The global phase change material market size is expected to reach USD 1,647.2 million by 2030 according to a new study by Polaris Market Research. The report “Phase Change Material Market Share, Size, Trends, Industry Analysis Report, By Application (HVAC, Cold Chain & Packaging, Thermal Energy Storage, Electronics, Textile, Building & Construction, Refrigeration & Equipment, Others); By Type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market for phase change materials is growing due to stringent laws to reduce greenhouse gas emissions. Global warming and other environmental concerns are serious problems. According to Europa, EU greenhouse gas emissions fell 19% in 2017, resulting in an absolute decrease of 935 Mt of Co2 equivalents, to put the EU on its goal to cut GHG emissions by 20% by 2020 and 40% by 2030. Also, as per the Kyoto Protocol carbon mitigation goals for 37 developing nations and economies are in transition in collaboration with the European Union.
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Further, in the United Kingdom, the CRC Energy Efficiency Program 2007 is a mandated carbon emissions reduction scheme for big public and commercial sector energy-intensive enterprises. By 2020, the plan is intended to reduce carbon emissions by 1.2 million tonnes per year.
As per the National Conference of State Legislatures, Colorado approved comprehensive climate legislation in 2019, mandating the state Air Quality Control Commission (AQCC) to issue implementing regulations targeted at reducing statewide emissions by at least 26% by 2025, 50% by 2030, and 90% by 2050, compared to 2005 levels. Besides, the Indian Government has set a target to achieve net-zero emissions by 2070. As a result, laws to reduce greenhouse gas emissions will likely raise the global market throughout the forecast period.
Based on the application, the building and construction segment accounted for the leading share in the phase change material industry. The product’s applications in the building materials and construction business are limitless. They can be integrated into every house component, from the roof to the floors and electrical equipment.
They can also store latent heat in a substance’s solid-liquid phase shift to reduce fast temperature changes within interior settings. When a boiler, water heater, or air conditioner restarts, phase change materials (PCMs) absorb wasted energy. When integrated into an HVAC device’s architecture, it also cycles through to meet or maintain its target temperature. The phase change materials market in the building and construction industry is expected to benefit from increased investments in research and development activities and emerging innovations in macro and microencapsulation.
Market players such as Croda International PLC, Boyd Corporation, Climator Sweden AB, Cold Chain Technologies, Rubitherm Technologies GmbH, Cryopak Industries Inc, Dupont De Nemours, Henkel Ag & Company KGaA, Honeywell Electronic Materials, Microtek Laboratories Inc., AI Technology Inc., Phase Change Energy Solutions, Pluss Advanced Technologies, Puretemp LLC, and Sasol Limited are some key players operating in the global market.
Polaris Market Research has segmented the phase change material market report based on type, application, and region:
Phase Change Material, Type Outlook (Revenue – USD Million, 2018 – 2030)
Phase Change Material, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Cold Chain & Packaging
- Thermal Energy Storage
- Building & Construction
- Refrigeration & Equipment
Phase Change Material, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa