Advanced Phase Change Material Market size was estimated at 7.49 (USD Billion) in 2022. The Advanced Phase Change Material industry is expected to grow from 8.54(USD Billion) in 2023 to 27.84 (USD Billion) by 2032. The advanced phase change material market CAGR (growth rate) is expected to be around 14.03% during the forecast period (2024 - 2032).
Key Advanced Phase Change Material Market Trends Highlighted
Advanced phase change material (PCM) market is witnessing a surge in demand due to increasing applications in energy storage, thermal management, and building insulation. Growing concerns about energy efficiency and environmental sustainability are driving the adoption of PCMs as they offer high thermal energy storage capacity and excellent thermal conductivity.
The market is driven by technological advancements such as the development of novel PCMs with enhanced thermal stability, higher energy storage density, and broader operating temperature ranges. These advancements enable the integration of PCMs into various systems and applications, such as thermal energy storage systems for renewable energy integration and temperature control solutions for electronics and wearable devices.
Recent trends in the advanced phase change material market include the emergence of innovative applications, such as self-healing materials that incorporate PCMs for enhanced durability and structural integrity. The market is also witnessing increasing collaborations between research institutions and industry players to develop advanced PCM technologies and explore new applications. This collaborative approach is expected to accelerate the adoption and commercialization of Advanced Phase Change Materials in various sectors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Advanced Phase Change Material Market Drivers
Rising Demand for Energy-Efficient Building Materials
The global building and construction industry is continually developing to address the rising need to build sustainable and energy-efficient structures. One of the drivers promoting the growth of the global advanced phase change material industry is the rising adoption of advanced phase change materials by the building and construction industry. Advanced PCMs can absorb, store, and release great amounts of thermal energy. Buildings on which Phase Change Material has been applied are, consequently, able to regulate their indoor temperatures more effectively and, by doing so, reduce their heating and cooling burdens.
Government Regulations and Incentives for Green Building Practices
Green building practices are being accelerated through regulations or incentives that various governments are passing. In a bid to reduce carbon emissions, energy performance or demand, and ensure there is a more resource-efficient built environment, many governments are promoting the use of advanced phase change materials. This has generated a demand for the advanced phase change materials that can meet such emerging needs. On this note, advanced regions such as Europe, North America will have a high demand as these regions are among the leading in coming up with green building regulations or incentives to consumers.
Advancements in PCM Technology and Applications
Ongoing research and development efforts are leading to advancements in PCM technology and applications. New PCMs with improved thermal properties, stability, and durability are being developed, expanding the potential applications of these materials. Additionally, the development of novel encapsulation methods and innovative PCM-based products is creating new opportunities for growth in the Advanced Phase Change Material Market. These advancements are expected to drive the adoption of PCMs in various industries beyond construction, including textiles, electronics, and healthcare.
Advanced Phase Change Material Market Segment Insights:
Advanced Phase Change Material Market Phase Change Insights
The Advanced Phase Change Material Market is classified on the basis of type into three, namely, solid-liquid, solid-solid and liquid-gas. The solid-liquid phase change materials captured the largest market share in 2023 and is expected to continue to be the market leader throughout the forecast period. Such high dominance is primarily because solid-liquid phase change materials have high latent heat storage capacity, thermal conductivity and chemical stability enabling its use in a wide range of applications such as thermal energy storage, building insulation and cooling electronics.The solid-solid phase change materials segment is expected to grow at an impressive rate from 2023 to 2030. This is because solid-solid phase change materials have the ability to store and release thermal heat at a particular temperature. This change in the phase configuration makes them suitable for thermal management systems such as heat sinks, refrigeration, thermal switch, thermal battery, effluent cooling and water treatment. The liquid-gas phase change material acquired for an incremental market share in 2023; moreover it is anticipated to grow at a constant rate for the rest of the forecast period.This is because liquid-gas phase change materials have high energy storage density and can be used for packing material, solar thermal energy storage and waste heat recovery. Geographically, Asia-Pacific accounted for the highest share of the Advanced Phase Change Material Market in 2023. It is also expected to dominate the market throughout the forecast period. As the region hosts some of the most energy efficient industrial systems and the presence of some of the world’s leading manufacturing forces such as China, India and Japan also contributes to its higher recognition.The Advanced Phase Change Material Market is poised to grow steadily through the forecast period from 2023 to 2030 due to the growing demand for energy efficient solutions coupled with increasing interest and knowledge in the field of thermal management and newer technological frontiers. The Advanced Phase Change Material Market is anticipated to garner a revenue of USD 12.45 billion by 2030 growing at a CAGR of 12.8% during the forecast period from 2023 to 2030.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Advanced Phase Change Material Market Application Insights
Advanced Phase Change Material Market is segmented by Application as Energy Storage, Thermal Regulation, and Electronics Cooling. The Energy Storage segment accounted for the largest market share in 2023 and is expected to continue to dominate the market during the forecast period. This is attributed to the increasing demand for advanced phase change materials for energy storage applications, such as batteries and thermal energy storage systems. The Thermal Regulation segment is also expected to grow at a considerable rate during the forecast period.Several factors, including the increasing demand for advanced phase change materials for thermal regulation applications, such as building insulation, and temperature control systems, have contributed to the growth of this segment. The Electronics Cooling segment is expected to grow at a moderate rate during the forecast period. This growth is attributed to the increasing demand for advanced phase change materials for electronics cooling applications, such as heat sinks and thermal interface materials.
