Advanced phase change materials market is estimated to witness high growth owing to increasing demand from the building and construction industry and growing usage in the healthcare sector
The advanced phase change materials market is estimated to be valued at USD 1.78 Bn in 2024, exhibiting a CAGR of 11.1% over the forecast period (2024-2031). Advanced phase change materials PCMs find extensive usage in various end-use industries, such as construction, healthcare, textiles, and transportation, for temperature and humidity control. Their ability to store and release heat energy at specific phase transition temperature makes them indispensable in multiple thermal management applications.
Rising demand from building and construction industry
Advanced PCMs are widely used in building construction for passive thermal energy storage and improved indoor thermal comfort. PCM-impregnated gypsum boards and wallboards help maintain consistent room temperatures. The growing construction sector across developing nations will boost the product consumption.
Growing usage in healthcare applications
Advanced PCMs find numerous applications in the healthcare sector for maintaining precise temperatures in medicine storage, medical equipment, patient gowns, beds, etc. Their usage helps ensure the quality & efficacy of temperature-sensitive drugs. The critical need for thermal regulation in the healthcare domain acts as a key driver for the advanced phase change materials market.
Growing Demand for Energy Efficiency in Buildings
Advanced phase change materials (PCMs) are increasingly being used in the construction industry to improve the energy efficiency of buildings. PCMs have the ability to absorb, store, and release large amounts of heat either from the interior or exterior of a building. This regulates the temperature inside and reduces the need for heating and cooling. As energy costs continue to rise and concerns about climate change grow, there is a greater push for green and sustainable building design. PCMs help address these needs by decreasing a building's energy consumption and carbon footprint. Their phase changes thermal storage and stabilization properties make them ideal for passive temperature control in walls, roofs, and windows. More construction companies are adopting advanced PCM technologies to gain a competitive advantage through lower operating costs and appealing green attributes that attract tenants and buyers.
Growing Popularity of District Heating and Cooling Systems
District heating and cooling, also called central energy systems, are becoming widespread in dense urban areas. They provide heating and cooling at a district-level or regional-level rather than building-level. Advanced PCMs are an important component for improving the efficiency of district energy infrastructure. They can be integrated into pipes and storage facilities to capture thermal energy during off-peak hours and release it when demand is high. This helps regulate district temperatures and reduces peak loads on centralized boilers and chillers. As more cities adopt district energy to address the needs of growing populations and minimize individual building emissions, the demand for advanced PCMs that support these sustainable utility models will increase substantially.
High Material and Manufacturing Costs
While advanced PCMs deliver various performance and efficiency benefits, their relatively high material and manufacturing costs remain a key restraint. Specialty organic, inorganic, and eutectic materials are required which drive up per unit expenses compared to traditional thermal insulation products. Developing advanced encapsulation and production technologies also incurs significant research and adoption costs. This price barrier limits the widespread deployment of advanced PCMs, particularly in price-sensitive residential and commercial segments. For the market to truly take off, material innovation or economies of scale must bring costs down to levels competitive with or moderately above standard offerings.
Limited awareness of technology and performance benefits
Despite growing applications in the construction industry, awareness and understanding of advanced PCM technology is still limited among many designers, contractors, and building owners. There exists a knowledge gap regarding their Phase Change Material (PCM) modes of operation, types available, and quantifiable impacts on building energy use. Performance data from real-world deployments also remains limited. More education is needed on proper integration methods and long-term performance reliability. Without demonstrable case studies and proven return on investment, some potential adopters will be hesitant. Information gaps pose a challenge that suppliers must address through marketing, education, and collaborative demonstration projects to gain broader market acceptance.
Growing Demand in Thermal Energy Storage Applications
Advanced PCMs show promise in the rapidly expanding domain of thermal energy storage (TES). When combined with solar thermal collectors or heat pumps, their latent heat storage capabilities help decouple energy generation from usage. This allows intermittent renewable electricity and heating/cooling to be time-shifted for when it's actually needed. PCM TES is well-suited for applications like concentrating solar power plants, solar district heating, grid stabilization, and seasonal heat storage. It helps optimize renewable resource capture and integrate higher amounts of intermittent power into existing energy infrastructure. As countries worldwide ramp up renewable capacity and energy storage investments to meet climate targets, advanced PCM TES technology will see growing demand.
Potential in Textiles and Protective Clothing Markets
The textiles industry is always searching for innovations that add value and comfort properties to fabrics. Advanced PCMs that remain suspended in synthetic fibers provide an intriguing opportunity. During physical activity or hot weather, they absorb excess skin moisture and body heat to keep the wearer feeling dry and cool. In cold weather, the stored thermal energy is released for insulation as conditions demand. PCM textiles could expand into various markets like athletic apparel, military and emergency response uniforms, and lightweight protective clothing. Their thermophysiological benefits represent an appealing value proposition especially for work sites with variable outdoor conditions. As product awareness grows, this niche application area may emerge as a promising growth driver.
Link: https://www.coherentmarketinsights.com/market-insight/advanced-phase-change-materials-market-4954
Key Developments
- In 2021, Carborundum Universal Limited (CUMI) completed its acquisition of PLUSS Advanced Technologies Pvt. Ltd., This acquisition is seen as a strategic move for business expansion for both companies.
- In 2021, ISU Chemicals Co. Op. Ltd., based in Korea, secured its membership in the global organization known as the "Quality Association PCM." This membership underscores the company's commitment to contributing to sustainable development initiatives and fostering growth.
- In 2021, Brickworks, in collaboration with Western Sydney University, announced plans to invest in innovative heat storage phase change materials. This initiative aims to improve the thermal properties of construction products, particularly concrete roof tiles.
Key Players
E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, Rubitherm Technologies GmbH, AI Technology Inc., Boyd Corporation, Cold Chain Technologies, Croda International PLC, Henkel Ag & Company KGaA, Honeywell Electronic Materials, Microtek Laboratories Inc., Pluss Advanced Technologies, Puretemp LLC, and Sasol Limited.
