Phase Change Materials Market Size By Product (Paraffin, Non-Paraffin, Salt Hydrates, Eutectics), By End-user (Building & Construction, HVAC, Electrical & Electronics, Packaging, Textiles, Chemical, Healthcare, Aerospace & Automotive) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Feb 2018  |  Report ID: GMI2241  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 350   |   Base Year: 2016




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Phase Change Materials Market size was USD 1.3 billion in 2015 and will surpass USD 4 billion by 2024
 

U.S. Phase Change Materials Market Share, by Crop, 2013 - 2024 (USD Million)

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Rising real income in various developed economies has given boost to the building and construction industry. This will subsequently boost the demand of phase change materials as these are useful in storing energy in buildings and preventing greenhouse gas emissions. New commercial and residential buildings are the prominent sectors in the construction industry that are majorly inclined towards green building initiatives. Countries such as Norway, UAE, China and Spain have almost more than 60% of the new green commercial projects. This makes the utilization of phase change materials evident as energy conservation within a building is the priority of all green building projects. Annually heating & cooling of various industries & buildings accounts around 50% of the overall European Union energy consumption. The product is gaining popularity as it is an alternative to conventional and expensive construction techniques. It is also helpful in reducing space quality as it is inappropriate to use large mass materials in some construction applications. These materials provide thermal management solutions, as they release and store energy when they melt and freezes making them ideal product to be used in countries experiencing cold environment for maximum time in year.
 

Application of these phase changing materials is expected to witness substantial growth rate in coming years. These are used in the products where temperature and heat management play important role. Outer ware, socks, footwear, sleeping bags, etc. are manufactured using these materials for people living in tundra or colder regions. Most of the developing nations across the globe are now experiencing the problem of high energy consumption in heating & cooling. Increasing efforts of their respective governments to push green building initiatives in new construction projects will subsequently makes them a potential market for these materials. These aforementioned trends together will propel towards a decent market growth rate from 2017 to 2024.
 

Phase Change Materials Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 1.3 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 4% 2024 Value Projection: 4.2 Billion (USD)
Pages: 350 Tables, Charts & Figures: 426
Geographies covered (21): U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, Australia, Malaysia, Indonesia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait
Segments covered: Product, End-user and Region
Companies covered (15): Honeywell, The Dow Chemical Company, BASF SE, Sasol, Entropy Solutions, Inc., Henkel, Laird PLC, Croda International PLC, Rubitherm Technologies GmbH, Phase Change Products Pty Ltd., Outlast Technologies LLC, Pluss Advanced Technologies, Shin- Etsu Chemical Company Limited, Cryopak, Cold Chain Technologies Inc.
Growth Drivers:
  • Global drivers
  • a Regulations regarding minimizing greenhouse gas emission
  • b Advancements in macro and micro encapsulation technologies
  • c Growing popularity of bio-based phase change materials
  • d Increasing product acceptance in textile industry
  • Regional drivers
  • a Growing building & construction industry in Asia Pacific
  • b Advanced construction practices in North America
  • c Rising demand for heating, ventilation and air conditioning systems in Europe and North
Pitfalls & Challenges:
  • High product cost
  • Procurement risk and high prices of raw materials

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Phase Change Materials Market, By Product

Different types of phase change materials are eutectics, paraffin, salt hydrates, non- paraffin, etc. Among these paraffin holds the majority of the share and shows decent CAGR of 15.2% from 2017 to 2024. This owing to the wide application of these products in textile, packaging and construction industry. These are easily available and are cost effective also due to alkanes present in them the melting point is not sharp and distinct. Salt hydrates although can achieve a substantial share in future due to their wide temperature range coverage.
 

Salt hydrates phase change materials market segment is projected to generate revenue of about USD 270 million by the end of forecast time period. The segment also shows significant CAGR of around 16% from 2017 to 2024. The product comprises of water and inorganic salts making them less expensive and easily available in market. Salt hydrates have certain properties such as very small volume change and good thermal conductivity. This makes them preferred choice over other PCM materials such as non-paraffins and paraffins. The bio-based materials are also gaining popularity in packaging and textile industry all round the globe. These products are based on vegetables, providing various environmental and social benefits.
 

Phase Change Materials Market, By End-user

The construction and building segment hold substantial share in the phase change materials market and it is expected to show annual growth rate of 15.5% over the forecast timeframe. Increasing awareness regarding product properties to control and maintain the energy consumption within a building is making it preferred choice for various contractors & builders. In building and construction sector these materials are majorly used in floors, passive cooling & heating systems, wallboards, ventilation systems, etc.
 

Buildings which have low thermal mass can be installed with these materials and their capacity to store heat will increase. Packaging industry is also one of the prominent end user industry for these materials as these are used to maintain the payload’s temperature, making it important fort the shipping industry.
 

Regional Trends

Asia Pacific is one of the fastest growing regions in the product market. It exhibits annual growth rate of 16% from 2017 to 2024. This is due to initiatives taken by governments in developing nations to increase the number of green buildings which have better cooling and heating systems utilizing primarily PCM. Europe holds a decent phase change materials market share of about 30%. The region experiences cold weather majority of the year. The usage of heating systems is more in Europe and thus regulations related to control of greenhouse gas emissions are implemented in the region. The energy saving done by phase change materials directly reduces the emissions. The demand of product will escalate in Latin America and Middle East region as well due to improving building and construction industry in these regions.
 

Competitive Market Share

The phase change materials market share is diversified with the presence of various manufacturers spread worldwide. Some of those manufacturers are Laird Plc, Henkel, Entropy Solutions LLC, BASF SE, Sasol, Cryopak, Phase Change Products Pty Ltd., The Dow Chemical Company, Croda International Plc, etc. Various manufacturers are investing in research and development activities to develop better encapsulation techniques and further improvement in phase change temperatures and capacities of latent heat storage. The industry is integrated and most of the companies that manufacture these materials also manufacture end use products such as automotive interiors, garments, furnishings, etc.
 

Industry Background

Phase change materials with the change in enthalpy changes their state from liquid to solid or vice-versa. The product absorbs heat and changes their state, these can be used either active or in passive form. The active form includes use of these materials directly in substrates while in passive form the product is microencapsulated and being incorporated or utilized for various applications in end use industries. Salt hydrates & paraffins are commonly used PCM while eutectics are gradually gaining popularity. Rising demand of refrigerants in the shipping and packaging industry is propelling the overall demand of these materials in coming years.
 


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