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Phase Change Materials: Introduction

  • Phase change materials are substances that absorb and release thermal energy at the time of melting and freezing process. For instance, when a phase change material freezes, it releases a large amount of energy or latent heat at a constant temperature to maintain stable temperature of the system. On the contrary, when such material melts, phase change material absorbs a large amount of heat from the environment to keep stable temperature of the system under consideration. Owing to these properties, phase change materials are used in various applications where strict temperature control is required.

Rise in Demand for Ecologically-friendly Products to Drive Phase Change Materials Market

  • Increase in demand for energy saving and eco-friendly materials in a wide range of industries including building & construction, refrigeration, thermal energy storage, textiles, and electronics is expected to drive the demand for phase change materials in the near future
  • Phase change materials possess excellent properties, which make them ideal for applications such as refrigerators & freezers, textiles, construction materials, and thermal energy storage systems. In construction materials applications, phase change materials function by changing their state from solid to liquid or vice-versa over a defined temperature range. Thus, they help maintain the internal temperature of the building structure at a desired range. In medical applications, phase change materials are primarily used for temperature control of drugs, vaccines, etc. during transportation. This helps in sustaining the medicinal effects of the respective medicine. Additionally, phase change materials function as warming or cooling agents for any individual’s body parts.
  • Rise in pressure from governments of various countries to decrease carbon dioxide emissions and fuel consumption in automotive applications is boosting the consumption of phase change materials in these applications
  • An automotive system is commonly equipped with a start-stop function. Based on temperature conditions, the automotive engine needs to be restarted in order to drive the compressor and maintain the conditions inside the car at a desired level. As this maintenance of the temperature control takes place when the car is still standing, the energy savings by the automatic start-stop is very less. A phase change material can be employed in the air-conditioning system to enhance the energy savings at the time of automatic start-stop.
  • Adoption of new digital technologies, such as 3D printing or smart materials, is likely to drive the global construction industry. Companies such as Vinci, ACS, Skanska, Strabag, Balfour Beatty, and BAM have been adopting new technologies and are shifting focus toward digital technologies in the construction sector. This is fueling the demand for phase change materials. 

Impact of COVID-19 on Global Phase Change Materials Market

  • Various industries such as building & construction and textiles have been severely impacted by the COVID-19 pandemic. The pandemic has led to disruption of the supply chain and closure (temporary or permanent) of production sites. This is expected to hamper the demand for phase change materials in these industries. However, the usage of phase change materials is estimated to increase in pharmaceutical applications by the end of the forecast period, due to growth in need for preserving drugs and vaccines during transportation.

Europe to Hold Prominent Share of the Global Phase Change Materials Market

  • In terms of region, the global phase change materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • In terms of volume and value, Europe dominated the global phase change materials market in 2019. On July 09, 2018, the revised Energy Performance of Buildings Directive (EU) 2018/844 was published on the EU Official Journal (L156). According to the revised directive, all new buildings in the European Union are to be virtually zero-energy buildings by 2020. Key elements of the directive is to ensure the reduction of energy consumption, increase energy efficiency, develop renewable energies, and reduce greenhouse gas emissions by 40% by 2020 and by at least 80% by 2050. Enactment of these stringent regulations is compelling manufacturers of construction materials to adopt temperature sensitive materials such as phase change materials in Europe.  
  • The market in Asia Pacific is expected to expand at a rapid pace between 2020 and 2030 due to rise in demand for phase change materials in refrigerators & freezers, textiles, construction materials, thermal energy storage systems, and other applications

Key Players Operating in Global Market

  • The global phase change materials market is fragmented. Key players operating in the global phase change materials market include:
    • E. I. du Pont de Nemours and Company
    • Honeywell International Inc.
    • Entropy Solutions LLC
    • BASF SE
    • Croda International PLC
    • Henkel AG & Co. KGaA
    • Cold Chain Technologies, Inc.
    • Outlast Technologies LLC
    • Salca BV
    • Ciat Group (Cristopia Energy Systems)

Global Phase Change Materials Market: Research Scope

Global Phase Change Materials Market, by Type

  • Water-based
  • Salt Hydrates
  • Paraffins
  • Vegetable-based

Global Phase Change Materials Market, by Application

  • Refrigerators & Freezers
  • Textiles
  • Construction Materials
  • Thermal Energy Storage Systems
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Phase Change Materials Market