Phase Change Materials Market Size, Growth and Trends & Forecast, (2022-2028)
World Research Reports
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The Phase Change Materials (PCM) market is experiencing notable growth, driven by increasing demand for energy-efficient and sustainable solutions across various industries. PCMs, which absorb or release energy when they change states (such as from solid to liquid), are used primarily for thermal energy storage and temperature regulation. Common applications include building and construction, packaging, textiles, electronics, and HVAC systems.
Global Phase Change Materials Market size was valued at USD 1269.06 million in 2021 and is projected to reach USD 5364.61 million by 2028, growing at a CAGR of 21.1% from 2021 to 2028 according to a new report by Intellectual Market Insights Research.
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Market Growth Drivers
Energy Efficiency and Sustainability: PCMs contribute significantly to reducing energy consumption, aligning with global goals for sustainability and green building standards. By storing thermal energy and regulating temperature, they help in maintaining stable environments, thus lowering heating and cooling costs.
Growing Demand in Construction and Buildings: The building sector is one of the largest adopters of PCMs, using them for insulation and maintaining stable indoor temperatures. With rising demand for energy-efficient buildings, the use of PCMs in walls, roofs, and HVAC systems has surged.
Healthcare and Cold Chain Applications: PCMs are critical for temperature-sensitive shipments, particularly in the healthcare and pharmaceutical sectors, where they are used in cold chain logistics to keep vaccines, medicines, and lab samples within required temperature ranges.
Key Segments
Material Types: Common PCMs include organic (paraffin and fatty acids), inorganic (salt hydrates), and bio-based materials.
Application Sectors: Primary applications are in building and construction, cold chain and packaging, textiles, electronics, and automotive industries. Building and construction remain the largest sector, while textiles and electronics show fast growth as new PCM applications emerge.
Regional Analysis
North America and Europe lead the PCM market due to strong energy regulations, government incentives for sustainable construction, and a high focus on cold chain logistics.
Asia-Pacific is anticipated to grow rapidly, driven by construction booms, urbanization, and increased investments in green infrastructure across countries like China, India, and Japan.
Key Players
BASF SE: A leading player with a range of PCM products designed for thermal regulation across multiple industries.
Honeywell International Inc.: Known for its PCM solutions in buildings and electronics.
Cryopak: Specializes in cold chain packaging with advanced PCM applications for pharmaceuticals and logistics.
Climator Sweden AB: A company focused on sustainable PCM solutions for construction and packaging.
Future Trends
The future of the PCM market looks promising, with innovations aimed at making PCMs more affordable and effective. Advances in encapsulation technology (to improve PCM longevity and efficiency) and research into bio-based PCMs (to reduce environmental impact) are expected to further drive growth.
📖 Access the full report here: https://www.intellectualmarketinsights.com/report/phase-change-materials-market-growth-and-trends/imi-003161
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