Advanced phase change materials market

Advanced Phase Change Materials Market, By Product Type (Paraffin, Salt Hydrates, Others), By Application (Building and Construction, Commercial Refrigeration, HVAC, Energy Storage, Shipping and Transportation, Others), By Region (North America, Europe, Asia Pacific, Rest of world) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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Mar 2022
CMI4954
110 Pages
Excel & Pdf
Advanced Materials

Summary

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

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.

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)

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

Table of Content

* Browse 50 market data tables* and 45 figures* on Advanced Phase Change Materials Market” - Global forecast to 2028.

Segmentation

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 Product Type
    - Paraffin
    - Salt Hydrates
    - Others
  - Application
    - Building and Construction
    - Commercial Refrigeration
    - HVAC
    - Energy Storage
    - Shipping and Transportation
    - Others
  - By Country
    - Canada
    - U.S.
- Europe
  - By Product Type
    - Paraffin
    - Salt Hydrates
    - Others
  - Application
    - Building and Construction
    - Commercial Refrigeration
    - HVAC
    - Energy Storage
    - Shipping and Transportation
    - Others
  - By Country
    - U.K.
    - France
    - Germany
    - Rest of Europe
- Asia Pacific
  - By Product Type
    - Paraffin
    - Salt hydrates
    - Others
  - Application
    - Building and Construction
    - Commercial Refrigeration
    - HVAC
    - Energy Storage
    - Shipping and Transportation
    - Others
  - By Country
    - China
    - India
    - ASEAN
    - Australia
    - Rest of Asia Pacific
- Rest of World.
  - By Product Type
    - Paraffin
    - Salt hydrates
    - Others
  - Application
    - Building and Construction
    - Commercial Refrigeration
    - HVAC
    - Energy Storage
    - Shipping and Transportation
    - Others
  - By Sub-Region
    - Latin America
    - MEA

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the market during the forecast period (2021-2028)?

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.

What are the major factors driving growth of the market?

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.

Which is the leading product type segment in 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.

What are the key factors hampering growth of the market?

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.

Which are the major players operating in 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.

Why is Europe region dominating the market?

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.