Title: Global Phase Change Material Market Growth and Trends
The Phase Change Material (PCM) market is projected to reach USD 2220.95 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 19.78% from 2024 to 2032. The increasing use of PCMs in building materials is driving the market growth.
In the building and construction industry, PCMs are becoming increasingly popular. They are used in various building components such as roofs, walls, floors, windows, and shutters. The market growth is attributed to the integration of passive building technologies to alter thermal applications. The sales of PCMs are being driven by their use in concrete, wallboards, roofing, and plastics like polypropylene and polyolefin elastomers to improve building thermal efficiency.
For instance, in India, more than USD 2500 million were invested through foreign direct investment (FDIs) in the construction development sector in 2021. This focus on building materials and infrastructure contributes to the demand in the global phase change materials market.
In 2024, the CEO of PLUSS Advanced Technologies announced the innovation of a temperature-controlled packaging solution using PCMs for pharmaceutical and battery safety. This innovation helped the pharmaceutical industry by reducing drug wastage and improving cost-effective processes, thereby driving the phase change market growth.
However, the market faces challenges such as infrastructure issues, high costs, and a lack of skilled labor. Despite these challenges, the market is expected to grow due to rising government investments and plans to improve the overall landscape and make it possible for the access element to improve.
The growing demand for electric vehicles globally is also driving the market growth. The sales of electric vehicles are projected to reach approximately 17 million by the end of 2024, due to the use of PCMs to control the temperature of the battery in electric vehicles.
Key players in the market include Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and others.
The organic type segment dominated the market with the highest revenue share of more than 54% in 2023. The building & construction segment also dominated the market with the highest revenue share of more than 39.5% in 2023.
Europe led the Phase Change Material Market with the highest revenue share of approximately 35.22% in 2023. The APAC region is also expected to contribute significantly to the market growth.
Recent developments include the launch of a non-toxic, non-hazardous, and non-flammable PCM for -70°C ultra-low temperature protection by BioLife Solutions in March 2023. Shanghai Polytechnic University also announced a new technology of effective phase change microcapsules for solar energy storage in October 2022.
In conclusion, the global Phase Change Material market is expected to grow significantly due to the increasing application in building and construction, equipment, and other sectors. Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region. Government initiatives will have a major impact on overall market growth, particularly in the organic type segment.
