Global Advanced Phase Change Materials Market Size, Share & Industry Trends Analysis Report By Application, By Type (Organic PCM, Inorganic PCM, and Bio-based PCM), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Advanced Phase Change Materials Market
Market Report Description
The Global Advanced Phase Change Materials Market size is expected to reach $2.8 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period.
Advanced phase change materials have a high capacity for storing and releasing massive amounts of energy in the form of heat produced during phase transition. When the physical condition of a substance changes at a specific temperature, energy radiation is produced. It is critical to make optimal use of available energy supplies in the case of an energy crisis.
Temperature-controlled packaging is used in a variety of industries such as food and pharmaceuticals, beverages, and biomedicine. The demand for effective cold storage and mass transit is growing as a result of rapid industrialization. Companies and organizations have implemented excellent distribution policy rules to evaluate its products to guarantee, they are not subjected to extreme conditions that could compromise their quality while in transit. Pharmaceuticals and biological items must be kept at a certain temperature while in transportation.
The strict requirements for energy efficient construction and the increasing significance of energy conservation and sustainable to drive demand for advanced phase change materials. Furthermore, demand for innovative phase change materials is expected to rise as the demand for effective insulating in industrial freezing and HVAC systems grows.
Thermal energy storage is obtained using advanced phase change materials (PCMs), which allow for the storage purposes of low- or high-temperature energy for subsequent usage. Advanced phase change material facilitate the capacity to balance demands among energy requirements and usage by providing a variety of thermal management solutions. When these materials move from one phase to another, they store and release thermal energy. For example, when materials freeze, a considerable quantity of energy as latent heat fusion or crystallization process energy. As solids melt into liquids, energy absorbed from the environment.
COVID-19 Impact Analysis
COVID-19 has had a significant influence on the world economy, wreaking havoc on international trade and affecting households, businesses, financial institutions, industrial facilities, and infrastructure corporations all at the same time. As a result of the pandemic, various countries throughout the world went into lockdown to prevent the virus from spreading further. Short-term consumption for advanced phase change materials in the primary network is expected to be limited due to international trade restrictions and chemical industry lockdown laws.
Market Growth Factors
Application of Phase Change Material as A Dynamic Thermal Insulation
Advanced phase change material absorbs and releases heat at a practically constant temperature, unlike traditional storage materials. They store 5–14 times more energy per unit volume than masonry or rock. A large number of advanced PCMs are known to melt at any requisite heat of fusion. Phase change materials are materials that can change their state over a temperature range. These substances absorb energy during in the heat treatment as phase change takes place otherwise, during a reverse cooling operation, this energy can be transmitted to the atmosphere in the phase transition range.
Efficient Substitute for Cooling Systems
Advanced phase change materials can be employed as a thermal battery to provide continuous cooling. The advanced phase change material must be linked with the current refrigeration system for these applications to ensure that advanced PCMs are completely recharged by the refrigeration system and are ready immediately in the event of a power loss. Building air-conditioning systems and mission-critical applications both require advanced PCMs. Since they are charged during the off hours when electricity is supplied, they are substantially less expensive than diesel generators. Another disadvantage of diesel generator as it takes time to start the system, which can be disastrous in mission-critical situations.
Market Restraining Factors
Interoperability Working with The Advanced Phase Change Materials
Since advanced phase change materials are oil-based, materials must be assessed for compatibility with packing materials. The materials utilized to encapsulate the advanced PCM along with other packaging used in thermal transportation solutions must be evaluated that as insulation and corrugate. The penetration and dissolution of the advanced phase change materials with the packing materials are the most significant elements to consider. If the advanced phase change materials and the material used to encapsulate it are incompatible, it might quickly infiltrate the packaging material after it has been created.
Based on the Application, the Advanced phase change material market is segmented into Building and Construction, Shipping and Transportation, Energy Storage, HVAC, Electronics, Textiles, and Others. The energy storage segment recorded a significant revenue share in the Advanced phase change material market in 2021. Advanced phase change material is a type of thermal energy storage that can store and release enormous amounts of energy. For retaining and releasing energy, the system relies on the advanced phase material's change. Evaporation, solidification, and melting all require energy. When a material transforms from solid to liquid or vice versa, heat is absorbed or released. As a result, advanced PCMs may easily and reliably change their phase in response to a specific energy input and then release that energy at a later time.