Advanced Phase Change Material Market Material Type Insights
The Advanced Phase Change Material Market is segmented by Material Type into Organic, Inorganic, and Composite. Among these segments, the Organic segment held the largest market share in 2023, accounting for around 55.4% of the Advanced Phase Change Material Market revenue. The Organic segment is expected to maintain its dominance throughout the forecast period, owing to the increasing demand for bio-based and sustainable materials. The Inorganic segment is projected to witness the highest growth rate during the forecast period, due to the rising adoption of inorganic PCMs in various industries, including construction and energy storage.The Composite segment is expected to gain significant traction in the coming years, driven by the development of advanced composite PCMs with enhanced thermal properties and durability.
Advanced Phase Change Material Market End-Use Industry Insights
The construction industry is expected to hold the largest share of the global Advanced Phase Change Material (PCM) market in 2023, and is projected to continue its dominance throughout the forecast period. The growing demand for energy-efficient buildings and the need to reduce carbon emissions are driving the adoption of PCMs in construction applications. PCMs are incorporated into building materials such as concrete, plasterboard, and insulation to regulate indoor temperatures and reduce energy consumption. In the manufacturing sector, PCMs are used in thermal energy storage systems to improve the efficiency of industrial processes.They are also employed in temperature-controlled packaging and logistics to maintain the integrity of sensitive products during transportation. The transportation industry is exploring the use of PCMs in electric vehicles to improve battery performance and extend driving range. PCMs are integrated into battery packs to absorb and release heat, preventing overheating and enhancing battery life.
Advanced Phase Change Material Market Regional Insights
The Advanced Phase Change Material Market is segmented regionally into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. This growth is attributed to the increasing demand for energy-efficient building materials in the region. Government regulations promoting green building construction are also driving the market growth in APAC. For instance, in 2021, the Chinese government introduced new regulations requiring all new buildings to meet certain energy efficiency standards.This has led to a surge in demand for advanced phase change materials in the country.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Advanced Phase Change Material Market Key Players And Competitive Insights:
Major players in Advanced Phase Change Material Market are continuously investing in research and development to offer advanced and innovative products. Leading Advanced Phase Change Material Market players are focusing on developing new products that are more efficient, cost-effective, and environmentally friendly. The Advanced Phase Change Material Market is expected to witness significant growth over the forecast period, owing to the increasing demand for thermal energy storage solutions in various applications. The competitive landscape of the Advanced Phase Change Material Market is characterized by the presence of both established and emerging players. Key players in the Advanced Phase Change Material Market include BASF SE, Merck KGaA, Saint-Gobain Performance Plastics, and NanoPCM. These players are focusing on expanding their global footprint and increasing their market share through strategic partnerships, acquisitions, and product launches.A leading company in the Advanced Phase Change Material Market, BASF SE, is a global chemical company that offers a wide range of products, including advanced phase change materials. The company's PCMs are used in various applications, including thermal energy storage, temperature regulation, and energy efficiency. BASF SE is committed to innovation and sustainability, and it invests heavily in research and development to develop new and improved PCMs. The company's global presence and strong customer base are key factors contributing to its success in the Advanced Phase Change Material Market.A key competitor in the Advanced Phase Change Material Market, Merck KGaA, is a German science and technology company that offers a range of products, including advanced phase change materials. The company's PCMs are used in various applications, including thermal energy storage, temperature regulation, and energy efficiency. Merck KGaA is known for its high-quality products and its commitment to sustainability. The company has a strong global presence and a loyal customer base. Merck KGaA's experience in the Advanced Phase Change Material Market and its focus on innovation are key factors contributing to its success.
