New York, US, June 02, 2022 (GLOBE NEWSWIRE) -- Phase Change Material Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Phase Change Material Market Information by End user, Temperature Range, Equipment, Type and Region - Forecast till 2030”, the market is projected to reach at a CAGR of 18.19%.
Market Scope
Phase change materials (PCMs) are substances that release or absorb large amounts of so-called 'latent' heat during their physical state change, i.e., from solid to liquid and vice versa. They provide various thermal management solutions and PCMs that ease the ability to manage demand between energy requirements and usage. The PCMs are widely utilized to transport blood, temperature-sensitive pharmaceuticals, vaccines, drug delivery, treatment of birth asphyxia, operating tables, and hot-cold therapies.
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Report Scope:
| Report Attribute | Details |
| CAGR | 18.19% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End user, Temperature Range, Equipment, Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for PCMS in drug delivery and vaccine |
| Increasing number of clinical trials and development of new therapies |
Competitive Analysis
The global market for phase change material has prominent leaders such as:
- PCM Products Ltd (UK)
- Pluss Advanced Technologies Pvt. Ltd (India)
- Croda International Plc (UK)
- Cold Chain Technologies (US)
- Sasol (South Africa)
- Rubitherm (Germany)
- Henkel AG & Co. KGaA (Germany)
- Teappcm (US)
- Cryopak (US)
- PureTemp (US)
- Merck KGaA (Germany)
Market USP Covered
Market Drivers
The global market for phase change material has registered a massive surge in the growth rate in the last few years. The market's growth is mainly attributed to the increasing demand for PCMs in medicinal transport and vaccine and drug delivery. Furthermore, the growing number of clinical trials and the development of new and innovative drugs are also projected to catalyze the market's growth over the assessment era.
Market Restraints
Although several factors are propelling the market's growth, there are certain restricting factors. Some of the disadvantages coupled with PCM products are likely to restrain the market's growth. In addition to that, cold supply chain regulations are a major challenge for the market players worldwide.
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COVID-19 Impact
The outbreak of COVID-19 has impacted several market sectors severely across the globe. The phase change materials market is no different than others. The pandemic caused an oil price drop due to the lowered global demand for oil from 100 barrels per day to 29 barrels per day. An abundant supply of crude oil across the market globally facilitated synthetic chemicals and materials producers to get raw materials easily at lower costs that were then used for the production of PCMs. However, with the travel restrictions, lockdown, and curfews imposed across the globe, the supply chain experienced major disruption at every point. Due to the shutdown of many supply routes, the availability of these materials was disturbed, affecting the market worldwide.
In addition, the limits on commerce throughout the COVID-19 pandemic caused the healthcare cold chain industry's supply chain damage, thus making cold chain manufacturers prioritize their storage to boost shelf-life. This led to an increase in demand for PCMs. Several developing economies, such as India, have inadequate cold chain capacity to fulfill the current vaccination efforts. Moreover, to fulfill the growing cold chain space needed for the vaccine in October 2020, the Union Health Ministry introduced a cold chain reinforcement plan to store vaccine demand and supply properly. With the dynamic evolvement of the COVID-19 pandemic, the government's operational guideline is being deployed, and dynamic documents are being updated according to the evolving situation of the pandemic.
Segment Analysis
The global market for phase change materials has been segregated into various segments based on equipment, type, end-user, temperature range, and region.
The global market for phase change materials is divided into eutectic, organic, and inorganic based on type.
The global market for phase change materials is split into carriers, refrigerators, and cold boxes based on equipment.
The global market for -20 to -35 deg C, 2 to 8 deg C, 10 to 15 deg C, and others is based on the temperature range.
The global phase change materials market is split into medical laboratories, biopharmaceutical companies, hospitals, and others based on end-users.
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Regional Analysis
The global market for phase change materials is examined across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
As per the MRFR reports, the Asia-Pacific region is projected to secure the top position in the global phase change materials market over the forecasted era. The regional market is projected to register a robust CAGR over the coming years. the growth of the regional market is mainly attributed to the growth of the pharmaceutical industry across the countries such as Japan, China, and India. The healthcare sector across China has recorded rapid growth, enabling it to move from a pharmaceutical manufacturing base to a major R&D hub. As a result, the country has strengthened its position as a major player in the global pharmaceutical market.
The phase change materials market for the North American region is projected to acquire higher value over the assessment era. The regional market's growth is primarily accredited to the access to high-value drugs. Furthermore, factors such as high per capita expenditure on healthcare, vaccine transportation, the region's high GDP, and healthcare awareness are also likely to catalyze the regional market's growth over the coming years.
The European phase change materials market will likely grow substantially over the assessment timeframe. The regional market's growth is credited to the factors such as the presence of many companies and SMEs and the growing number of research and development of medicines.
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