Advanced phase change materials are capable of storing and releasing energy from solid to liquid state and vice-versa at a certain temperature. Advanced phase change materials composed of a long chain of carbon molecules which can be altered and allow to change phases at a different temperature as per the requirement. These materials are used across a wide range of applications such as refrigeration, building and construction, thermal energy storage and electronics.
Market Statistics:
The global advanced phase change materials (paraffin, salt hydrates, others) market is expected to surpass US$ 6,985.7 Mn in terms of value by the end of 2028.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Drivers
The high heat storage capacity as phase change materials compared to other materials is propelling the market growth. Phase change materials have four to five times the more heat-storing capacity as compared to other materials such as water, plastic, stone, and wood. Moreover, PCMs are encapsulated in order to ensure that they do not come in contact with the environmental factor, as these help in maintaining their properties and enhance their operating life. Thus, high heat storage capacity is projected to foster the market growth of the advanced Phase change materials.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Opportunities
Growing investment in the development of environment-friendly bio-based advanced phase change material is expected to serve major market opportunities in the near future. Increasing use of Paraffin wax in building & construction and HVAC industries is again propelling the market growth of the advanced phase change materials. Thus, growing demand for bio-based advanced phase change materials on the account of biodegradability and fire resistance are projected to foster the market growth over the forecast period.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Recent Developments
- In June 2021, Kaneka Corporation added a new product to its lineup naming it ‘PATTHERMOTM’, a sheet shaped phase change material derived from specialized plastic phase change materials as a response to increasing demand of energy saving solutions and comfort at homes.
- In June 2020, Sumitomo Chemicals Co. Ltd. Also joined the race for energy saving solutions by developing a resin based ‘HEATORAGER ’ a sheet type phase change material mainly for building materials providing better thermal energy savings.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Restraints
The bio-based phase change is gaining traction but they have limited applications as they are flammable and are susceptible to corrosiveness. Moreover, high cost of the phase change materials and lack of government support is again hampering the market growth of the advanced phase change materials over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/advanced-phase-change-materials-market-4954
Global Advanced Phase Change Materials Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 6:27pm CEST, 5 October 2021, there have been 235,175,106 confirmed cases of COVID-19, including 4,806,841 deaths, reported to WHO. Emergence of Covid-19 has led to decline in the oil and gas sector. For instance, according to Fitch Ratings Inc., the U.S.-based credit rating agency, the oil and gas sector is expected to lose US$1.8 trillion in 2020. Such scenario is expected to significantly impact growth of the global advanced phase change materials (paraffin, salt hydrates, others) market.
Figure 1. Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market Value (US$ Mn), by Application, 2020
Key Takeaways:
- The global advanced phase change materials (paraffin, salt hydrates, others) market was valued at US$ 1,679.9 Mn in 2020 and is forecasted to reach a value of US$ 6,985.7 Mn by 2028 at a CAGR of 19.5% between 2021 and 2028.
- The Building and Construction segment was valued US$ 471.6 Mn in 2020 and is expected to witness a CAGR of 21.6 % over the forecast period. The PCM are widely used in building and construction for energy saving and regulating temperature accordingly with the ambient temperature, and thus ever-growing construction sector is fueling the market growth.
Market Trends:
Increasing use of advanced phase change materials in high-end expensive vehicles to reduce the carbon emissions and increasing operating efficiency is a growing trend. Growing strict emission regulations along with the increasing investment in improving the transportation facilities are again projected to foster market growth. Moreover, rapid urbanization across China and India is further projected to propel the market growth of the advanced Phase change materials over the forecast period.
Continuous product innovation by key manufacturers is one of the growing trends in the market and this trend is projected to foster the market growth over the forecast period. For instance, in June 2020, Sumitomo Chemical Co., Ltd. has announce the launch of HEATORAGE®, a resin heat storage material. HEATORAGE® is a resin designed to absorb or release the latent heat at a specified temperature range from 20°C to 50°C, using phase change*, and it can be easily molded by extrusion, injection, and spinning.
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.
