Phase Change Material Market Insights
Substances that absorb and release thermal energy during melting and freezing are known as phase transition materials. For instance, a phase transition material that freezes releases significant energy or latent heat at a fixed temperature to keep the system's temperature steady. On the other hand, phase change material absorbs a considerable amount of heat from the environment when such material melts to maintain a constant temperature in the system under discussion. Because of these characteristics, phase change materials are employed in many applications where careful temperature control is necessary.
Phase change market growth is favored by increased demand for energy-saving and environmentally friendly materials in various industries such as building and construction, refrigeration, thermal energy storage, textiles, and electronics. The need for phase change materials in automotive applications is increasing because of increased pressure from governments of various nations to reduce carbon dioxide emissions and fuel consumption in these applications. A start-stop feature is frequently used in vehicle systems. The engine must be restarted to run the compressor and keep the temperature inside the car at the proper level, depending on the temperature. The automated start-stop system does not save much energy because the temperature control is maintained while the vehicle is still in motion. A phase change material can be used in the air conditioning system to increase energy savings during automatic start-stop.
The worldwide construction sector will likely be driven by adopting new digital technologies like 3D printing and intelligent materials. Businesses have been using fresh digital innovations and concentrating on the building industry.
Also, one of the main impediments to the market growth for phase change materials is the high cost of producing these materials and the unstable prices of raw materials. The primary essential ingredient, crude oil, has highly volatile prices. The price of phase change materials will be directly impacted by a slight shift in the global oil picture, putting the brakes on the market.
The World Health Organization (WHO) has developed framework rules for the international shipping and packaging of vaccines and Codex Alimentarius for transporting pharmaceuticals via the cold chain. The US Food and Drug Administration (FDA) also sets standards for producing, distributing, and storing food and pharmaceutical products. The regulations are anticipated to present difficulties for some essential market players.
Effect of COVID-19 on the Market for Phase Change Materials Worldwide
The COVID-19 pandemic has significantly influenced several industries, including textiles and building & construction. The pandemic has caused the supply chain to be disrupted and production sites to close (temporarily or permanently). This is anticipated to be hampered by the need for phase-change materials in these industries. The requirement to preserve medications and vaccines during transportation is expected to expand. By the end of the projection period, phase change materials are expected to be used in more pharmaceutical applications.
