Phase Change Materials Market - A Global and Regional Analysis

Focus on Application, Type, and Region - Analysis and Forecast, 2020-2031

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A quick peek into the report

Market Report Coverage

Phase Change Materials Market
Forecast Period: 2021-2031
CAGR During Forecast Period: 17.54%

Phase Change Materials Market

Base Year

2020

Market Size in 2021

$1,778.8 Million

Forecast Period

2021-2031

Value Projection and Estimation by 2031

$8,956.8 Million

CAGR During Forecast Period

17.54%

Number of Tables

46

Number of Pages

156

Number of Figures

17

Market Segmentation

•   By Application - Building and Construction, Heating, Ventilation, and Air Conditioning (HVAC) Systems, Energy Storage Management, Commercial Refrigeration, Cold Chain and Packaging, Textiles, and Others

•    By Type - Paraffin, Salt Hydrates, Eutectics, Non-Paraffin, and Others

Regional Segmentation

•    North America - U.S., Canada, Mexico

•    Europe - Germany, France, Italy, Spain, and Rest-of-Europe

•    U.K.

•    China

•    Asia-Pacific and Japan - Japan, South Korea, India, and Rest-of-Asia-Pacific

•    Rest-of-the-World - Middle East and Africa, South America

Market Growth Drivers

•    Growing Popularity of Bio-Based Phase Change Materials

•    Rising Emphasis on Energy Conservation

Market Challenges

•    High Cost of Advanced Phase Change Materials

•    Material Properties and Compatibility

Market Opportunities

•    Increasing Energy Consumption

•    Increasing Focus Toward Sustainable Development

Key Companies Profiled

Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), Rovilus

How This Report Can Add Value

Extensive competitive benchmarking of top 19 players offering a holistic view of the global phase change materials landscape

This extensive report can help with:

•    A dedicated section focusing on the futuristic trends adopted by the key players operating in the global phase change materials market 
•    Extensive competitive benchmarking of top 19 players offering a holistic view of the global phase change materials landscape
•    Qualitative and quantitative analysis of phase change materials industry at country level granularity based on region, application, and type segments

Recent Developments

•    In February 2021, Rubitherm Technologies GmbH developed a phase change storage device known as “Phasecube” for use in domestic ventilation systems to reduce energy costs.
•    In January 2019, PureTemp LLC developed a fabric coating that acts as a buffer against environmental temperature swings in consumer products such as safety, medical, apparel, workwear, footwear, bedding, and industrial applications. The bio-based phase change material is enclosed in spherical microcapsules and bound to the surface of the fabric.
•    In 2018, Microtek Laboratories Inc. expanded its product portfolio by adding bio-based phase change material solutions to the product portfolio. These PCMs are biodegradable, non-toxic, and eco-friendly. 
•    In August 2021, Carborundum Universal Ltd. (CUMI) agreed to buy a controlling stake in PLUSS Advanced Technologies Pvt. Ltd., with an initial investment of $ 15.7 million (? 115 crores). This would address the opportunities in medical devices, pharma cold chain, buildings and HVAC, refrigeration and food supply chain, and others.

Key Questions Answered in the Report

•    What are the major factors and trends that are impacting the adoption/consumption of phase change materials?
•    What are some of the key initiatives taken by the existing players to improve their market positioning and strategy adopted by new players entering in phase change materials marketspace?
•    With respect to various types of commercially available phase change materials, which are the leading categories, promising applications, and preferred types in the market, and how are these going to evolve in the coming years? 
•    What are the latest developments in various countries for the development of phase change materials, and what are the consumption patterns? 
•    How has COVID-19 impacted the phase change materials market across the globe?
•    What are the bottlenecks around the adoption of phase change materials across different regions and countries, and what are the government regulations across the globe impacting the phase change materials market?

Report Summary

The market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031.

Phase Change Materials Market

Phase change materials have been developing significantly since the 1970s, 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.

Phase Change Materials Industry Overview

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. 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.

Market Segmentation

Phase Change Materials Market by Application

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 to reduce their energy consumption and enhance 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.

Phase Change Materials Market by Region

The demand for phase change materials varies according to various regions. The phase change materials market holds a prominent share in various countries of North America, South America, Europe, the U.K., China, Asia-Pacific, and the Middle East and Africa, among which Europe is expected to account for the highest share of the global phase change materials market, owing to the presence of a significant number of phase change materials manufacturers such as Henkel AG & Co. KGaA, Climator Sweden AB, Rubitherm Technologies GmbH, and others.

Key Market Players and Competition Synopsis

Some key players operating in the market are Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), and Rovilus

The companies that are profiled in the report have been selected based on a selective pool of players, such as tier-1 players, mid-segment players, and small and emerging companies, based on various factors such as product portfolios, annual revenues, market penetrations, research, and development initiatives, along with a domestic and international presence in the phase change materials market.

