Analysis of Advanced Phase Change Material Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Worldwide revenue from the sales of advanced phase change materials (PCM) is forecasted to reach US$ 3.78 billion in 2024, as revealed in a new industry analysis published by Fact.MR. The global advanced phase change material market is projected to advance at a CAGR of 14.8% and climb to a value of US$ 15.04 billion by 2034.
Imposition of stringent regulations is leading to increased focus on energy-effective construction activities in several industries. There is a rising emphasis on sustainable development and energy conservation, which is creating prospects for manufacturers of advanced phase change materials. A surging requirement for effective thermal insulation materials in HVAC and commercial refrigeration applications is contributing to the increasing sales of advanced phase change materials.
Increasing number of government incentives and support from regulatory bodies for energy-saving programs are driving demand for advanced PCMs. Growing popularity of green building initiatives along with smart grid technologies is resulting in increased use of advanced phase change materials. The widespread use of advanced PCMs in several sectors is due to their exceptional capabilities of thermal energy storage. They find application in the construction industry for interior thermal comfort and improving energy efficiency by maintaining indoor temperatures.
| Report Attribute | Detail |
|---|---|
| Advanced Phase Change Material Market Size (2024E) | US$ 3.78 Billion |
| Forecasted Market Value (2034F) | US$ 15.04 Billion |
| Global Market Growth Rate (2024 to 2034) | 14.8% CAGR |
| South Korea Market Growth Rate (2024 to 2034) | 18.3% CAGR |
| East Asia Market Share (2034F) | 38.4% |
| Market Share of Inorganic Materials (2034F) | 47.5% |
| Key Companies Profiled | Sasol Germany GmbH; BASF SE; Climator Sweden AB; SGL Group; Phase Change Material Products Limited; Cryopak; Honeywell International Inc.; Salca BV; Outlast Technologies LLC; Axiotherm GmbH; PCM Technology; Entropy Solutions; Croda International Plc; PureTemp LLC; Microtek Laboratories, Inc.; Rubitherm Technologies GmbH; Phase Change Product Pvt. Ltd. |
In the automotive industry, PCMs are used for the management of battery health in electric cars, which further helps in increased battery life and performance. Rising use of these materials in the textile industry helps in regulating temperature and provides packaging services for protecting items with temperature sensitivity.
There is a noteworthy increase in the demand for advanced phase change materials in the building and construction industry. These advanced materials are playing a vital role in the construction industry while ensuring a green and clean future and saving energy. Implementation of stringent regulations for using energy-efficient construction practices, especially across developed regions is stimulating demand for advanced and highly efficient phase change materials.
Growing focus on green construction along with a rising emphasis on energy conservation is amplifying demand for innovative and efficient construction materials. These advanced construction materials are utilized in several applications, such as PCM-filled glass windows, underfloor electric heating systems, and thermal-efficient concrete. Thereby, an expanding building and construction industry is positively impacting advanced phase change material market trends.
Temperature-controlled packaging is playing a vital role in several industries, such as pharmaceuticals, food & beverages, bio-medical, and others. Industrialization is generating requirements for effective cold storage and transportation facilities. Increasing demand for effective temperature-controlling materials is driving sales of advanced phase change materials.
There is an increase in the adoption of more effective distribution practices while ensuring their efficiency against harsh conditions, which are otherwise hampering product quality while shipping. Bio-medical products and pharmaceuticals need to retain their temperature while transportation, which is ultimately generating a need for more sophisticated temperature controlled packaging techniques. Ambiguities in supply chain systems are stimulating demand for packaging methods with temperature control features and more sophistication, subsequently pushing sales of advanced phase change materials.
One of the key barriers against the higher possible adoption of advanced phase change materials is the requirement for higher initial investment in comparison to typical insulating materials. The cost includes the prices of PCM material and installation and integration fees, thereby discouraging cost-sensitive enterprises from allocating funds to PCM solutions, especially in areas with issues related to higher upfront costs.
Continuous advancements are taking place in material engineering and science, which are resulting in the production of more effective and adaptable advanced PCMs. Hybrid materials and nano-enhanced PCMs are contributing to improved stability, scalability, and conductivity, thereby broadening their application scope. Startups should leverage opportunities created with advancements taking place in PCMs, thereby increasing their appeal to organizations looking for dependable thermal management services.
East Asia is forecasted to possess a share of 38.4% of global market revenue by 2034-end, as reported in the updated study by Fact.MR, a market research and competitive intelligence provider. Governments in several regional countries, such as China, Japan, and South Korea are taking a proactive approach to mitigating climate change. Stringent regulations and ambitious goals for carbon reduction are promoting energy effectiveness, thereby accelerating the demand for advanced phase change materials.
