October 06, 2022 10:15 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The Worldwide Phase Change Materials Market's worth in 2021 was USD 1.66 billion, and by 2030 it will reach USD 5.1 billion with a 15% CAGR. A phase change material is any substance that releases and absorbs heat as its physical state changes, such as from solid to liquid and liquid to solid. The most well-known example is water, which has a phase transformation from solid to liquid at 0°C and has been utilized for ages as cold storage in the form of ice and snow to keep food cool. It takes the same energy to melt 1 kg of ice as it does to heat water from 0°C to 80°C. PCM is particularly appealing for a variety of applications due to its great storage capacity and relatively low losses as compared to other storage technologies.
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Phase Change Materials Market Global Insights:
Factors influencing the Phase Change Materials Market growth:
Factors such as the increasing emphasis on green construction and increasing adoption of PCM in building materials are stimulating its growth rate.
Phase Change Materials Market: A thorough Segmentation Analysis
The worldwide Phase Change Materials Market segmentation has been performed on the basis of type, application, and region. By type:
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Phase Change Materials Market Report Coverage
On the basis of type, the organic segment held a considerable position in the market in 2021. The expanding usage of organic PCMs such as polyolefin waxes or paraffin wax, fatty acids, and others in a variety of end-use industries, particularly in the building and construction sector, has a significant impact on their high demand. Additionally, organic phase change materials offer outstanding qualities like low prices, low density, thermal stability, good heat storage capacity & high latent heat, which increase their demand in major end use industries. Because of its low water solubility, paraffin hydrocarbons are increasingly employed in construction and building materials. Due to the increased demand for organic PCMs in construction and building, the worldwide phase change industry is expected to rise rapidly over the projected period.
In 2021, the building and construction segment recorded the largest revenue share of over 35% in terms of application. The phase change material use is increasing in the building and construction industries for solar cooling, passive heating and cooling systems, and other applications. The growing need for thermal energy storage systems in the construction and building segment offers opportunities for energy conservation. The need for phase change materials is also being accelerated by the expanding investment and development in smart and environment friendly construction projects. Consequently, the global phase change materials market will expand quickly throughout the projected period as a result of increased demand for PCM in the building and construction sector.
Europe ruled the overall market with the biggest market share of nearly 40% by region in 2021. The significant position of Europe in this market is due to the major developments and increased demand in various industries like textile, automotive, building and construction, pharmaceutical, and others. Additionally, the development of the phase change materials business in this region is fuelled by the growing emphasis on green building and construction to reduce carbon emissions. The monthly volume of building output increased by 1.1% in January 2022, followed by a 2.0% growth in December 2021, as per the Office for National Statistics report. Furthermore, the increasing use of PCMs in solar power, textiles, and packaging is enhancing market development prospects.
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Key players in Phase Change Materials Market:
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