Chicago, June 17, 2024 (GLOBE NEWSWIRE) -- The Global Phase Change Materials Market is projected to grow from USD 628 million in 2024 to USD 1,383 million by 2029, at a CAGR of 17.1% from 2024 to 2029. as per the recent study by MarketsandMarkets™. Phase change materials are used primarily for thermal energy storage, regulating temperatures in building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, textiles, electronics, and others. They absorb and release heat during phase transitions, reducing energy consumption for heating and cooling. Additionally, phase change materials are used in textiles for temperature-regulating fabrics and in cold chain logistics for preserving perishable goods. Their versatility extends to medical devices, where phase change materials ensure precise temperature control during transportation and storage of sensitive medications and vaccines, contributing to improved efficacy and safety.
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Browse In-Depth TOC On "Phase Change Materials Market”
266 - Market Data Tables
53 - Figures
235 - Pages
List of Key Players in Phase Change Materials Market:
- Honeywell International Inc. (US)
- DuPont de Nemours, Inc. (US)
- Croda International Plc (UK)
- Boyd Corporation (US)
- Sasol Limited (South Africa)
- Outlast Technologies LLC (US)
- Climator Sweden AB (Sweden)
- Rubitherm Technologies GmbH (Germany)
- PureTemp LLC (US)
- Phase Change Solutions (US)
Drivers, Restraints and Opportunities in Phase Change Materials Market:
- Drivers: Use of phase change materials for peak load shifting.
- Restraints: Lack of awareness of benefits of phase change materials.
- Opportunity: The rise in the need for cold chain logistics.
- Challenges: High cost of switching from conventional materials
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Key Findings of the Study:
- Organic segment was the largest type in phase change materials market in 2023, in terms of value.
- Cold chain & packaging segment is estimated to be the fastest-growing application for phase change materials market during the forecast period 2024 to 2029.
- Europe was the largest region for the phase change materials market in 2023, in terms of value.
Organic segment was the largest type in the phase change materials in 2023 due to their high effectiveness in reducing flammability and their wide availability. Despite growing concerns over their environmental and health impacts, they continue to dominate the market owing to their proven efficacy and relatively lower cost compared to alternatives. Additionally, their established usage in various industries and regulatory compliance contribute to their continued prominence in the market.
The cold chain & packaging segment emerged as the fastest-growing application in the phase change materials market during the forecast period from 2024 to 2029 due to several factors. With the increasing demand for temperature-sensitive goods such as pharmaceuticals, biologics, and fresh food products, there is a critical need for reliable temperature-controlled packaging solutions. Phase change materials offer an effective method to maintain the required temperature range during transportation and storage, ensuring product integrity and safety. Additionally, stringent regulations governing the transportation of perishable goods and the growing focus on reducing food waste further drove the adoption of phase change materials-based packaging solutions, accelerating growth in this segment.
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Based on type, the phase change materials market is segmented as organic, inorganic, and eutectic. Organic phase change material stands out as the largest segment in terms of value, globally. The dominance of the organic segment in the phase change materials market is attributed to their biodegradability, non-toxicity, and renewable sourcing, aligning with increasing sustainability demands. Furthermore, the organic PCM segment is forecasted to exhibit the highest CAGR in terms of value during the forecast years 2024 and 2029.
Based on application, the phase change materials market is segmented as building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, textiles, electronics, and others. Building & construction stands out as the largest segment in terms of value, globally. Building & construction has secured dominance in the phase change materials market is attributed to the growing emphasis on energy-efficient building designs to meet sustainability goals. PCMs offer effective thermal regulation, reducing HVAC energy consumption and enhancing indoor comfort, driving their extensive adoption in construction projects.
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