The phase change material (PCM) market is projected to reach USD 889 million by 2025, at a CAGR of 16.0% from USD 423 million in 2020. PCMS are the materials that have the ability to store and release a large amount of heat/energy while maintaining a constant temperature. Unlike other insulation materials, on reaching a melting point (the temperature at which it changes phase from solid to liquid), PCM absorbs a large amount of heat and releases its stored latent heat while solidifying. It has tremendous potential to meet the increasing need for energy in cooling and heating applications across various industries, including construction, fixed refrigeration, textiles, packaging, electronics, etc.
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Inorganic PCM to be the fastest-growing PCM type
Inorganic PCM is expected to witness the highest growth between 2020 and 2025. This is due to inorganic PCMs have higher melting points covering sub-zero temperatures, which are useful for cooling in extreme climatic conditions. In addition, rising demand for class-A fire rating products is accompanied by its increasing use in applications such as cold chain & packaging and refrigeration & equipment.
Cold chain & packaging is expected to be the fastest-growing application
The cold chain & packaging segment is expected to be the fastest-growing segment from 2020 to 2025. This is owing to the rising demand for PCMs in cold chain & packaging due to the increased demand for pharmaceutical packaging globally.
North America to be the fastest-growing market for phase change material
The market in North America is projected to grow at the highest CAGR between 2020 and 2025, in terms of both value and volume, due to rising demand for PCM from the building & construction application. In addition, growth in the construction of green buildings in the region drives demand for PCM. The presence of major manufacturers, such as PureTemp LLC (US), Outlast Technologies LLC (US), Cold Chain Technologies, Inc. (US), Phase Change Energy Solutions Inc.(US), Honeywell Electronic Materials, Inc. (US), and Microtek Laboratories Inc. (US), is expected to further fuel the growth of the PCM market in North America.
The key market players profiled in the report include Honeywell Electronic Materials, Inc. (US), Laird Plc (UK), Sasol Limited (South Africa), Croda International Plc. (UK), Entropy Solutions LLC (US), Microtek Laboratories Inc. (US), Pluss Advanced Technologies Pvt. Ltd. (India), Phase Change Energy Solutions Inc. (US), Rubitherm Technologies GmbH (Germany), Phase Change Materials Product Ltd. (UK), Outlast Technologies LLC (US), and Henkel Electronic Materials LLC (US).
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