Global Phase Change Material Market size is set to reach USD 12.58 Billion by the end of 2035 by expanding on a CAGR of 19% from 2023 to 2035. In the year 2022, the industry size of phase change material was USD 1.56 Billion. The faster development of smart cities, which consist of energy-efficient buildings is driving the growth of the market. These buildings are employed with PCMs to maintain the temperature regulations in the buildings and effectively use the energy, thus reducing energy consumption.
Rapid use of PCM in data center cooling systems, followed by the rise in the number of data centers to regulate the heat generated by servers and electronic components. Furthermore, they absorb and store waste heat from data centers and reuse it.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~19% |
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Base Year Market Size (2022) |
~ USD 1.56 Billion |
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Forecast Year Market Size (2035) |
~ USD 12.58 Billion |
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Regional Scope |
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Application (Building & Construction, HVAC, Cold Chain & Packaging, Textile, Electronics)
The phase change material market from cold chain & packaging segment is estimated to gain the lucrative share of about ~40% in the year 2035. The rising trade of food, such as fruits & vegetables, meat & poultry, and others is driving the segment growth. In nominal terms, food and agricultural commerce have more than tripled since 1995. Moreover, global exports are expected to be slightly greater for 2023, at 12.1 million tonnes, additionally, in countries other than the United States, global exports are expected to rise by 2%. PCMs are integrated into the packaging for preventing temperature fluctuation and keep the food in desired temperatures by absorbing the surrounding’s heat.
Type (Inorganic, Organic)
The phase change material market from the inorganic segment is projected to garner a tremendous share of around ~60% in the year 2035. The growth of the segment is due to the inflammable nature of inorganic PCMs. Moreover, inorganic PCM, such as metallic, and salt hydrates are high in demand in various industries, including cold chain logistics, refrigeration, HVAC, and others.
Our in-depth analysis of the market includes the following segments:
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Type |
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Form |
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Application |
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European Market Statistics
The phase change material market in Europe is projected to be the largest with a share of about ~31% till 2035. Many parts of Europe have taken strict actions to reduce the levels of CO2 emissions in the atmosphere, which increases the demand for PCM in various sectors for increasing sustainability and energy-efficient practices. The Climate Act, enacted by the Dutch government, targets a 49% decrease in greenhouse gas emissions by 2030 compared to 1990 levels, and a 95% reduction by 2050.
APAC Market Forecast
The Asia Pacific phase change material market is estimated to be the second largest, registering a share of nearly ~25% through 2035. Growing urbanization and economic development have increased the demand for heat, ventilation and air-conditioning (HVAC) equipment in the region. The total number of air-conditioning units in South Asia might increase from 40 million in 2017 to 300 million in 2040, with Indonesia accounting for half of this increase. Nowadays, heat exchangers in ACs are getting employed with phase change materials for improving energy efficiency.
Author Credits: Smruti Ranjan, Rajrani Baghel
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