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  • Published On : Mar 2022
  • Code : CMI4954
  • Industry : Advanced Materials
  • Pages : 110
  • Formats :

Advanced phase change materials are basically used for storing and releasing of energy at a specific temperature. Advanced phase change materials enable the ability to manage the demand between energy requirements and usage. These materials store and release energy when the materials change its state from solid to liquid and vice-versa.

The global advanced phase change materials (paraffin, salt hydrates, others) market is estimated to be valued at US$ 2,007.5 million in 2021 and is expected to exhibit a CAGR of 19.5 % over the forecast period (2021-2028).

Recent Developments

  • In August 2021, CUMI (Carborundum Universal Limited) has finalized its acquisition of PLUSS Advanced Technologies Pvt. Ltd. By acquiring a huge stake with an initial investment of 115 crores. This acquisition is viewed as a strategic business expansion move for both the companies. 
  • In March 2021, ISU Chemicals Co. Op. Ltd. Based in korea has recently booked its membership in the worldwide organization namely ‘Quality Association PCM’ ensuring being contributive in sustaianable development initiatives and growth.
  • In March 2021, Brickworks along with Western Sydney Uinversity have plans in investing innovations in Heat storage phase change materials to enhance thermal properties of construction products mainly concrete roof tiles.

Figure 1. Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market Value (US$ Mn), by Region, 2020

Advanced Phase Change Materials  | Coherent Market Insights

Europe Region held dominant position in the global advanced phase change materials (paraffin, salt hydrates, others) market in 2020, accounting for 35.81% share in terms of revenue, followed by North America and Asia Pacific, respectively. The forecast period will experience a rapid growth in the construction sector in Europe along with rising concern on green building materials for reducing carbon footprint are the main reasons why Europe has the most elevated graph.    

Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Drivers

The growing demand for these materials from the construction industry is driving the market growth of the advanced phase change materials. These materials are used for saving energy and ensuring a clean and green infrastructure. They are used as coating materials on walls and ducts of the building in order to offer cooling and heating effect. Due to PCMs heat absorbed by buildings is much less and less energy is consumed by insulators to cool the building and during night liquid mass converts itself into solid-state discharging heat to the building which is useful in winters.

Increasing demand for phase change materials in temperature-controlled packaging is augmenting the market growth. Phase change materials is popular for its latent heat storage units as these have longer operating life and also require very little maintenance. These materials have a unique property to transform and transfer heat. These phase change materials are used widely used in ice/dry ice pack and also in gel packs. Thus growing demand for phase change materials in temperature-controlled packaging is projected to bolster market growth. 

Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Opportunities

Increasing application of the phase change materials in the textile industry is projected to offer lucrative market opportunities in the near future. This is due to its capability to balance temperature. Growing strict rules and regulations regarding greenhouse gas emissions due to growing environmental concerns are again propelling the demand for advanced phase change materials. This factor is projected to offer potential market opportunities in the near future.

Growing demand for phase change material in the automotive industry is expected to bring bright market opportunities in advanced phase change materials over the forecast period. Also, increasing use of phase change materials in the automotive industry is propelling product demand. Thus rise in the automotive industry due to growing production of the automobiles and increasing disposable income of the consumers which is driving demand for automobiles is further projected to propel the market growth over the forecast period. 

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Advanced Phase Change Materials Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 2,007.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 19.5% 2028 Value Projection: US$ 6,985.7 Mn
Geographies covered:
  • Region: North America, Europe,  Asia Pacific, Rest of world
Segments covered:
  • By Product Type: Paraffin, Salt Hydrates, Others
  • By Application: Building and Construction, Commercial Refrigeration, HVAC, Energy Storage, Shipping and Transportation, Others  
Companies covered:

E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH

Growth Drivers:
  • Growing demand for paraffin, salt hydrates, others from the construction industry 
  • Increasing demand for phase change materials in temperature-controlled packaging
Restraints & Challenges:
  • Hazardous nature of phase change materials
  • Comparatively low shelf life of inorganic phase change materials as they are salt hydrates-based products

Market Trends:

The growing implementation of energy-efficient technologies and practices is a growing trend in the market. Regions such as North America is witnessing strong demand for energy-efficient technologies across the residential sector due to the increasing immigration rate. Also, growth in HVAC industry around the globe due to increasing population and ultimately housing sectors is again projected to propel the market growth of the advanced phase change materials in the near future.

Increasing funding in the development of the phase changing materials by key manufacturers is an emerging trend in the market. For instance, in January 2020, Phase Change Energy Solutions has announced that it is investing a multi-million dollar from Decathlon Capital Partners to spur growth. This funding will support expanded sales and marketing efforts along with additional product development.

