Global Phase Change Material Market

Phase Change Material Market Size, Share, Growth Analysis, By Type(Organic phase change materials, inorganic phase change materials), By Application(Building and construction, HVAC (heating) - Industry Forecast 2024-2031

Report ID: SQMIG20B2049 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 69 | Figures: 70

Phase Change Material Market News

  • In May 2023, researchers from Texas A&M University in the field of composite phase change materials for thermal energy storage developed fundamental design principles that simplify the design process, enabling the calculation of nearly optimal composite phase change materials without the need for complex computational fluid dynamic calculations or extensive iterative design.
  • In March 2023, the Dalian Institute of Chemical Physics (DICP)developed Spatiotemporal Phase Change Materials (STPCMs), which are specifically designed for long-term storage and controllable release of thermal energy.
  • In March 2023, Bio Life Solutions made a groundbreaking achievement by launching Ultra guard, a revolutionary non-toxic, non-hazardous, and non-flammable phase change material (PCM) capable of maintaining temperatures as low as -70°C. Ultra-guard finds applications in two critical areas.
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FAQs

Phase Change Material Market size was valued at USD 477 million in 2021 and is poised to grow from USD 612 million in 2023 to USD 3,004 million by 2030, at a CAGR of 25.5% during the forecast period (2023-2030).

Key players in the phase change material market are investing in research and development activities to stay ahead in the competition. They are adopting various strategies such as mergers & acquisitions, collaborations, and expanding product portfolios. 'Cold Chain Technologies, Inc. (US),', 'Croda International Plc. (UK),', 'Microtek Laboratories Inc. (US),', 'Sasol Limited (South Africa),', 'PureTemp LLC. (US),', 'Henkel AG & Company KGAA (Germany),', 'Outlast Technologies LLC (US),', 'Advansa B.V. (The Netherlands),', 'AI Technology Inc. (US),', 'Climator Sweden AB (Sweden),', 'Ciat Group (France),', 'Honeywell Electronic Materials, Inc. (US),', 'Phase Change Materials Products Ltd. (UK),', 'Rubitherm Technologies GmbH (Germany),', 'Teappcm (India)'

Ongoing advancements in materials science and engineering have led to the development of more efficient and cost-effective phase change materials. These innovations have expanded their applications across various industries, spurring demand.

The building and construction industry is set to become a dominant force in the market, fueled by the increasing focus on environmentally friendly construction and energy conservation. This emphasis has led to a rising demand for innovative and highly effective construction materials. Phase change materials (PCM) have emerged as a valuable solution, finding applications in various areas, including under-floor electric heating systems, PCM-filled glass windows, and thermally efficient concrete.

In recent times, significant technological advancements have propelled the European market to the forefront of the phase change materials (PCM) industry, with North America following closely behind. This industry is witnessing consolidation as various businesses prioritize research and development to explore innovative applications. A pivotal role in driving progress is played by a non-profit organization established in Germany, which fosters cooperation between industries to enhance the phase change materials business worldwide. Key end-users in the European market, including healthcare, aerospace, and automotive sectors, are experiencing a surge in demand for phase change materials. The well-developed manufacturing sector in Europe, with Germany as its leading manufacturer and exporter of PCM, has been instrumental in sustaining Europe's dominance in this industry. As a result, these businesses aspire to achieve significant market share in the phase transition materials sector in the coming years. This stability is projected to persist in the European market for phase change materials.

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Global Phase Change Material Market

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