A $3.1 billion global opportunity for advanced phase change materials (PCM) by 2026


SAN FRANCISCO, March 3, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Advanced Phase Change Materials (PCM) – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.

Advanced Phase Change Materials (PCM) – FEB Report 2022

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Editing: 20; Published: February 2022
Executive Pool: 3852
Companies: 55 – Players covered include Advansa; Cryopak Inc.; EI du Pont De Nemours and Company; Microtek Laboratories Inc.; Microtek Laboratories Inc.; Outlast Technologies LLC; Phase change energy solutions; Pluss Polymers Pvt., Ltd. ; Sonoco Packaging Company and others.
Blanket: All major geographies and key segments
segments: Type (organic, inorganic); Application (Building and construction, HVAC, cold chain and packaging, thermal energy storage, textiles, other applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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Global Advanced Phase Change Materials (PCM) Market to Reach US$3.1 billion by 2026
Advanced phase change materials (PCM) are used for thermal energy storage, allowing temporary storage of high and low temperature energy for later use. They are employed in various industries to maintain required temperatures. Global growth is driven by increasing building and construction activities, growing attention to energy conservation, growing trend of urbanization, and technological developments related to the use of APCMs in the ‘textile industry. The growing focus on green building should bode well for the market as PCMs are used in these buildings to achieve energy efficiency. The improved ability of materials to store heat and the widespread use of temperature-controlled packaging in industries such as biomedical, pharmaceutical, and food and beverage are also driving their adoption. Booming trade and emergence of APCMs, useful for transporting perishable goods, are also expected to drive the growth of the market. The growing need for high-efficiency thermal insulation materials in HVAC and commercial refrigeration applications is also likely to encourage the use of APCMs.

Amid COVID-19 crisis, Global Advanced Phase Change Materials (PCM) Market Estimated at US$1.4 billion in 2022, is expected to reach a revised size of US$3.1 billion by 2026, growing at a CAGR of 18.8% over the analysis period. Organic, one of the segments analyzed in the report, is expected to grow at a CAGR of 17.3% to reach US$1.2 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the inorganic segment is readjusted to a revised CAGR of 19.6% for the next 7-year period. This segment currently accounts for a 64.1% share of the global advanced phase change materials (PCM) market. Organic PCMs constitute bio-based compounds and paraffin, while inorganic PCMs include metal, saline, and other hydrates. The adoption of organic PCMs, especially fatty acids, is expected to see strong growth, due to the growing interest in environmentally friendly materials. The inorganic PCM segment is driven by the extensive use of salt hydrates in various industries owing to their better characteristics such as affordability, significant heat of fusion, non-flammability, and considerable thermal conductivity.

The US market is estimated at $501.8 million in 2022, when China is expected to reach $379.3 million by 2026
Advanced Phase Change Materials (PCM) Market in United States is estimated at US$501.8 million in 2022. The country currently accounts for a 32.4% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$379.3 million in 2026 with a CAGR of 20.3% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 15.4% and 18% respectively over the analysis period. In Europe, Germany is expected to grow around 17% CAGR while the rest of the European market (as defined in the study) will reach US$456.9 million at the end of the analysis period. Europe and North America represent the main regional markets. Growth in these regions is fueled by the growing emphasis on energy conservation and the resulting emphasis on the use of energy-efficient products such as advanced PCMs. Strict enforcement of building energy efficiency regulations is the main growth driver for advanced PCM in these regions. The market is also benefiting from the growing awareness of the benefits of using energy efficient materials such as advanced PCM. Asia Pacific The APCM market is supported by a booming industrialization, urbanization and construction sector.

Applications for microencapsulated PCM will grow rapidly
Microencapsulated PCMs (MPCMs) are able to regulate the temperature inside buildings without electricity or other fuel. MPCM imparts thermal mass to buildings through the weight and mass of materials, but at a lower level, making it suitable for architectural structures and lightweight buildings. Growing global demand for energy-efficient green structures is also propelling the segment forward. Additional applications of MPCM in the building and construction industry include wallboard, insulation board and plasterboard, to name a few. On the other hand, textile applications incorporate MPCM on a large scale in fabrics used in mattresses, garments and linens. MPCM improves tissue comfort levels through effective temperature regulation. MPCMs are available in powder and slurry form with varying melting points for various applications. MPCMs typically find use in textile applications such as foams, gels, fabrics, yarns, and fibers. Another innovation involving MPCM in the textile sector includes the encapsulation of PCM in polymer shells for use in garments. The lack of testing standards in construction and textile applications poses a threat to the widespread adoption of MPCM at scale. Additionally, the high upfront costs associated with MPCM pose a challenge for the PCM segment. Continued

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
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