High Demand for Advanced PCMs from Undergoing Residential Projects
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 775.8 Million |
| Growth Rate (2024 to 2034) | 15.3% CAGR |
| Projected Value (2034F) | US$ 3.22 Billion |
The United States is analyzed to contribute 73.5% share of North America by 2034-end. As per the data provided in the recently published report by the United States Department of Housing and Urban Development and the United States Census Bureau, there is a noteworthy increase in the count of residential projects. Green construction is one of the prominent trends observed in the country, which is generating demand for advanced phase change materials for their features of energy conservation.
Drastic Climatic Changes Stimulating Demand for Advanced Phase Change Materials in Cooling Machines
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 799.5 Million |
| Growth Rate (2024 to 2034) | 15.3% CAGR |
| Projected Value (2034F) | US$ 3.31 Billion |
China is projected to occupy a share of 57.3% of East Asia by the end of the assessment period in 2034. Constant climate changes are leading to increased heat during summers in the country, which is further contributing to the rising demand for cooling machines, such as air conditioners. These factors are driving demand for advanced phase change materials for storing heat for air conditioning and load reduction, such as buffer storage used for solar-based applications.
Sustainability and Energy Efficiency Trends Stimulating Demand for Advanced PCMs
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 432.2 Million |
| Growth Rate (2024 to 2034) | 14.4% CAGR |
| Projected Value (2034F) | US$ 1.66 Billion |
Japan is approximated to account for 28.8% share of the East Asian market by 2034. Growing environmental concerns along with a desire to minimize carbon footprints is helping in the rising use of energy-effective technology, such as advanced PCMs for satisfying sustainability goals and environmental requirements. Initiatives and legislations supporting energy saving along with the rising utilization of green building materials are contributing to increased sales of advanced PCMs.
As stated in the study by Fact.MR, the building & construction industry is holding a noteworthy share in the global demand for advanced PCMs with their use in enhancing energy conservation. Moreover, they also assist in reducing energy consumption to promote long-term sustainability and energy efficiency. These materials are consumed in building systems, such as windows, walls, ceilings, or floors is an efficient approach for decreasing the energy consumption of buildings for cooling and heating.
“Huge Demand for Inorganic Advanced PCMs as Sustainable Solution”
| Attribute | Inorganic PCMs |
|---|---|
| Segment Value (2024E) | US$ 2.17 Billion |
| Growth Rate (2024 to 2034) | 12.9% CAGR |
| Projected Value (2034F) | US$ 7.14 Billion |
Inorganic advanced phase change materials are evaluated to hold 47.5% share of the global market by 2034-end. The rising demand for inorganic advanced PCMs is due to their higher thermal stability and conductivity, thereby making them more suitable for several applications in the automotive, energy storage, construction, and aerospace industries. Surging emphasis on waste heat recovery and thermal management in several sectors is increasing demand for inorganic PCMs as environmentally sustainable solutions. Moreover, several market players are investing highly in R&D activities to enhance the performance of advanced PCMs.
Cost-effectiveness of Nano-encapsulated PCMs
Worldwide demand for non-encapsulated PCMs is favored because of their cost-effectiveness and easy operation, thereby allowing easy integration into existing products and systems. As an effective solution, these compounds are used in building materials, construction, and thermal regulation. Moreover, the rising focus on tailored PCM formulations and customized solutions for matching specific requirements is opening new doors for market players.
Some of the key players in the advanced phase change material market are incorporating organic growth strategies, such as product launches to sustain the global market. They are investing significantly in establishing new outlets or facilities to increase their production capacities, thereby matching the requirements of end users.
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Fact.MR provides detailed information about the price points of leading manufacturers of advanced phase change materials positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.
How big is the advanced phase change material market in 2024?
The global advanced phase change material market is valued at US$ 3.78 billion in 2024.
What are the sales projections for advanced PCMs by 2034?
Worldwide sales of advanced PCMs are evaluated to reach US$ 15.04 billion by 2034-end.
At what rate is the global market projected to expand?
The global market is forecasted to expand at a CAGR of 14.8% from 2024 to 2034.
What is the contribution of East Asia to global market revenue?
East Asia is expected to account for 38.4% share of global market revenue by 2034.
What is the forecasted size of the advanced PCM market in South Korea by 2034?
Demand for advanced PCMs in South Korea is projected to reach a market value of US$ 802.8 million by 2034.
What is the market scenario for inorganic advanced PCMs?
Global sales of inorganic advanced PCMs are analyzed to rise at 12.9% CAGR and reach US$ 7.14 billion by 2034.
Who are some of the key players in this market?
Some of the leading market players are Cryopak, Honeywell International Inc., Salca BV, Outlast Technologies LLC, and Axiotherm GmbH.
Advanced Phase Change Material Market