Table of Contents

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1.1    Industry Outlook    
         1.1.1    Trends: Current and Future    
                     1.1.1.1    Regulations Regarding Minimizing Greenhouse Gas Emissions    
                     1.1.1.2    Performance Enhancement of Phase Change Materials    
         1.1.2    Supply Chain Analysis    
         1.1.3    Ecosystem/Ongoing Programs    
                     1.1.3.1    Consortiums and Associations    
                     1.1.3.2    Regulatory Bodies    
                     1.1.3.3    Programs by Research Institutions and Universities    
         1.1.4    Impact of COVID-19 on the Phase Change Materials Market    
1.2    Business Dynamics    
         1.2.1    Business Drivers    
                     1.2.1.1    Growing Popularity of Bio-Based Phase Change Materials    
                     1.2.1.2    Rising Emphasis on Energy Conservation    
         1.2.2    Business Challenges    
                     1.2.2.1    High Cost of Advanced Phase Change Materials    
                     1.2.2.2    Material Properties and Compatibility    
         1.2.3    Business Strategies    
                     1.2.3.1    Product Developments    
                     1.2.3.2    Market Developments    
         1.2.4    Business Opportunities    
                     1.2.4.1    Increasing Energy Consumption    
                     1.2.4.2    Increasing Focus Toward Sustainable Development    
1.3    Start-Up Landscape    
         1.3.1    Key Start-Ups in the Ecosystem    

2.1    Global Phase Change Materials Market (Applications and Specifications)    
         2.1.1    Building and Construction    
         2.1.2    Heating, Ventilation, and Air Conditioning (HVAC) Systems    
         2.1.3    Energy Storage Management    
         2.1.4    Commercial Refrigeration    
         2.1.5    Cold Chain and Packaging    
         2.1.6    Textiles    
         2.1.7    Others    
2.2    Demand Analysis of Phase Change Materials Market (by Applications), Value Data

3.1    Global Phase Change Materials Market (Products and Specifications)    
         3.1.1    Paraffin    
         3.1.2    Salt Hydrates    
         3.1.3    Eutectics    
         3.1.4    Non-Paraffin    
         3.1.5    Others    
3.2    Demand Analysis of Phase Change Materials Market (by Type), Value Data    
3.3    Product Benchmarking: Growth Rate – Market Share Matrix, 2020    
3.4    Patent Analysis    
         3.4.1    Patent Analysis (by Status)    
         3.4.2    Patent Analysis (by Organization)

