Phase Change Materials Market size was valued at around USD 1.9 billion in 2019 and will exhibit a growth rate of over 17.4% from 2020 to 2026.
Phase Change Materials Market Overview
Phase change materials are extensively used to enable the temporary storage of low temperature or high temperature energy to use later. These are also used for thermal energy storage. Phase change materials provide several thermal management solutions. This market report on phase change materials market size covers thorough coverage of the industry along with estimations and forecasts. This market is anticipated to record CAGR of 20% over the forecast period. Phase change materials like organic paraffin or carbohydrates and inert salt hydrates have a high heat of synthesis and can store hidden heat. These materials have great demand from the sectors such as building & construction, HVAC, and shipping & transportation energy storage.
Phase Change Materials Market Dynamics
There are several major factors drive the market growth such as increasing demand from industries like construction and building and increasing global trend towards sustainable development. The organic product sector dominated the phase change materials market and is anticipated to grow in future because of the increasing construction industries in regions like Asia Pacific and North America. Advancement of phase change materials is anticipated to increase the opportunities in the market. Both the industries like construction and building industries witnessed crucial growth globally. Constant technological advancement is there for the production of high-quality materials for construction activities and phase change material is one of that advancement, which is gradually penetrating the global construction industry.
Phase Change Materials Market Segmentation:
- Electrical & Electronics
- Building & Construction
- Chemical Industries
- Aerospace & Automotive
- Salt Hydrates
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
Developed economies in the regions such as North America and Europe are emerging as the growing regions due to the high demand for high-end infrastructure projects. Asia Pacific is also recording the moderate growth in the phase change materials market due to the fast urbanization and the increasing demand for sustainable buildings in spite of the high property costs. China recorded the huge market share in Asia Pacific due to the high demand from transportation, construction, textile, electronics and packaging industries. China is witnessing the high growth as packaging, the major industry operating there in which phase materials are hugely utilized for medical packaging, chemical packaging and food packaging.
Another great use of phase change materials is in electronics. In china, the electronics company witnesses a huge market share in the Asia-Pacific region and around the globe to obtain crucial turnover for years to come. Phase change materials are also used hugely in the systems such as air conditioning and heating ventilation. The transition of the country towards renewable energies and growing worldwide and domestic demand for electronics give rise to the demand for phase change materials in the industry like electronics, which is anticipated to increase during the foretell period.
The industry is competitive as several global and domestic suppliers operating in the value chain. Some of the key players working in the market are given below:
- Phase Change Products Pty Ltd
- Henkel, Cryopak
- BASF SE
- Entropy Solutions LLC
- Laird Plc
- Sasol The Dow Chemical Company
- Croda International Plc.