Phase Change Material Market worth $1004 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 18, 2022 /PRNewswire/ -- According to the new market research report "Phase Change Material Market by type (Inorganic, Organic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Electronics, Textile) and Region (North America, Europe, APAC, Rest of World) - Global Forecasts to 2026", published by MarketsandMarkets™, the market is projected to reach USD 1004 million by 2026, at a CAGR of 16.0% from USD 477 million in 2021. This growth is primarily triggered by the increasing demand for energy savings and regulations for reduction of greenhouse gas emission. Europe is the largest phase change material market due to the demand from the building & construction application and stringent government regulations regarding carbon emissions. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. The cost of energy is also high in Europe, which drives demand for phase change material in the region.
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Inorganic is the largest phase change material type of phase change material market.
Inorganic is the largest segment of phase change material; the segment accounted for the largest share, in terms of value, in the global market in 2020. Inorganic phase change material is classified as salt hydrates and metallic. Metallic includes low melting metals and metal eutectics that are not yet commercialized due to their weight. On the other hand, salt hydrates are commercialized successfully. Salt hydrates consist of an alloy of inorganic salts and water, which combine in the crystalline matrix when the material solidifies. North America is projected to be the fastest-growing market for inorganic phase change material, in terms of both, value and volume. Rising demand for class-A fire rating phase change material in the country, accompanied by its increasing use in applications such as cold chain & packaging, and refrigeration & equipment drives its demand in the region.
Cold Chain & Packaging is estimated to be the largest application of the phase change material market during the forecast period.
Cold Chain & Packaging is the largest application of phase change material; in terms of value, in the global market in 2020. The market for cold chain & packaging grew due to COVID-19 owing to the increase in demand for frozen and perishable food items. Europe led the phase change material market in the cold chain & packaging application in 2020 in terms of both, value and volume. This is due to the stringent regulations under the Directive 2011/62/EU to maintain an optimum temperature range for temperature-sensitive goods (especially medicinal products) during transport.
North America is projected to be the fastest growing region in terms of value, between 2021 and 2026, this is due to development in cold chain logistics and increased demand from pharmaceutical and food & beverage industry.
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Europe is estimated to be the largest market for phase change material during the forecast period.
Europe is the largest market for phase change material, followed by North America and Asia Pacific. The presence of stringent building codes, along with enhancements in energy efficiency in the region, drove the demand for phase change material. The high cost of energy in Europe, along with stringent regulations for energy-efficient buildings in the region, drove the demand for phase change material in the region. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. All these factors drive the demand for phase change material in this region.
The key market players profiled in the report include PureTemp LLC (US), Climator Sweden AB (Sweden), and Croda International Plc. (UK), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Advansa B.V. (The Netherlands), AI Technology Inc. (US), CoolComposites Inc. (US), Cryopak Inc. (Canada), Datum Phase Change Ltd. (UK), IoLiTec-Ionic Liquids Technologies GmbH (Germany) among others.
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