NEW YORK, June 13, 2022 /PRNewswire/ -- In 2021, the phase change materials market was worth around $1,775.5 million, and it is expected to generate $7,206.2 million revenue by 2030, growing at a 16.8% CAGR from 2021 to 2030, according to the market recent market research study published by P&S Intelligence. The rise in energy supply and addition in resource capacity have fallen short of meeting the growing requirements imposed by a surging population, advancing economy, and increasing urbanization. Phase change materials were created to preserve energy, reduce the reliance on fossil fuels, and reduce GHG emissions.
Building and Construction Category Accounted for Largest Revenue Share
In 2021, the building and construction category had the largest revenue share in the market, and it is expected to grow at a CAGR of more than 16% in the coming years. Building envelope technologies have constantly improved as the number of residential buildings with minimal heating and cooling loads has grown. The use of advanced building materials with active thermal components is one of the best options for achieving significant energy savings.
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Cold Chain and Packaging Category Is Expected To Grow Fastest
In the phase change materials market, the cold chain and packaging category is expected to grow at the highest CAGR, of more than 17%, in the future. This will be because of the rising demand for phase change materials to sustain precise temperatures all across the supply chain, while decreasing CO2 emissions. Furthermore, the growing worldwide demand for fresh and frozen foods is a major driver for the usage of temperature-controlled packaging.
Geographical Analysis
In 2021, the European phase change materials market had the biggest revenue share, of around 40%. The region's market is projected to benefit from the growing usage of eco-friendly materials. Moreover, SCANVAC members have taken several steps to promote efficient building mechanical systems and raise awareness of phase change material usage.
The need for such materials is snowballing in China, where the development of green buildings is underway at a rapid rate. Its yearly capacity for completed building floor area exceeds 5 billion m2. More investments might provide the financial underpinning for a large-scale shift in the construction industry, which has surpassed all other manufacturing industries to become the country's largest contributor to GDP.
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Organic Category Held Largest Revenue Share in Market
In 2021, organic materials accounted for the biggest share in the phase change materials market. This is because of the advantages of organic phase change materials, including chemical stability over many freezing and heating cycles, inertness against most encapsulation materials, compatibility with almost all materials, and high heat of fusion. The fact that such organic materials may be used as an energy storage medium at a range of temperatures is the main reason for their usefulness.
Phase Change Materials Market Segmentation Analysis
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
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