Phase change Materials Market Analysis
Explore In-Depth Phase change Materials Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2032
Report Code: 12159
Explore In-Depth Phase change Materials Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2032
The building and construction category accounts for the largest phase change materials market revenue share, of around 35%, in 2024. Since the demand for residential buildings with low heating and cooling loads has increased, building envelope technologies have been steadily improving. The adoption of innovative building materials with active thermal components, such as PCMs, is the ultimate step in realizing large energy savings. For the past 40 years, PCMs have been studied as a thermal mass component in buildings, and the majority of studies have concluded that PCMs improve building energy performance.
Also, the integration of an appropriate PCM in construction materials can reduce temperature swings, resulting in increased human comfort and reduced energy usage in a building. The use of PCMs in building materials is advantageous, especially in extreme hot and cold climates, where the consumption of energy is high to maintain pleasant internal building conditions.
The cold chain and packaging category is projected to witness the highest CAGR, of more than 17, in the coming years. This can be primarily due to the increase in PCM demand to maintain precise temperatures throughout the supply chain while lowering CO2 emissions. Moreover, increasing demand for fresh and frozen foods across the world is a primary driver for temperature-controlled packaging solutions. The rising availability and adoption of reusable, material-based, temperature-controlled packaging solutions have contributed to the surging adoption of sustainable materials in logistics, such as PCMs, which help in efficiently transporting the products while saving energy.
The report offers insights into these applications:
The organic category holds the largest revenue share in the phase change materials market in 2024, and it is also expected to witness the highest CAGR, of 16%, over the forecast period. This is owing to the benefits of organic PCMs (paraffins), such as chemical stability over many heating and freezing cycles, high heat of fusion, non-reactive to most materials of encapsulation, and compatible with almost all materials. The accessibility of paraffin at a wide range of temperatures is the major reason for its suitability as an energy storage medium. Also, paraffin-based PCM is known as waxy solid paraffin, which is a safe, reliable, non-corrosive, and inexpensive material.
The following types are analyzed in the report:
Globally, the European market for PCMs holds the largest revenue share, of around 40%, in 2024. The inclination toward the adoption of eco-friendly materials is expected to boost the PCM industry in the region. European regulatory associations, such as the Scandinavian Federation of Heating, Ventilation, and Sanitary Engineering Associations in Denmark, Finland, Iceland, Norway, and Sweden (SCANVAC), took several initiatives to develop and promote efficient building mechanical solutions and raise awareness about PCM applications.
APAC is the fastest-growing market, with an expected CAGR of 18%, during the forecast period. This is attributed to the growth of the construction industry on account of the burgeoning population. The resulting urbanization drives the demand for ready-to-eat food and fresh produce, thus propelling the emphasis on efficient cold chains. The population rise also propels the demand for space heating and cooling, for which phase change materials are being increasingly used.
In China, the demand for PCMs is increasing since the construction of green buildings is rising at a significant pace. In recent years, China's construction industry has experienced rapid growth. Its annual capacity of the completed floor area of buildings surpasses 5 billion m2. The construction industry has outpaced all other industrial sectors to become the largest contributor to the GDP of the country, and more investments could offer financial backing for a large-scale transition in the industry.
We have studied the below-mentioned regions and countries:
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