Phase Change Material Market Size and Segmentation 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), by Region Global Market Forecast 2024-2031

Phase Change Material Market Report Scope & Overview:

The Phase Change Material Market Size was valued at USD 638.29 million in 2023 and is expected to reach USD 2160.35 million by 2031 and grow at a CAGR of 16.5% over the forecast period 2024-2031.

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.

Get More Information on Phase Change Material Market - Request Sample Report

Market Dynamics:

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

Opportunity:

• 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.

Challenge:

• 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.

Market Segmentation:

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

• Biopharmaceutical Companies

• Hospitals

• Medical Laboratories

• Others

By Application

• HVAC

• Cold Chain & Packaging

• Thermal Energy Storage

• Electronics

• Textile

• Building & Construction

• Refrigeration & Equipment

• Others

Get Customized Report as per Your Business Requirement - Request For Customized Report

Regional Analysis:

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.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The 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

Key Players:

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.

Croda International Plc-Company Financial Analysis