Phase Change Material (PCMs) Market to Perceive Excellent CAGR of 18% Globally, it is expected to reach USD 7.1 billion by 2029

The phase change materials (PCMs) market will be primarily driven by the escalating growth in both the construction and packaging industries

Luton, Bedfordshire, United Kingdom, March 17, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Phase Change Material (PCMs) Market.

The global phase change material market is expected to grow at 18% CAGR from 2023 to 2029. It is expected to reach above USD 7.1 billion by 2029 from USD 1.6 billion in 2022.

Phase change materials (PCMs) are substances that, absorb or release substantial amounts of heat that is referred to as "latent" heat. These materials are classified as "phase change materials." PCMs are able to support the capacity to control demand between energy requirements and use, and they offer a variety of methods for thermal management.

PCMs are widely used in the medical field, where they are used for the transfer of blood, vaccines, operating tables, and temperature-sensitive medicines. They are also used to treat birth asphyxia, administer meds, and administer hot-cold therapy. Phase change materials are substances that have a tremendous capacity to store large amounts of energy and then release that energy as latent heat during the phase shift process. Even when the temperature stays constant, energy is released as radiation whenever the physical state of the substance changes.

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Recent Developments

  • Sinomax USA introduced the first Bio-Based Phase Change Material in foam mattresses in September 2022. This foam mattress technology covers many important aspects, including wash ability. Bio Frost is the Phase Change Material. It is USDA Bio preferred approved, and this technology has up to 94 percent biobased content. Biofrost outperforms its competitors in terms of chilling capacity, longevity, and affordability.
  • On March 2022, the experts at Martin Luther University Halle-Wittenberg (MLU) and the University of Leipzig developed a new heat storage material to store excess heat and release it back into the environment when needed. In comparison to existing materials, the new one can absorb substantially more heat, is more stable, and is made of non-harmful components.
  • On February 2022, Antora Energy, a thermal storage startup, acquired $50 million in funding from a consortium of investors led by Bill Gates's Breakthrough Energy Ventures in order to expedite the development of their heat-based carbon block energy storage system for usage in heavy industry.

Europe is expected to remain the 30% market for phase change materials during the forecast period.

Stringent regulation regarding usage and handling of temperature-sensitive goods, implementation of strict building codes, and the European Union directives to improve efficiency in buildings are the major factors that have led to the dominance of Europe in the global PCM market. Increasing stringent regulations for energy efficient buildings and increased emphasis on energy conservation in Europe is expected to surge the demand for advanced phase change materials in building & construction, commercial refrigeration fan and HVAC applications.

Escalating growth in both the construction and packaging industries is driving the growth of the market.

The global phase change materials (PCMs) market will be primarily driven by the escalating growth in both the construction and packaging industries. In the construction industry, PCMs are used for solar water heating, space heating/cooling, and waste heat recovery systems, among others. The growing investments in the construction industry across the globe coupled with the adoption of phase change materials in Heating, Ventilation and Air-Conditioning (HVAC) applications are projected to amplify its demand throughout the forecast period. Furthermore, the packaging business is also anticipated to generate substantial revenue gains during the forecast period.

Indispensable use of paraffin will complement growth of the phase change materials market.

Paraffin constituted approximately 53% of the total phase change materials market share in 2019 in terms of revenue and is likely to witness a gain of 18.3% during the forecast timeframe. Paraffins show good storage density with respect to mass & melt and solidify congruently with little or no sub-cooling. Their thermal conductivity is however comparatively low. Paraffins have melting temperature ranges that are suitable for a range of applications as they possess high latent heat, have good thermal characteristics, and are chemically & thermally stable. Paraffinic hydrocarbons are widely used in textiles than other PCMs due to their excellent characteristics such as non-corrosive, thermal & chemical stabilities, and low undercooling.

PCM Applications

  • PCM In Buildings

Some buildings are being built with PCMs to help with heating and cooling costs. The PCMs can be embedded inside walls or placed in pellets inside rooms. For example, macroencapsulated PCM boards and cylinders can be installed suspended on ceilings. During warm periods, these boards store energy due to hot air rising. The heat absorbed by the boards is released later during cold periods, warming up the air. Such systems are best suited in countries where the nights are considerably colder than the days, such as in Saudi Arabia. In such places, PCMs on walls and cool roofs can melt and store large amounts of heat during day time. The heat is then released to the ambient at nights, perhaps with the help of chillers, reducing peak-time electricity costs, which can be very high in some places.

  • PCM In Food and Beverages

PCMs are being used in the food sector, for transport of food supplies as well as the preservation of prepared foods. For example, using high-melting PCMs, such as RT70HC or GR82 of Rubitherm, one can maintain cooked food from cooling down. Some restaurants and delivery services can take advantage of storage systems made from these materials. Likewise, insulated transport boxes filled with low melting point PCM, such as the RT2HC of Rubitherm, can be used to preserve foods. These packages can keep the food at low temperatures for extended periods of time. This may be necessary in cases where there are technical problems with cooling units and long holding periods before delivery is involved.

  • PCM In Healthcare and Medical

Phase change materials can used in heat and cold therapy. For example, PCMs can be used to maintain an exact temperature on the skin, irrespective of whether the room is cold or warm. Heat packs are widely used for physical or therapeutic applications. Certain parts of the skin can be cooled without causing hypothermia using a PCM application, for example after accidents or surgeries. PCMs are also used in blankets and sleeping bags to prevent the body from hypothermia, for example, in preparation for surgery or premature baby care where passive means for temporary temperature control are preferred.

