Worldwide phase change materials industry to grow at 18% CAGR

Increasing focus toward sustainable development presents opportunities for PCM regime.

The phase change materials market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031, growing at a CAGR of 17.54% between 2021 and 2031 as per report released by Research and Markets.

Phase change materials have been developing significantly, and much can be attributed to the technological advancements in this field. The ecosystem of the phase change materials market comprises PCM manufacturers, PCM-based product manufacturers, end users, and others. The market is still developing, with Europe at the forefront, followed by North America and other regions.

The phase change materials market is driven by several factors, including the growing popularity of bio-based phase change materials. Phase change materials are a preferred choice these days because of their high heat energy storage capacities, which is expected to positively impact the growth of the overall market.

PCM by market

Among different applications, the building and construction segment led the market in 2020 and is expected to be the largest application during the forecast period (2021-2031). Buildings require reducing their energy consumption and enhancing their energy conservation to promote energy efficiency and long-term sustainability. Furthermore, the usage of efficient energy materials such as PCMs is essential to minimize the energy reliance on buildings. As a result, incorporating PCMs in building systems such as walls, windows, ceilings, or floors is an effective approach to decreasing the energy consumption of buildings for heating and cooling.

Phase Change Materials Market by Type

Among different types, paraffins led the market in 2020 and are estimated to lead the market during the forecast period (2021-2031). It is a widely utilized material, owing to the benefits of paraffin-based PCMs. The accessibility

of paraffin at a wide range of temperatures is the major reason for its suitability as an energy storage medium. Paraffins are reliable, safe, and non-corrosive in general. Also, properties such as chemical stability, non-toxic properties, high latent heat of fusion, and others are contributing to the growth of paraffins.