Phase Change Materials Market Size Worth Over $4.4 billion by 2026
Published Date: August 10, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights., the Phase Change Materials Market size is forecast to exceed USD 4.4 billion by 2026; The growing applications of Phase Change Materials (PCMs) in the packaging and building & construction segments will surge the market size during the forecast period.
PCMs are a completely new class of products and hence are gradually gaining momentum in the market. Paraffins, non-paraffins, salt hydrates, biobased PCM, & eutectics have different characteristics and can be used for different applications.
Paraffin held the highest share in the global phase change materials market in 2019. This can be attributed to its easy availability in the market and low-cost compared to its counterparts. Paraffin is derived from petrochemical products that are non-renewable sources of energy, creating environmental pollution on disposal. Bio-based PCM is gradually becoming a preferred choice among manufacturers due to its 100% biodegradability and non-toxic nature.
Browse key industry insights spread across 336 pages with 466 market data tables & 33 figures & charts from the report, “Phase Change Materials Market, By Product (Paraffin, Non-Paraffin, Salt Hydrates, Eutectics), By End-user Sector (Building & Construction, HVAC, Textiles, Chemical, Healthcare, Aerospace & Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The COVID-19 pandemic has impacted the building & construction industry, which, in turn, has resulted in a significant drop in revenue in the phase change materials market share in 2020. The COVID-19 outbreak in China has highly impacted the production and consumption of building materials. Furthermore, due to lockdowns in the U.S., the UK, Italy, Spain, France, China, India, and Brazil, the production and consumption of PCM have been hugely hit in the first and second quarter of 2020.
In 2019, building & construction, HVAC, and packaging sector together held more than 50% share of the global market. The COVID 19 outbreak has highly impacted the building & construction industry, thereby decreasing the consumption of the product in 2020. However, as construction companies ramp up their work, the competition will increase significantly, and total PCM production will continue to grow steadily post 2020.
The HVAC segment held a market share of over 16% in 2019
Phase Change Materials (PCMs) reduce the peak loads of energy consumption in buildings as these materials possess the ability to store or release thermal energy as latent heat. PCM’s applications in buildings have potentially risen to reduce energy consumption. Furthermore, PCMs have their phase-change temperatures, at which latent heat is absorbed or released. Hence, the material is widely used in HVAC systems.
The textile sector has emerged as a vital end-user for phase change materials market since the past decade. Manufacturers are experimenting with PCM-formulated clothes that gauge and maintain body temperature. Phase change materials absorb, store, and release heat between solid and liquid forms. These materials release heat as they change into a solid-state and absorb it as they return to a liquid state. This unique property is extensively adopted in various kinds of fabric for efficient storage and releasing of body heat.
Phase change materials in the form of microcapsules are incorporated within foams, fibers, and may also be coated onto the fabrics. These microencapsulated PCMs need to follow certain criteria for usage in textiles such as the particle size & its uniformity, stability to chemicals, mechanical actions, and the core-to-shell ratio. Some of the most common textiles that use PCMs include e-textile, gloves, and defense uniforms, among others. The textile segment will exceed revenue of USD 400 million in 2026.
Asia Pacific and Latin America to exhibit steady growth during the forecast period
The Asia Pacific market is growing at a fast pace and is projected to witness gains close to 17.2% between 2020 - 2026. Growing construction activities in the region are projected to generate huge revenue gains for the overall phase change materials market growth. Furthermore, the developing consumer goods sector has augmented the packaging needs. The Latin American PCM market is projected to grow at a CAGR of 16.2% during the forecast period.
Some of the key players in the phase change materials industry include Phase Change Products Pty Ltd., Henkel Cryopak, BASF SE, Entropy Solutions LLC, Laird Plc, Sasol, The Dow Chemical Company, and Croda International Plc.