Global Phase Change Material Market to 2026 - The Rise in the Need for Cold Chain Logistics Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Phase Change Material Market by Type (Organic, Inorganic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The phase change material market is estimated to grow to USD 1,004 million by 2026 from USD 477 million in 2021, at a CAGR of 16.0%.

Global warming and changing climate patterns are major environmental concerns. The European Union (EU) planned to reduce greenhouse gas emissions by 20% by 2020 and by 40% by 2030, with new environment-friendly technologies being required to achieve this objective.

The use of phase change material is expected to reduce the demand for coolers and heaters, and subsequently lower the demand for electricity. By incorporating phase change material in applications such as building and HVAC, companies now have the potential to earn 10-20 times more carbon credits than available through using other green insulating materials.

Regulations for carbon emission reductions such as the CRC Energy Efficiency Scheme in the UK have made it mandatory for non-energy-intensive organizations in the public and private sectors to reduce carbon emissions. There is an increasing demand for phase change material in buildings that reduces the required compressor load for heating and cooling buildings by maintaining required room temperatures, thus decreasing carbon emissions. All these factors are expected to drive the phase change material market.

Inorganic expected to be the largest phase change material type of the phase change material market, in terms of value, between 2021 and 2026

By type, the phase change material market is segmented into inorganic, and organic. Phase change material stores energy as latent heat, in contrast to materials that store energy as sensible heat or chemical energy. Inorganic accounted for the larger share of the global phase change material market in 2020 in terms of value. 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 the demand for inorganic phase change materials.

Government initiatives for the construction of green buildings to drive the demand for phase change materials in Europe

Europe was the largest market for phase change material in terms of both value and volume in 2020. Growth of the overall phase change material market in the region is driven majorly by 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.

Market Dynamics

Drivers

• Regulations for the Reduction of Greenhouse Gas Emissions
• Use of Phase Change Material for Temperature Control and Greater Comfort
• Use of Phase Change Material for Peak-Load Shifting
• Alternative for Reducing Energy Cost
• Reduction in Operating Cost for Cold Chain and Packaging Industry
• Effective Solution for Temperature-Sensitive Applications
• Technical Superiority Over Conventional Materials

Restraints

• Lack of Awareness for the Benefits of PCM
• Flammability and Corrosiveness Restrict the Usage of PCM
• Lack of Government Subsidies

Opportunities

• The Rise in the Need for Cold Chain Logistics
• R&D Initiatives for Enhanced Phase Change Material Efficiency

Challenges

• Relatively High Cost of Switching from Conventional Materials
• Impact of COVID-19

Companies Mentioned

• Advansa B.V.
• AI Technology Inc.
• Beyond Industries (China) Limited
• Boyd Corporation
• Ciat Group (Cristopia Energy Systems)
• Climator Sweden Ab
• Cold Chain Technologies
• Coolcomposite Inc.
• Croda International plc.
• Cryopak Industries Inc.
• Datum Phase Change Limited
• Dupont De Nemours, Inc.
• Encapsys LLC
• Global-E-Systems Europe Bv
• Henkel AG & Company KGaA
• Honeywell Electronic Materials Inc.
• Insolcorp Inc.
• Iolitec-Ionic Liquids Technologies GmbH
• Kaplan Energy Sas
• Microtek Laboratories Inc.
• Outlast Technologies LLC
• Parker Hannifin Corp.
• Phase Change Energy Solutions
• Phase Change Materials Products Ltd
• Pluss Advanced Technologies Pvt. Ltd.
• Puretemp LLC
• Rubitherm Technologies GmbH
• Salca Bv
• Sasol Limited
• Shenzen Aochuan Technology Co., Ltd.
• Shin-Etsu Chemical Co., Ltd
• Teappcm

For more information about this report visit https://www.researchandmarkets.com/r/ugnwbb