4.1    North America    
         4.1.1    Markets    
                     4.1.1.1    Key Manufacturers and Suppliers in North America    
                     4.1.1.2    Business Challenges    
                     4.1.1.3    Business Drivers    
         4.1.2    Applications    
                     4.1.2.1    North America Phase Change Materials Market ( by Application), Value Data    
         4.1.3    Products    
                     4.1.3.1    North America Phase Change Materials Market ( by Type), Value Data    
         4.1.4    North America (by Country)    
                     4.1.4.1    U.S.    
                                    4.1.4.1.1    Markets    
                                                      4.1.4.1.1.1    Buyer Attributes    
                                                      4.1.4.1.1.2    Key Manufacturers and Suppliers in the U.S.    
                                                      4.1.4.1.1.3    Business Challenges    
                                                      4.1.4.1.1.4    Business Drivers    
                                    4.1.4.1.2    Applications    
                                                      4.1.4.1.2.1    U.S. Phase Change Materials Market (by Application), Value Data    
                                    4.1.4.1.3    Products    
                                                      4.1.4.1.3.1    U.S. Phase Change Materials Market (by Type), Value Data    
                     4.1.4.2    Canada    
                                    4.1.4.2.1    Markets    
                                                      4.1.4.2.1.1    Buyer Attributes    
                                                      4.1.4.2.1.2    Key Manufacturers and Suppliers in Canada    
                                                      4.1.4.2.1.3    Business Challenges    
                                                      4.1.4.2.1.4    Business Drivers    
                                    4.1.4.2.2    Applications    
                                                      4.1.4.2.2.1    Canada Phase Change Materials Market (by Application), Value Data    
                                    4.1.4.2.3    Products    
                                                      4.1.4.2.3.1    Canada Phase Change Materials Market (by Type), Value Data    
                     4.1.4.3    Mexico    
                                    4.1.4.3.1    Markets    
                                                      4.1.4.3.1.1    Buyer Attributes    
                                                      4.1.4.3.1.2    Key Manufacturers and Suppliers in Mexico    
                                                      4.1.4.3.1.3    Business Challenges    
                                                      4.1.4.3.1.4    Business Drivers    
                                    4.1.4.3.2    Applications    
                                                      4.1.4.3.2.1    Mexico Phase Change Materials Market (by Application), Value Data    
                                    4.1.4.3.3    Products    
                                                      4.1.4.3.3.1    Mexico Phase Change Materials Market (by Type), Value Data    
4.2    Europe    
         4.2.1    Market    
                     4.2.1.1    Key Manufacturers and Suppliers in Europe    
                     4.2.1.2    Business Challenges    
                     4.2.1.3    Business Drivers    
         4.2.2    Applications    
                     4.2.2.1    Europe Phase Change Materials Market ( by Application), Value Data    
         4.2.3    Products    
                     4.2.3.1    Europe Phase Change Materials Market ( by Type), Value Data    
         4.2.4    Europe (by Country)    
                     4.2.4.1    Germany    
                                    4.2.4.1.1    Market    
                                                      4.2.4.1.1.1    Buyer Attributes    
                                                      4.2.4.1.1.2    Key Manufacturers and Suppliers in Germany    
                                                      4.2.4.1.1.3    Business Challenges    
                                                      4.2.4.1.1.4    Business Drivers    
                                    4.2.4.1.2    Applications    
                                                      4.2.4.1.2.1    Germany Phase Change Materials Market (by Application), Value Data    
                                    4.2.4.1.3    Products    
                                                      4.2.4.1.3.1    Germany Phase Change Materials Market (by Type), Value Data    
                     4.2.4.2    France    
                                    4.2.4.2.1    Market    
                                                      4.2.4.2.1.1    Buyer Attributes    
                                                      4.2.4.2.1.2    Key Manufacturers and Suppliers in France    
                                                      4.2.4.2.1.3    Business Challenges    
                                                      4.2.4.2.1.4    Business Drivers    
                                    4.2.4.2.2    Applications    
                                                      4.2.4.2.2.1    France Phase Change Materials Market (by Application), Value Data    
                                    4.2.4.2.3    Products    
                                                      4.2.4.2.3.1    France Phase Change Materials Market (by Type), Value Data    
                     4.2.4.3    Italy    
                                    4.2.4.3.1    Market    
                                                      4.2.4.3.1.1    Buyer Attributes    
                                                      4.2.4.3.1.2    Key Manufacturers and Suppliers in Italy    
                                                      4.2.4.3.1.3    Business Challenges    
                                                      4.2.4.3.1.4    Business Drivers    
                                    4.2.4.3.2    Applications    
                                                      4.2.4.3.2.1    Italy Phase Change Materials Market (by Application), Value Data    
                                    4.2.4.3.3    Products    
                                                      4.2.4.3.3.1    Italy Phase Change Materials Market (by Type), Value Data    
                     4.2.4.4    Spain    
                                    4.2.4.4.1    Markets    
                                                      4.2.4.4.1.1    Buyer Attributes    
                                                      4.2.4.4.1.2    Key Manufacturers and Suppliers in Spain    
                                                      4.2.4.4.1.3    Business Challenges    
                                                      4.2.4.4.1.4    Business Drivers    
                                    4.2.4.4.2    Applications    
                                                      4.2.4.4.2.1    Spain Phase Change Materials Market (by Application), Value Data    
                                    4.2.4.4.3    Products    
                                                      4.2.4.4.3.1    Spain Phase Change Materials Market (by Type), Value Data    
                     4.2.4.5    Rest-of-Europe (RoE)    
                                    4.2.4.5.1    Market    
