PUBLISHER: BIS Research | PRODUCT CODE: 1068423
PUBLISHER: BIS Research | PRODUCT CODE: 1068423
“Global Phase Change Materials Market to Reach $8,956.8 Million by 2031.”
Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. ('RuhrTech'), Rovilus.
Phase change materials have been developing significantly since the 1970s, and much can be attributed to the technological advancements in this field. The ecosystem of the phase change materials market comprises PCM manufacturers, PCM-based product manufacturers, end users, and others. The market is still developing, with Europe at the forefront, followed by North America and other regions.
The phase change materials market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031, growing at a CAGR of 17.54% between 2021 and 2031. The phase change materials market is driven by several factors, including the growing popularity of bio-based phase change materials. Phase change materials are a preferred choice these days because of their high heat energy storage capacities, which is expected to positively impact the growth of the overall market.
Among different applications, the building and construction segment led the market in 2020 and is expected to be the largest application during the forecast period (2021-2031). Buildings require to reduce their energy consumption and enhance their energy conservation to promote energy efficiency and long-term sustainability. Furthermore, the usage of efficient energy materials such as PCMs is essential to minimize the energy reliance on buildings. As a result, incorporating PCMs in building systems such as walls, windows, ceilings, or floors is an effective approach to decreasing the energy consumption of buildings for heating and cooling.
Among different types, paraffins led the market in 2020 and are estimated to lead the market during the forecast period (2021-2031). It is a widely utilized material, owing to the benefits of paraffin-based PCMs. The accessibility of paraffin at a wide range of temperatures is the major reason for its suitability as an energy storage medium. Paraffins are reliable, safe, and non-corrosive in general. Also, properties such as chemical stability, non-toxic properties, high latent heat of fusion, and others are contributing to the growth of paraffins.
The demand for phase change materials varies according to various regions. The phase change materials market holds a prominent share in various countries of North America, South America, Europe, the U.K., China, Asia-Pacific, and the Middle East and Africa, among which Europe is expected to account for the highest share of the global phase change materials market, owing to the presence of a significant number of phase change materials manufacturers such as Henkel AG & Co. KGaA, Climator Sweden AB, Rubitherm Technologies GmbH, and others.
Some key players operating in the market are: Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. ('RuhrTech'), and Rovilus.
The companies that are profiled in the report have been selected based on a selective pool of players, such as tier-1 players, mid-segment players, and small and emerging companies, based on various factors such as product portfolios, annual revenues, market penetrations, research, and development initiatives, along with a domestic and international presence in the phase change materials market.