  • PCM In Automotive

PCMs are used in cars for air conditioning and the temperature management of batteries. To reduce fuel consumption and avoid CO2 emissions, some cars are equipped with an automatic start-stop function, where the engine stops at red lights and during waiting times automatically. During this time, the PCM regulates the inside temperature of the car, including the compressor and the engine. The PCM melts when the engine runs and freezes during off times. PCMs are also used in vehicles to manage the temperature of electronic parts, especially battery stacks. This improves the life of lithium-ion batteries whose maximum capacity as well as life is reduced with each charge cycle as well as with large temperature swings. By reducing the temperature variations, battery life and capacity can be improved.

Report Coverage & Details: 

Report Coverage Details 
Forecast Period 2023–2029
Base Year 2022
Market Size in 2022USD 1.6 billion in 2022
Market Size in 2029USD 7.1 billion by 2029
CAGR 18% 
No. of Pages in Report 133
Segments Covered Product, Method, Construction Type, End-Use, and Region 
Drivers  The growing investments in the construction industry across the globe coupled with the adoption of phase change materials in Heating, Ventilation and Air-Conditioning (HVAC)
The growing innovations in the global PCM market share will also generate quite some revenue gains during the forecast period.
Opportunities The growing advancements in encapsulation technologies, the market has witnessed various new ways of PCM incorporation in a wide range of products.
Restraints Lack of awareness among end-use industries and availability of alternative solution

The presence of large industry players carrying out strategic initiatives will drive market share.

The Patient lateral transfer market key players include Cold Chain Technologies, Inc., Croda International Plc., Microtek Laboratories Inc., Sasol Limited, PureTemp LLC., Henkel AG & Company KGAA, Outlast Technologies LLC, Climator Sweden AB, Ciat Group, Honeywell Electronic Materials, Inc.

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Key Market Segments:

Phase Change Material Market by Type, 2023-2029, (USD Million), (Thousand Units)

  • Inorganic PCM
  • Organic PCM
  • Bio-Based PCM

Phase Change Material Market by Application, 2023-2029, (USD Million), (Thousand Units)

  • Building & Construction
  • HVAC
  • Cold Chain & Packaging
  • Thermal Energy Storage
  • Refrigeration & Equipment
  • Electronics
  • Textiles
  • Others

Phase Change Material Market by Encapsulation Technology Type, 2023-2029, (USD Million), (Thousand Units)

  • Macro
  • Micro
  • Molecular

Market Dynamics

  • Phase Change Materials Market Drivers

Increasing Use of PCMs in Construction Materials to Meet Increasing Demand

PCMs are utilised in the construction of housing infrastructure, including but not limited to walls, floors, roofs, and other building components (such as shutters and windows). Wallboards or incorporating the material into a matrix of concrete or mortar are examples of bulk uses that may be found in construction systems.

The incorporation of building materials into passive building systems to alter the thermal characteristics of those materials has proven to be the most important use of this technology. The most efficient way to increase the ability of building components to retain heat energy is to combine them with PCMs. Combining a number of various components, such as wallboards, doorways, roofs, concrete, and others, improves the structure's thermal effectiveness. The implementation of PCMs in domestic situations is almost always done on the interior of the building envelope. Therefore, a major advantage of the product's increasing use in building spaces is the ability to simultaneously collect and release heat.

Demand for PCMS in drug delivery and vaccination and medical transportation is increasing.

PCMs are bio-based substances used as a medication delivery vehicle, such as fatty acids or lubricants. "Passive transport elements" are the name given to these substances. Phase shift materials are perfect for use in the distribution of vaccinations because they are renewable and reused and do not require a motor or fuel. Development of temperature-release drug delivery systems has been the focus of bioengineering research. Utilizing PCM as a "cork" is one technique that has proven successful in creating temperature-released medication administration.

  • Phase Change Materials Market Restraints

Technical issues and the corrosive nature of the product are restraining market expansion

One of the negatives is its low heat conductivity, and another is its exorbitant price. In addition, the issue that is brought on by supercooling and phase separation leads to thermal cycling loss, which in turn shortens the material's life cycle. Because of these potential issues, their usefulness may be limited in building applications that need for long-lasting systems. A poor thermal conductivity slows down the pace at which heat is transported or absorbed from the structure, which affects the comfort of the inhabitants as well as the performance of the system.

  • Phase Change Materials Market Opportunities

The creation of novel treatments and a rise in the quantity of clinical trials

The development of innovative treatments and medicines has led to an increase in the quantity of clinical studies being conducted. The logistics of a cold chain are necessary to preserve the integrity of clinical trial materials such pharmaceuticals, blood samples, tissue samples, urine samples, and sputum samples, among other types of samples. In addition, the COVID-19 vaccine candidates that show the most promise have been labelled as "cold chain" goods, which means that they require certain storage and transportation conditions once they have been removed from the manufacturer's facility. The market will present chances for participants already active in the industry due to the requirement storage logistics for the cold chain and distribution of vaccines and treatments of this kind.

Key Question Answered

  • What is the current size of the phase change material market?
  • What are the key factors influencing the growth of phase change material solution?
  • What are the major applications for phase change material?
  • Who are the major key players in the phase change material market?
  • Which region will provide more business opportunities for phase change material in future?
  • Which segment holds the maximum share of the phase change material market?

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