New York, July 26, 2023 (GLOBE NEWSWIRE) -- The global phase change material market size is projected to grow at a CAGR of over ~19% from 2023 to 2035. The market is expected to garner a revenue of USD 12.5 billion by the end of 2035, up from a revenue of ~USD 1.5 billion in the year 2022. The market growth is major credited to the growing need to minimize the emission of greenhouse gases which will increase the use of phase change material.
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According to the International Energy Agency, in 2022, worldwide emissions of CO2 from energy combustion and industrial processes increased by 0.9%, or 321 Mt, making a record of unprecedented levels of 36.8 Gt. They can store and release thermal energy by undergoing a phase transition of the substance’s state, for instance, meting or solidification, and this prevents the need for energy-intensive heating and cooling systems. The emission of greenhouse gases reduces correspondingly to low energy consumption.
Phase Change Material Market: Key Takeaways
- Market in Europe to propel the highest growth
- The Cold chain & Packaging segment to garner the highest growth
- Market in Asia Pacific to grow at a notable rate
The New Energy-Efficient Building Construction to Boost the Growth of Phase Change Material Market
The market growth is also driven by the rising development of smart cities and the construction of energy-efficient buildings in them. Owing to the growing cost of energy, the number of energy-efficient buildings is expected to jump from around 45 million in 2022 to nearly 115 million by 2026 around the world. Phase change materials are highly used in these buildings to enhance thermal comfort and reduce energy consumption. There are various applications of PCM in a building, including thermal energy storage, passive cooling and heating, temperature smoothing, support for HVAC systems, and others. Besides this, the growing demand for HVAC systems will also augment the market growth. By 2050, nearly two-thirds of houses all across the globe are expected to have an air conditioning system. PCMs can also be integrated into the air distribution system to improve the efficiency of air delivery. By encapsulating PCMs within the ductwork or air handling units, the PCM can absorb or release thermal energy to regulate the temperature of the air passing through the system.
Phase Change Material Market: Regional Overview
The global phase change material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Initiatives for Boosting the Sustainability to Drive the Market Growth in Europe Region
The Europe phase change material market is estimated to hold the largest share by the end of 2035. In the region, there has been a growing recognition of PCMs as a means to comply with these regulations and achieve sustainability by saving energy. The Dutch government has implemented the Climate Act, which aims at reducing the levels of greenhouse gases by 49% in 2030, the act further exceeds the target of 95% reduction of GHGs by 2050. Moreover, the European green deal signed by European Commission aims at lowering greenhouse gas emissions by 55% by 2030. Furthermore, Europe has also been promoting sustainable building practices, such as green building practices, for instance, LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Methodology), and also implemented zero energy building standards.
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Surge in HVAC System Installation to Elevate Market Growth in Asia-Pacific
The market in the Asia-Pacific region is predicted to witness the largest growth by the end of 2035. This can be impelled by the undergoing rapid urbanization and the urban population is rising massively. As cities expand and infrastructure develops, there is a growing need for HVAC systems to provide comfortable and healthy indoor environments in residential, commercial, and public buildings. This trend is particularly evident in densely populated urban centers and emerging megacities across the region. In South Asian countries, the number of air-conditioning installments is anticipated to reach 300 million by 2040, up from 40 million in 2017. Additionally, half of the Acs will be in Indonesia.
Phase Change Material Segmentation by Type
- Inorganic
- Organic
Out of the two types of phase change material, the inorganic phase change material will show its dominance. The rising adoption of concentrated solar power (CSP) has increased the demand for inorganic PCM. In 2021, the installed capacity of concentrated solar power all across the world was around 6 GW. They have excellent thermal stability, allowing them to withstand high temperatures without degradation. This makes them suitable for applications where high-temperature phase change or thermal storage is required, such as solar plants and even in industrial processes. Apart from this, salt hydrates and metallics, a few types of inorganic PCM have many applications in HVAC, refrigeration, logistics, and others.
Phase Change Material Segmentation by Form
- Encapsulated
- Non-Encapsulated
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Phase Change Material Segmentation by Application
- Building & Construction
- HVAC
- Cold Chain & Packaging
- Textile
- Electronics
The cold chain & packaging segment is predicted to provide the most market revenue throughout the forecasted period. The increasing trade across the world is primarily boosting the segment’s growth. In 2021, the value of trade across the globe accounted for USD 5.5 trillion, which further increased and reached USD 32 trillion in 2022. By incorporating PCMs in packaging or insulation materials, temperature-sensitive products, such as food items, medicines, alcohol, and others can be shielded from rapid temperature changes, ensuring producing and extending shelf life. It can be employed in cold energy storage in refrigerated vehicles of cold storage facilities. According to the International Organization for Vine and Wine (OIV), the worldwide export of wine in 2022 was worth USD 41.22 billion. Furthermore, according to FAO, the global trade of meat in 2022 was 41.6 million tons.
A few of the well-known market leaders in the global phase change material market that are profiled by Research Nester are BASF SE, Microtek Laboratories Inc., Thermo Fisher Scientific Inc., Medifab Global Group, Integreon Inc., Thal Technologies B.V., Sinomax USA Inc., Rubitherm Technologies GmbH, Croda International Plc., PureTemp LLC., and Honeywell International, Inc.
Recent Developments in the Market
- January 2022, Honeywell International, Inc., announces the launch of Solistice N71 (R-471A), it is an innovative refrigerant with low contribution of global warming and adheres to the regulations of greenhouse emissions. It is an energy-efficient solution with a GWP lower than 150 and on top of that it is non-flammable. It is specially designed for the supermarket industry, they are best for retailers who are looking to contribute to curbing global warming.
- February 2023, SINOMAX USA Inc. has announced to expand its sustainable mattress and product range of the Vibe brand. The decision was followed by the recent acquisition of great bed accessories, Vibe license. It is end to end sustainable sleep solution with temperature regulation technology, which keeps the skin’s temperature at an average range. All the products under this are naturally extracted, non-toxic, odor free, highly durable, and 100% water-based.
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