Key Companies in the Advanced Phase Change Material Market Include:
The Dow Chemical Company
LyondellBasell Industries
Merck
Toray Industries
Mitsubishi Chemical Corporation
3M
Kuraray Co., Ltd.
BASF
Sumitomo Chemical Company
Teijin Limited
Huntsman Corporation
Momentive Performance Materials
SABIC
Evonik
Advanced Phase Change Material Market Developments
The global advanced phase change material (PCM) market is projected to grow from an estimated USD 8.54 billion in 2023 to USD 27.84 billion by 2032, exhibiting a CAGR of 14.03% during the forecast period. Rising demand for energy-efficient building materials, increasing adoption of PCMs in thermal energy storage systems, and growing awareness about the benefits of PCMs in various industries are driving market growth.Recent news developments in the market include:BASF and Merck KGaA have partnered to develop and market PCMs for building applications.Phase Change Energy Solutions has launched a new line of PCM-based thermal storage products for commercial and industrial use.NanoPCM has received funding to scale up production of its PCM-based cooling solutions for data centers.These developments indicate the growing interest and investment in the advanced PCM market, driven by the increasing demand for energy-efficient and sustainable solutions.
Advanced Phase Change Material Market Segmentation Insights
Advanced Phase Change Material Market Phase Change Outlook
Solid-Liquid
Solid-Solid
Liquid-Gas
Advanced Phase Change Material Market Application Outlook
Energy Storage
Thermal Regulation
Electronics Cooling
Advanced Phase Change Material Market Material Type Outlook
Organic
Inorganic
Composite
Advanced Phase Change Material Market End-Use Industry Outlook
Construction
Manufacturing
Transportation
Advanced Phase Change Material Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 7.49(USD Billion) |
| Market Size 2023 | 8.54(USD Billion) |
| Market Size 2032 | 27.84(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 14.03% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | The Dow Chemical Company ,LyondellBasell Industries ,Merck ,Toray Industries ,Mitsubishi Chemical Corporation ,3M ,Kuraray Co., Ltd. ,BASF ,Sumitomo Chemical Company ,Teijin Limited ,Huntsman Corporation ,Momentive Performance Materials ,SABIC ,Evonik |
| Segments Covered | Phase Change ,Application ,Material Type ,End-Use Industry ,Regional |
| Key Market Opportunities | Growing demand for energyefficient construction Expansion of data center industry Government initiatives and regulations Advancements in materials science Increasing adoption in consumer electronics |
| Key Market Dynamics | Increasing demand for thermal energy storage Advancements in material science Rising energy efficiency regulations Growing environmental concerns Government incentives |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Advanced Phase Change Material (PCM) market size was valued at USD 8.54 billion in 2023 and is projected to grow at a CAGR of 14.03% to reach USD 27.84 billion by 2032.
North America and Europe are the dominant regions in the Advanced Phase Change Material market, collectively accounting for over 60% of the global revenue share in 2023. Asia-Pacific is projected to be the fastest-growing region, with a CAGR of 15.2% during the forecast period.
Advanced Phase Change Materials find applications in various sectors, including building and construction, textiles, electronics, healthcare, and energy storage. The building and construction sector holds the largest market share due to the increasing demand for energy-efficient and sustainable building materials.
Some of the prominent players in the Advanced Phase Change Material market include BASF SE, Merck KGaA, Croda International Plc, Evonik Industries AG, and PCM Products Ltd. These companies are focusing on developing innovative PCM solutions and expanding their global presence.
The increasing demand for energy efficiency, rising concerns about climate change, and government regulations promoting sustainable practices are the primary factors driving the growth of the Advanced Phase Change Material market.
The high cost of PCMs, technical limitations, and lack of awareness about their benefits are some of the challenges faced by the Advanced Phase Change Material market.
The integration of PCMs with other building materials, the development of new PCMs with enhanced properties, and the increasing adoption of PCMs in wearable technologies are some of the emerging trends in the Advanced Phase Change Material market.
The Advanced Phase Change Material Market is projected to reach USD 18.54 billion by 2028, exhibiting a CAGR of 12.03% during the forecast period 2023-2028.
Asia-Pacific is expected to hold the largest market share in the Advanced Phase Change Material market by 2032, owing to the increasing construction activities, rising urbanization, and growing awareness about energy efficiency in the region.
The COVID-19 pandemic had a moderate impact on the Advanced Phase Change Material market. The slowdown in construction activities and supply chain disruptions led to a temporary decline in market growth. However, the market is expected to recover post-pandemic, driven by increasing demand for energy-efficient solutions.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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