Report Scope & Overview:
Phase Change Material Market Size was valued at USD 560.36 million in 2022, and expected to reach USD 1901.42 million by 2030, and grow at a CAGR of 16.5% over the forecast period 2023-2030. Phase change materials are made up of chemicals that can change their physical state to absorb, store, and release a lot of heat at a temperature that stays mostly the same. When a phase-change material freezes, it gives off a lot of energy in the form of latent heat, but when it melts, it takes in a lot of heat from the environment.
Bio-based phase change materials are becoming more and more popular.
Conservation of energy is getting more attention.
Advanced phase change materials are expensive
Material properties and how they work together
Things that are wrong with the product
Using more and more energy
Putting more attention on sustainable development
vaccines and treatments need to be stored and shipped in a way that keeps them cold.
Rules about the cold supply chain
Impact of Covid-19:
Because of COVID-19, the global demand for oil dropped by about 29,000 barrels a day, from about 120,000 barrels a day a year ago. Because of this, the price of oil went down. Because there was a lot of crude oil on the market, companies that make synthetic chemicals and materials could get cheaper raw materials that could have been used to make PCMs. But because of curfews, lockdowns, and travel restrictions all over the world, there were breaks in the supply chain at every point. Due to the shutting down of many supply routes, these materials became harder to get, which hurt the market.
During the COVID-19 pandemic, there were also restrictions on trade, which hurt the healthcare cold chain industry's supply chain. As a result, cold chain manufacturers made storage a top priority to extend the shelf life of their products. This caused a lot of people to want PCMs. Many countries on the rise, like India, don't have enough cold chain capacity to keep up with vaccination efforts. Also, because the vaccine will need more space in the cold chain in October 2020, the Union Health Ministry started a plan to strengthen the cold chain to meet both the need and the supply of proper vaccine storage and management. Since the COVID-19 pandemic is still going on and is changing all the time, the government is following the operational guideline and updating dynamic documents as the pandemic changes.
Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and other players.
By Temperature Range
-20 to -35 deg C
2 to 8 deg C
12 to 15 deg C
Cold Chain & Packaging
Thermal Energy Storage
Building & Construction
Refrigeration & Equipment
Asia-Pacific had the biggest share of the market and is expected to grow at a healthy rate over the next few years. The growth of the pharmaceutical industry in China, India, and Japan is linked to the growth of the area. China's healthcare industry has grown quickly, making it possible for the country to switch from being a place where drugs are made to a key research and development hub. As a result, China has strengthened its position as a major player in the global pharmaceutical industry, both as a consumer and as a place to do more research and development (R&D). The market in North America is also driven by the fact that people can get high-value drugs and vaccines, that people know about health care, that they spend a lot on health care per person, and that the region has a high GDP. There are a lot of small and medium-sized businesses (SMEs) in Europe that make and sell phase-change materials, which is good news for the growth of the European market. Also, in 2020, the European Health Union put in place a strategy that covers a wide range of areas, such as research and development of medicines, laboratory testing, clinical trials, marketing authorization, manufacturing, health technology assessment, pricing and reimbursement, intellectual property protection, and the entry of medicines, including generics and biosimilars, onto the market.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 560.36 Million|
|Market Size by 2030||US$ 1901.42 Million|
|CAGR||CAGR of 16.5% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type,(Organic, Inorganic, Eutectic)
• By Temperature Range (-20 to -35 deg C, 2 to 8 deg C, 12 to 15 deg C, Others)
• By End-user (Bio pharmaceutical Companies, Hospitals, Medical Laboratories, Others)
• By Application (HVAC, Cold Chain & Packaging, Thermal Energy Storage, Electronics, Textile, Building & Construction, Refrigeration & Equipment, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and other players.|
|DRIVERS||• Bio-based phase change materials are becoming more and more popular.
• Conservation of energy is getting more attention.
|Restraints||• Advanced phase change materials are expensive
• Material properties and how they work together
• Things that are wrong with the product
Ans: Primary or secondary type of research done by this reports.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Rules about the cold supply chain are the challenges faced by the Phase Change Material Market.
Ans: lBio-based phase change materials are becoming more and more popular and Conservation of energy is getting more attention are the drivers for Phase Change Material Market.
Ans: Phase Change Material Market Size was valued at USD 481 million in 2021, and expected to reach USD 1401.38 million by 2028, and grow at a CAGR of 16.5 % over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Phase Change Material Market Segment, By Type
9.Phase Change Material Market Segment, By Temperature Range
9.1 -20 to -35 deg C
9.2 2 to 8 deg C
9.3 12 to 15 deg C
10.Phase Change Material Market Segment, By End-user
10.1 Biopharmaceutical Companies
10.3 Medical Laboratories
11.Phase Change Material Market Segment, By Application
11.2 Cold Chain & Packaging
11.3 Thermal Energy Storage
11.6 Building & Construction
11.7 Refrigeration & Equipment
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13.1 Croda International Plc
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Sasol Limited
13.3 Cold Chain Technologies Inc.
13.4 Phase Change Materials Products Ltd.
13.5 Honeywell Electronic Materials
13.6 Sumitomo Chemical Co. Ltd.
13.7 Henkel AG & Company KGAA
13.8 PureTemp LLC
13.9 Microtek Laboratories Inc.
13.10 Rubitherm Technologies GmbH
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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