On the basis of type, the advanced phase change materials market is categorized into Organic PCM, Inorganic PCM, and Bio-based PCM. The organic PCM segment acquired the highest revenue share in the Advanced phase change material market in 2021. Organic PCMs have a variety of properties that make them suitable for storing latent heat in building components. They are chemically more stable than inorganic compounds, melt uniformly, and supercoiling is not a serious issue. They've also been discovered to be consistent with and suited for absorption into a variety of building materials.
|Market size value in 2021||USD 1.4 Billion|
|Market size forecast in 2028||USD 2.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 10.9% from 2022 to 2028|
|Number of Pages||180|
|Number of Tables||300|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
On the basis of Region, the Advanced phase change material market is analyzed across North America, Europe, APAC, and LAMEA. The Asia pacific region recorded the highest revenue share in the Advanced phase change material market in 2021. The primary element supporting market expansion throughout with the growth of the textile and manufacturing sectors, driven by a significant increase in personal income levels along with improved monetary conditions. Advanced phase change material is now being used in packaging, shipping, and transportation in countries such as China and India.
Free Valuable Insights: Global Advanced Phase Change Materials Market size to reach USD 2.8 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PLUSS Advanced Technologies, BASF SE, Entropy Solutions, Outlast Technologies GmbH, DuPont de Nemours, Inc., Sonoco Products Company, Phase Change Solutions, Cryopak, Microtek Laboratories, Inc., and ADVANSA Marketing GmbH.
Recent Strategies Deployed in Advanced Phase Change Materials Market
- Sep-2020: BASF signed an uptake supply agreement with New Energy, a technology company exclusively in the pyrolysis of waste tires. Under this agreement, New Energy would provide BASF with up to 4,000 metric tons of pyrolysis oil per year extracted from junk tires. Additionally, the first quantity of the pyrolysis oil has already been consumed perfectly in BASF’s combined chemical manufacturing site in Ludwigshafen, Germany.
- Apr-2020: ADVANSA Germany introduced ADVA MegaBond, the next generation in binding for the nonwoven market. The ADVA MegaBond is a new product family of binder fiber, ideally convenient for both dry-laid nonwovens and wetlaid.
- Jan-2018: Outlast Technologies introduced improved Outlast Xelerate, boosting and supporting PCM performance. The improved PCMs are integrated with a heat distributor technology, circulating and absorbing heat rapidly, so that the PCM procedure can operate even more actively.
Scope of the Study
Market Segments Covered in the Report:
- Building & Construction
- Energy Storage
- Shipping & Transportation
- Organic PCM
- Inorganic PCM
- Bio-based PCM
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- PLUSS Advanced Technologies
- BASF SE
- Entropy Solutions
- Outlast Technologies GmbH
- DuPont de Nemours, Inc.
- Sonoco Products Company
- Phase Change Solutions
- Microtek Laboratories, Inc.
- ADVANSA Marketing GmbH
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North America Advanced Phase Change Materials Market Report 2022-2028
Europe Advanced Phase Change Materials Market Report 2022-2028
Asia Pacific Advanced Phase Change Materials Market Report 2022-2028
LAMEA Advanced Phase Change Materials Market Report 2022-2028
What would be the size of the advanced phase change materials market by 2028?
The global advanced phase change materials market size is expected to reach $2.8 billion by 2028.
What are the key driving factors and challenges in the advanced phase change materials market?
Efficient Substitute for Cooling Systems are increasing are driving the market in coming years, however, interoperability working with the advanced phase change materials growth of the market.
Who are the top market players in the advanced phase change materials industry?
PLUSS Advanced Technologies, BASF SE, Entropy Solutions, Outlast Technologies GmbH, DuPont de Nemours, Inc., Sonoco Products Company, Phase Change Solutions, Cryopak, Microtek Laboratories, Inc., and ADVANSA Marketing GmbH.
At what CAGR is the advanced phase change materials market estimate to grow in the forecast period?
The expected CAGR of the advanced phase change materials market is 10.9% from 2022 to 2028.
Which segment dominated the advanced phase change materials market in 2021?
The Building & Construction market dominated the Global Advanced Phase Change Materials Market by Application in 2021; thereby, achieving a market value of $853.2 million by 2028.
Which region dominated the advanced phase change materials market in 2021?
The Asia Pacific segment dominated the Global Advanced Phase Change Materials Market by Region in 2021, and would continue to be a dominant market till 2028.