Last edited 30 Sep 2020

Phase change materials

Increase in investment in research and development, and emerging developments in macro- and microencapsulation technologies are anticipated to create lucrative opportunities for the market growth in phase change materials (PCM).

The global market is projected to reach $2,434 million by 2022 from $691 million in 2015, growing at a CAGR of 19.8% from 2016-022. The building and construction segment occupied major share of the total market in 2015.

Phase change materials have an ability to store and release large amounts of energy, in the form of latent heat. Although phase changes can occur among any combination of the three phases of a substance - gas, liquid, or solid the most commercially viable transition is between the liquid and solid phases. When a PCM is in its solid phase it can absorb heat, providing a cooling effect and when a PCM is in its liquid phase it can release heat, providing a warming effect.

The rise in application in building and construction has driven the growth of the global advanced phase change materials market. Furthermore, an increase in the emphasis on energy conservation, numerous applications of advanced phase change materials in the textile sector, rapid urbanisation in developing countries, and continued technological developments in the field of advanced phase change materials are expected to fuel market growth in the near future.

The global advanced phase change materials market is gaining traction, owing to the increased use of microencapsulation and microencapsulation technologies, particularly in the construction and textile sectors. Another trend is the gradual shift of manufacturers towards biodegradable, bio-based PCM as an alternative to the traditional petroleum-based PCM.

Improved products by suppliers, and improved macro and micro-encapsulation techniques, will eventually reduce the prices of advanced PCM, and is anticipated to create lucrative opportunities for market growth. However, the high cost of advanced PCM and the lack of awareness among the consumers about usage are expected to hinder growth.

The organic PCM segment accounted for the highest value share in 2015, owing to the higher costs, while inorganic PCMs, such as, salt hydrates accounted for the highest volume share. However, the bio-based PCM segment is expected to see the highest growth during the forecast period, due to the increased preference towards environmental-friendly materials, mainly in North America and Europe.

Key findings of the Advanced Phase Change Materials Market:

The key players of advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd.

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