The Phase Change Material Market was valued at USD 1,370.70 million in 2023 and is expected to grow at a robust CAGR of around 20.45% during the forecast period (2024-2032)
The global Phase Change Material (PCM) market is witnessing robust growth, driven by increasing applications in building and construction, HVAC systems, electronics, and automotive industries. PCMs are crucial in energy storage and temperature regulation, enhancing energy efficiency and sustainability. According to UnivDatos Market Insights, the PCM market is expected to reach USD 6,934.49 million by 2032, growing at a CAGR of 20.45% from 2024 to 2032.
Meeting the Demand for Energy Efficiency
The demand for PCMs is high, especially in meeting the energy efficiency requirements in different sectors. The key sectors include building and construction, where PCMs are incorporated into products such as wallboards, floors, and ceilings to manage the indoor temperature. This, in turn, cuts down on the utilization of heating and cooling systems in the building, consequently minimizing energy utilization and expenses. PCMs have been made even more popular due to the increased rate of using environmentally friendly construction practices and green certification.
In HVAC applications, PCMs improve the operation of cooling devices. They efficiently hold thermal energy during periods of low demand and supply it during periods of high demand. PCMs are also helpful in the electronics industry, where they prevent devices such as laptops, smartphones, and data centers from overheating, leading to enhanced performance and durability.
There has been a steady increase in PCM applications in the automobile industry, such as battery and cabin thermal management systems, to improve energy usage efficiency and rider comfort. For instance, in 2023, Tesla used high-end PCM technology in battery systems to increase the efficiency of the battery and its life cycle.
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Catering to Evolving Consumer Demands
First, consumers are also shifting toward purchasing energy-efficient and sustainable goods. For instance, incorporating PCMs into building and construction materials can easily fit the current world trends and needs of green environment and energy conservancy. Prompted by consumers’ demand for high-quality and efficient products, incorporating PCMs into HVAC systems and electronics is relevant.
Similarly, the automotive industry is changing in terms of energy-efficient cars. PCMs in battery thermal management systems support better operating temperatures for electric vehicles, leading to increased efficiency and service life. This aligns well with the increased demand for environmentally friendly products and efficient car energy use. For instance, in November 2023, Henkel AG & Co. KGaA announced today that its new phase changes thermal interface material (TIM), Bergquist Hi Flow THF 5000UT, has been named the Global Technology Awards’ TIM category winner. Bergquist Hi Flow THF 5000UT is a groundbreaking phase change material that provides excellent thermal performance without the requirement for extreme mechanical pressure. Even under low pressure, the material achieves thorough wet out. It forms an ultra-thin bond line at the interface, enabling low thermal resistance and excellent heat dissipation for some of today’s most challenging high-performance applications.
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Latest Instances:
In September 2022, Peli BioThermal launched Crēdo™ Go, a reusable and flexible temperature-controlled shipping solution designed for the pharmaceutical industry. This product adapts to unique customer programs, supports environmental and operational goals, and offers configurations to manage thermal duration and temperature control. It features advanced automation technology for increased throughput, reduced lead times, and minimized assembly errors. Crēdo™ Go also uses TIC™ BridgeGuard technology for efficient phase change material distribution. The solution includes optimization software and offers sizes from 2.5 to 83 liters for various temperature ranges and durations.
In June 2024, Cold Chain Technologies, LLC opened a new manufacturing plant in Breda, Netherlands, to further support the expansion in Europe. The plant has been selected as a manufacturing and distribution center for the company’s wide range of European products and services. This new plant will manufacture and deliver advanced thermal assurance solutions using phase change material.
In October 2023, Cold Chain Technologies, LLC acquired Exeltainer, a global provider of thermal packaging solutions with manufacturing hubs in Spain and Brazil. This acquisition provided the European region with access to a broader portfolio of solutions and services from CCT with the added benefit of sourcing and manufacturing within the region.
Conclusion
In conclusion, the global PCM market is undergoing a transformative phase driven by the increasing demand for energy-efficient and sustainable solutions across various industries. The push for advanced thermal management in building and construction, electronics, HVAC systems, and automotive sectors is expected to propel market growth. Manufacturers continuously explore new applications and expand their product portfolios to cater to evolving industry needs. Technological advancements and developing eco-friendly PCMs will further drive market expansion, aligning with global sustainability trends. According to the UnivDatos analysis, the growing construction sector and the demand for energy efficiency across various industries will surge in demand for the Global Phase Change Material market.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2024−2032.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Type and by Application
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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