Advanced PCM Market accounted 1116.6 USD million in 2020 and is anticipated to reach 5502 USD million by 2030 with a CAGR of 17.29% during the forecast period. Advanced PCM can store or release energy during the state change. The phase change materials heat can be released and stored, the elements change state from solid to gas or liquid and vice versa. It is used for thermal energy storage, by enabling the temporary storage of high or low-temperature energy for later use. It offers a wide range of thermal management solutions, by facilitating the ability to manage demand between energy requirements and usage. The materials store releases thermal energy on transitioning from one phase to another, which happens when the materials freeze and the amount of energy is released in the form of latent heat fusion or energy of crystallization. Furthermore, the PCM is widely used in the process of green construction. According to the US department of housing and urban development, there is a significant number of residential projects under progression and in recent years, green construction is one of the key trends observed in North America. However, the Commission for Environmental Cooperation (CEC) is exploring the possibilities to include the more widespread adoption of green building practice in North America.
Market Segmentation:
On the basis of product, global advanced phase change material is segmented into organic PCM, inorganic PCM, and bio-based PCM. On the basis of application, the market is classified into building & construction, energy storage, shipping & transportation, and others. On the basis of type, the market is divided into encapsulated and non-capsulated. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Market Dynamics and Factors:
The factors responsible for driving the demand for advanced phase change materials include a rising demand for renewable sources of energy, increasing awareness towards reducing greenhouse gas emissions, and strict building codes. Moreover, in recent years temperature-controlled packaging plays a very crucial role in various pharmaceuticals, bio-medical, and food beverage industries. According to the research, the market of temperature controlled packaging in 2016 was USD 8648 million approximate and expected to grow USD 16,925 million approximate in the upcoming 2026. Hence rising demand for temperature-controlled material will help to increase the demand for PCM. However, the higher cost associated with the material and lesser awareness across the developing market is expected to restrain market growth. Factors such as technological developments and growing awareness for energy conservation, rising levels of urbanization in developing countries are expected to create ample opportunity for the market to grow.
Geographic Analysis:
Europe is dominating the market and accounted for the largest market share of 22.70% approximate in 2018. It is valued at approx. USD 245.7 Million in 2018 and is estimated to reach approx. USD 855.8 Million by 2026 at a CAGR of 15.12% during the forecast period. The growth in this region attributed to the growing global focus on energy conservation and extensively using applications such as refrigeration, HVAC, building and construction and energy storage. Followed by Europe, Asia-Pacific is the second dominating region across the world. Due to the government are taking initiative towards developing nation to increase the number of green building, which have better cooling and heating systems and utilization primarily of PCM. North America is expected to show sustainable growth, in which the US will contribute further.
Competitive Scenario:
The leading key players of the global advanced phase change material market are Sonoco Products Company, BASF SE, Outlast Technologies LLC., Entropy Solutions, Advansa B.V., E. I., Cryopak Inc., Phase Change Energy Solutions, Microtek Laboratories, Inc., Du Pont De Nemours And Company and Pluss Advanced Technologies Pvt. Ltd.
Advanced Phase Change Materials (PCM) Market Report Scope
| Report Attribute | Details |
| Analysis Period | 2020–2030 |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Market Size Estimation | Million (USD) |
| Growth Rate (CAGR%) | 17.29% |
|
| By Product (Organic PCM, Inorganic PCM, and Bio Based PCM), By Application (Building & Construction, Energy Storage, Shipping & Transportation, and Others), By Type (Encapsulated and Non-Capsulated) |
| Geographical Segmentation | North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), South America (Brazil, Argentina, Rest of SA), MEA (UAE, Saudi Arabia, South Africa) |
| Key Companies Profiled | Sonoco Products Company, BASF SE, Outlast Technologies LLC., Entropy Solutions, Advansa B.V., E. I., Cryopak Inc., Phase Change Energy Solutions, Microtek Laboratories, Inc., Du Pont De Nemours And Company and Pluss Advanced Technologies Pvt. Ltd. |
