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Phase Change Materials Market To Witness 16.8% CAGR due to Global Focus on Green Buildings

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Phase Change Materials Market To Witness 16.8% CAGR due to Global Focus on Green Buildings

August 16
14:41 2022
Phase Change Materials Market To Witness 16.8% CAGR due to Global Focus on Green Buildings
Geographically, Europe holds the largest share in the phase change materials market, owing to the high economic growth rate, followed by heavy investments across industries such as oil & gas, automotive, infrastructure, chemical, and electronics.

In 2021, the phase change materials market amassed revenue of $1,775.5 million, and it is set to progress at a rate of 16.8% from 2021 to 2030, to reach $7,206.2 million by 2030. According to the market research study published by P&S Intelligence. This is owed to the expansion of construction and packaging industries with a rising focus on green buildings. Moreover, 50% of the world’s energy demand is driven by heating usage and more than 60% of that demand is dispersed as waste heat. It results in global climate change, with increased chances for improvements by saving waste heat for further use. The increased requirement to reduce the dependency on fossil fuels in order to conserve energy and minimize GHG emissions has resulted in the development of phase change materials.

The rise in the construction of green buildings in China has led to a surge in demand for PCMs. The construction industry of the country has experienced bolstered growth in recent years surpassing the 5-billion-m2 completed floor area of buildings annually. In addition, it has emerged as the largest contributor to the GDP of China, outgrowing other industrial sectors.

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The building and construction category holds the most-significant phase change materials market share, of 35%, and it is expected to advance at a rate of 16% in the coming years. Due to the rise in the demand for low heating and cooling loads for residential buildings, the building envelope technologies have shown steady improvements. The large energy savings are experienced by the increased adoption of innovative building materials with active thermal components.

Moreover, it can result in reduced temperature swings with the integration of the right PCM in construction materials, providing enhanced human comfort with minimized energy consumption in the building. The use of the PCMs in the building materials provides numerous benefits, including extreme hot and cold climates where energy consumption is relatively higher in order to maintain the conditions of the internal building. Therefore, it is highly utilized in construction.

Moreover, the cold chain and packaging category is expected to witness the fastest phase change materials market revenue growth, of 17%, in the near future, attributed to the rise in PCM demand for maintenance of the precise temperature throughout the supply chain with lesser carbon dioxide emissions. In addition, the worldwide bolstering demand for fresh and frozen foods drives the temperature-controlled packaging solutions. The increased availability and adoption of sustainable materials led by the material-based, reusable, temperature-controlled packaging solutions in logistics, including phase change materials have facilitated the shipping of products with decreased energy consumption.

The air conditioners and electric fans’ use to stay cool will be contributing around 20% of the total electricity consumption in buildings worldwide in the future, and hence propel the phase change materials market. Moreover, the surge in demand for space cooling solutions will provide great strain on the power infrastructure of various countries and result in increased emissions in the upcoming years. It is predicted that globally, two-thirds of the households could own air conditioners by 2050. It would result in increased demand for the PCMs to maintain precise temperature and reduce carbon emissions, and thus boost the market.

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In addition, Europe holds the greatest share of the phase change materials market, accounting for 40%, attributed to the inclination toward eco-friendly products, resulting in the proliferation of the PCM industry. Moreover, there are various initiatives taken by the European regulatory associations, to encourage the efficient building of mechanical solutions and increase the awareness of PCM applications that have caused a market boost.

Therefore, the surge in green buildings and increased awareness of the environment resulting in reduced GHG emissions propel the market.

Market Size Breakdown by Segment

By Type

  • Organic
  • Hygroscopic Materials
  • Inorganic

By Application

  • Building and Construction
  • HVAC Systems
  • Energy Storage Management
  • Cold Chain and Packaging
  • Textiles

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

Browse More Reports Published by P&S

Packaging Adhesives Market Size and Share Analysis by Formulation, Resin Type, Packaging Type – Industry Growth Forecast Report 2030

Construction Adhesives Market Share Analysis by Type, Application, Technology – Industry Development and Demand Forecast to 2030

About P&S Intelligence

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