Phase Change Materials Market To Generate $7,206.2 Million Revenue by 2030, says P&S Intelligence

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Jun 13, 2022, 08:40 ET

NEW YORK, June 13, 2022 /PRNewswire/ -- In 2021, the phase change materials market was worth around $1,775.5 million, and it is expected to generate $7,206.2 million revenue by 2030, growing at a 16.8% CAGR from 2021 to 2030, according to the market recent market research study published by P&S Intelligence. The rise in energy supply and addition in resource capacity have fallen short of meeting the growing requirements imposed by a surging population, advancing economy, and increasing urbanization. Phase change materials were created to preserve energy, reduce the reliance on fossil fuels, and reduce GHG emissions.

Building and Construction Category Accounted for Largest Revenue Share

In 2021, the building and construction category had the largest revenue share in the market, and it is expected to grow at a CAGR of more than 16% in the coming years. Building envelope technologies have constantly improved as the number of residential buildings with minimal heating and cooling loads has grown. The use of advanced building materials with active thermal components is one of the best options for achieving significant energy savings.

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Cold Chain and Packaging Category Is Expected To Grow Fastest

In the phase change materials market, the cold chain and packaging category is expected to grow at the highest CAGR, of more than 17%, in the future. This will be because of the rising demand for phase change materials to sustain precise temperatures all across the supply chain, while decreasing CO₂ emissions. Furthermore, the growing worldwide demand for fresh and frozen foods is a major driver for the usage of temperature-controlled packaging.

Geographical Analysis

In 2021, the European phase change materials market had the biggest revenue share, of around 40%. The region's market is projected to benefit from the growing usage of eco-friendly materials. Moreover, SCANVAC members have taken several steps to promote efficient building mechanical systems and raise awareness of phase change material usage.

The need for such materials is snowballing in China, where the development of green buildings is underway at a rapid rate. Its yearly capacity for completed building floor area exceeds 5 billion m². More investments might provide the financial underpinning for a large-scale shift in the construction industry, which has surpassed all other manufacturing industries to become the country's largest contributor to GDP.

Browse detailed report on Global Phase Change Material Market Analysis and Forecast Report, 2030

Organic Category Held Largest Revenue Share in Market

In 2021, organic materials accounted for the biggest share in the phase change materials market. This is because of the advantages of organic phase change materials, including chemical stability over many freezing and heating cycles, inertness against most encapsulation materials, compatibility with almost all materials, and high heat of fusion. The fact that such organic materials may be used as an energy storage medium at a range of temperatures is the main reason for their usefulness.

Phase Change Materials Market Segmentation Analysis

By Type

Organic
Hygroscopic Materials
Inorganic

By Application

Building and Construction
HVAC Systems
Energy Storage Management
Cold Chain and Packaging
Textiles

By Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia-Pacific

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico

Middle East and Africa

Saudi Arabia
South Africa

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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Prajneesh Kumar
P&S Intelligence
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SOURCE P&S Intelligence