Phase Change Materials Market

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