henkel AG & Co. KGaA leading the charge. Recent innovations, such as Shanghai Polytechnic University's efficient phase change microcapsules and Sinomax USA's bio-based PCM technology, highlight the ongoing advancements in the industry.

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Phase Change Materials Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Expanding Global Trend Towards Energy Conservation and Sustainable Development

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Hazardous Nature of Phase Change Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Raw Material Analysis

    6. 1.6 Patent Analysis

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Product Type

      1. 2.1.1 Organic

      2. 2.1.2 Inorganic

      3. 2.1.3 Bio-based

    2. 2.2 By Encapsulation Technology

      1. 2.2.1 Macro

      2. 2.2.2 Micro

      3. 2.2.3 Molecular

    3. 2.3 By End-user Industry

      1. 2.3.1 Building and Construction

      2. 2.3.2 Packaging

      3. 2.3.3 Textiles

      4. 2.3.4 Electronics

      5. 2.3.5 Transportation

      6. 2.3.6 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Saudi Arabia

        3. 2.4.4.3 South Africa

        4. 2.4.4.4 Other Countries

Phase Change Materials Market Size FAQs

The Phase Change Materials Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

Microtek Laboratories Inc., Henkel AG & Co. KGaA, Parker Hannifin Corp., Croda International Plc and Cryopak are the major companies operating in the Phase Change Materials Market.

Phase Change Materials Market Report Snapshots

Phase Change Material Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)