The global phase change materials market will be driven mainly by the rapid expansion of the building and packaging sectors.
Newark, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global phase change material market is expected to grow from USD 566.2 million in 2021 to USD 2344.13 million by 2030, at a CAGR of 17.1% during the forecast period 2022-2030.
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Materials that retain, emit, and absorb energy as they fluctuate between solid and liquid states are phase change materials. These are also characterized as thermal energy storage materials because, during phase transformation, they may store large amounts of infrared radiation as latent heat. At specific temperatures, phase transition materials undergo and vaporize by vaporizing and hardening. The intrinsic latent heat feature of phase change material aids in the maintenance of a structure's temperatures and prevent unexpected external changes. Volatility in average temperature replenishes phase change material, allowing it to be used in daily applications. PCMs have various applications, including thermal energy storage, renewable power, construction energy-saving, and air-conditioning systems. Their non-ideal thermophysical properties qualities, however, now limit their applicability. As previously noted, sensor PCMs are a superior alternative for storing energy; nano-PCMs can boost efficiency by assuring increased storage capacity than PCM alone. The most common use is renewable power storage in solar power plants. Because of its excellent energy storage capacity, PCM has been widely employed in various latent heat storage devices. The constant rise in energy consumption in buildings is one of the primary motivators for the increased interest in hiring PCM in construction applications. However, PCM leakage and poor heat conductivity have hindered PCM's large-scale practical application in construction. As a result, nanostructures and processes have been proposed for inclusion in PCM.
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The expanding demand from the building and construction sector, as well as the growing worldwide tendency toward power and environmental sustainability, are significant drivers driving the market research. In the housing facilities, phase change elements are employed in floors and walls, roofs, and other construction components. Bulk uses in construction systems involve all ports or incorporating the material into the workability of the concrete matrix. The most significant benefit has been incorporating construction supplies to modify their thermal qualities. Combining construction materials with phase change materials is an excellent approach to boost their thermal energy storage capacity. Walls, doors, roofing concrete, and other materials are mixed to improve the thermal performance of the structure. The inner part of the built environment is the most popular approach for incorporating phase change materials in dwellings. As a result of the expanding use of the products inside of buildings, it is now possible to capture and radiate energy in the space at any given moment.
Key players operating in the global phase change material market are Phase Change Products Pty Ltd., Sasol, BASF SE, Henkel, Entropy Solutions LLC, The Dow Chemical Company, Cryopak, Croda International Plc., Laird Plc, among others. To enhance their market position in the global phase change material market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In 2021, inorganic phase change material accounted for the largest share of the market with 56.71% and a revenue of 321.09 million.
The type segment is divided into organic and inorganic. In 2021, inorganic phase change material accounted for the largest share of the market with 56.71% and a revenue of 321.09 million. The inorganic section includes saturated salt solutions derived from natural water, as well as manufactured salts. Salts' chemical makeup varies accordingly. The desired phase transition temperature is obtained in the combination. To reduce phase change salt segregation during supercooling, specific nucleating agents are added to the salt hydrate combination.
The building & construction application accounted for the largest share of the market, with 28.6% and market revenue of 161.93 million for the phase change material market in 2021.
The application segment is divided into building & construction, cold chain & packaging, HVAC, textile, and electronics. The building & construction application accounted for the largest share of the market, with 28.6% and market revenue of 161.93 million for phase change material in 2021., as a result of stricter rules governing greenhouse gas emissions and more development in low-carbon structures, particularly in Europe and North America.
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Regional Segment Analysis of the Phase Change Material Market
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Europe emerged as the largest market for the global phase change material market, with a market share of around 38.3% and a 216.85 million market revenue in 2021. The growing desire to preserve energy, and stringent laws to reduce/minimize dangerous gas emissions, has resulted in the expansion of this industry. Europe, in addition to being a significant market, is predicted to be the fastest market for phase change material.
The global phase change material market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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