Figure 2. Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market Share, By Product Type, 2020 (US$ Mn)

Advanced Phase Change Materials  | Coherent Market Insights

Key Takeaways of the Graph:

  • Among product type, the Paraffin segment held dominant position in the market and accounted for 53.35% share in the global advanced phase change materials (paraffin, salt hydrates, others) market in 2020. The segment is expected to reach US$ 3,813.1 million in 2028.
  • Paraffin has low melting point thus can be used in temperature ranges 25-300 degree Celsius, which is the general ambient temperature for most of the applications. Also, its non–corrosive property and ability to be used with same performance for several thermal cycles is what propelling its market growth.

Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Restraints

The hazardous nature of phase change materials is expected to hinder the market growth of the advanced phase change materials. For instance, the organic phase change materials are highly flammable in nature as they are derived from paraffin compounds.

Inorganic phase change materials are salt hydrates based product as they have a comparatively low shelf life. Moreover, they become inoperative after repeated cycles. Thus this factor of inorganic phase change materials is projected to hamper the market growth of advanced phase change materials.

Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Competitive Landscape

Major players operating in the global advanced phase change materials (paraffin, salt hydrates, others) market include, E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH

Salt hydrates are phase change materials, because they undergo a phase change when heated from their liquid state to a more solid form. These materials have many uses in industries ranging from automotive repair to the marine industry. Many oils and lubricants are derived from salt deposits in various climates around the world. In the past, these hydrates were used as insulator for engines and transmission components but recently phase changes have been found to be beneficial for many other applications.

Salt hydrates can be integrated into various textile products such as terry cloth, felt, and wool, through spinning, weaving, or bonding of fibers with various additives that change the molecular structures. Phase change materials are used in several ways in textiles such as for thermal insulation, lubricants, and thickening agents. When the environmental temperature fluctuates, the thermal conductivity of a salt hydrate molecule will change, which in turn will change the electrical conductivity of a fiber. The fiber becomes dense, insulating, and warmer or cooler, depending on the changes in temperature. In some cases, these phase change materials have been successfully employed in thermal coatings.

 Market Dynamics:

Increasing funding for R&D in technologies that will improve energy productivity is expected to propel growth of the global advanced phase change materials (paraffin, salt hydrates, others) market over the forecast period. For instance, in February 2020, The U.S. Department of Energy’s Building Technologies Office awarded US$ 47.7 million to 23 competitively selected projects for R&D targeted towards the goals of the Buildings Energy Efficiency Frontiers & Innovation Technologies (BENEFIT) – 2019 Funding Opportunity Announcement.

Major players operating in the global advanced phase change materials (paraffin, salt hydrates, others) market are focused on adopting expansion strategies to enhance their market share. For instance, in August 2021, ADVANSA started a warehouse and logistics center at the DistributionPark in Hamm/Germany.

Key features of the study:

  • This report provides in-depth analysis of the global advanced phase change materials (paraffin, salt hydrates, others) market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global advanced phase change materials (paraffin, salt hydrates, others) market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global advanced phase change materials (paraffin, salt hydrates, others) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global advanced phase change materials (paraffin, salt hydrates, others) market

Detailed Segmentation:

  • Global Advanced Phase Change Materials, By Product Type:
    • Paraffin
    • Salt Hydrates
    • Others
  • Global Advanced Phase Change Materials, By Application:
    • Building and construction
    •  Commercial Refrigeration
    • HVAC
    • Energy Storage
    • Shipping and Transportation
    • Others
  • Global Advanced Phase Change Materials, By Region:
    • North America
      • By Country
        • Canada
        • U.S.
    • Europe
      • By Country
        • U.K.
        • France
        • Germany
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • ASEAN
        • Australia
        • Rest of Asia Pacific
    • Rest of World.
      • By Sub-Region
        • Latin America
        • MEA
  • Company Profiles
    • E.I. du Pont de Nemours & Company
    •  BASF,
    • Advansa B.V.
    •  Honeywell International
    •  Cryopak
    •  Dow Building Solutions
    •  Phase Change Products Pty Ltd.
    •  Climate Sweden AB
    •  Salca BV
    • Rubitherm Technologies GmbH

Frequently Asked Questions

Global advanced phase change materials (paraffin, salt hydrates, others) market size is estimated to be valued at US$ 2,007.5 Million in 2021 and is expected to exhibit a CAGR of 19.5% between 2021 and 2028.
Growing demand for paraffin, salt hydrates, others from the construction industry and increasing demand for phase change materials in temperature-controlled packaging are the factors fuelling growth of the market.
The Paraffin is the leading product segment in the market due to its flexibility to be used in wider temperature ranges (20-300 degree Celsius) along with its non-corrosive property.
Hazardous nature of phase change materials and comparatively low shelf life of inorganic phase change materials as they are salt hydrates-based products are factors hindering growth of the market.
Major players operating in the market include, E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH.
Europe region is expected to hold dominant position in the market over the forecast period. The growth of the market in the state is driven by rapid increase in construction sector along with increased concern for reducing global warming effects.

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