                                                      4.2.4.5.1.1    Buyer Attributes    
                                                      4.2.4.5.1.2    Key Manufacturers and Suppliers in Rest-of-Europe    
                                                      4.2.4.5.1.3    Business Challenges    
                                                      4.2.4.5.1.4    Business Drivers    
                                    4.2.4.5.2    Applications    
                                                      4.2.4.5.2.1    Rest-of-Europe Phase Change Materials Market (by Application), Value Data    
                                    4.2.4.5.3    Products    
                                                      4.2.4.5.3.1    Rest-of-Europe Phase Change Materials Market (by Type), Value Data    
4.3    U.K.    
         4.3.1    Markets    
                     4.3.1.1    Buyer Attributes    
                     4.3.1.2    Key Manufacturers and Suppliers in the U.K.    
                     4.3.1.3    Business Challenges    
                     4.3.1.4    Business Drivers    
         4.3.2    Applications    
                     4.3.2.1    U.K. Phase Change Materials Market ( by Application), Value Data    
         4.3.3    Products    
                     4.3.3.1    U.K. Phase Change Materials Market ( by Type), Value Data    
4.4    China    
         4.4.1    Markets    
                     4.4.1.1    Buyer Attributes    
                     4.4.1.2    Key Manufacturers and Suppliers in China    
                     4.4.1.3    Business Challenges    
                     4.4.1.4    Business Drivers    
         4.4.2    Applications    
                     4.4.2.1    China Phase Change Materials Market ( by Application), Value Data    
         4.4.3    Products    
                     4.4.3.1    China Phase Change Materials Market ( by Type), Value Data    
4.5    Asia-Pacific and Japan    
         4.5.1    Markets    
                     4.5.1.1    Key Manufacturers and Suppliers in Asia-Pacific and Japan    
                     4.5.1.2    Business Challenges    
                     4.5.1.3    Business Drivers    
         4.5.2    Applications    
                     4.5.2.1    Asia-Pacific and Japan Phase Change Materials Market (by Application), Value Data    
         4.5.3    Products    
                     4.5.3.1    Asia-Pacific and Japan Phase Change Materials Market (by Type), Value Data    
         4.5.4    Asia-Pacific and Japan (by Country)    
                     4.5.4.1    Japan    
                                    4.5.4.1.1    Markets    
                                                      4.5.4.1.1.1    Buyer Attributes    
                                                      4.5.4.1.1.2    Key Manufacturers and Suppliers in Japan    
                                                      4.5.4.1.1.3    Business Challenges    
                                                      4.5.4.1.1.4    Business Drivers    
                                    4.5.4.1.2    Applications    
                                                      4.5.4.1.2.1    Japan Phase Change Materials Market (by Application), Value Data    
                                    4.5.4.1.3    Products    
                                                      4.5.4.1.3.1    Japan Phase Change Materials Market (by Type), Value Data    
                     4.5.4.2    South Korea    
                                    4.5.4.2.1    Market    
                                                      4.5.4.2.1.1    Buyer Attributes    
                                                      4.5.4.2.1.2    Key Manufacturers and Suppliers in South Korea    
                                                      4.5.4.2.1.3    Business Challenges    
                                                      4.5.4.2.1.4    Business Drivers    
                                    4.5.4.2.2    Applications    
                                                      4.5.4.2.2.1    South Korea Phase Change Materials Market (by Application), Value Data    
                                    4.5.4.2.3    Products    
                                                      4.5.4.2.3.1    South Korea Phase Change Materials Market (by Type), Value Data    
                     4.5.4.3    India    
                                    4.5.4.3.1    Markets    
                                                      4.5.4.3.1.1    Buyer Attributes    
                                                      4.5.4.3.1.2    Key Manufacturers and Suppliers in India    
                                                      4.5.4.3.1.3    Business Challenges    
                                                      4.5.4.3.1.4    Business Drivers    
                                    4.5.4.3.2    Applications    
                                                      4.5.4.3.2.1    India Phase Change Materials Market (by Application), Value Data    
                                    4.5.4.3.3    Products    
                                                      4.5.4.3.3.1    India Phase Change Materials Market (by Type), Value Data    
                     4.5.4.4    Rest-of-Asia-Pacific    
                                    4.5.4.4.1    Market    
                                                      4.5.4.4.1.1    Buyer Attributes    
                                                      4.5.4.4.1.2    Key Manufacturers and Suppliers in Rest-of-Asia-Pacific    
                                                      4.5.4.4.1.3    Business Challenges    
                                                      4.5.4.4.1.4    Business Drivers    
                                    4.5.4.4.2    Applications    
                                                      4.5.4.4.2.1    Rest-of-Asia-Pacific Phase Change Materials Market (by Application), Value Data    
                                    4.5.4.4.3    Products    
                                                      4.5.4.4.3.1    Rest-of-Asia-Pacific Phase Change Materials Market (by Type), Value Data    
4.6    Rest-of-the-World    
         4.6.1    Markets    
                     4.6.1.1    Key Manufacturers and Suppliers in Rest-of-the-World    
                     4.6.1.2    Business Challenges    
                     4.6.1.3    Business Drivers    
         4.6.2    Applications    
                     4.6.2.1    Rest-of-the-World Phase Change Materials Market ( by Application), Value Data    
         4.6.3    Products    
                     4.6.3.1    Rest-of-the-World Phase Change Materials Market ( by Type), Value Data    
         4.6.4    Rest-of-the-World (by Region)    
                     4.6.4.1    Middle East and Africa    
                                    4.6.4.1.1    Markets    
                                    4.6.4.1.2    Key Manufacturers and Suppliers in Middle East and Africa    
                                                      4.6.4.1.2.1    Business Challenges    
                                                      4.6.4.1.2.2    Business Drivers    
                                    4.6.4.1.3    Applications    
                                                      4.6.4.1.3.1    Middle East and Africa Phase Change Materials Market (by Application), Value Data    
                                    4.6.4.1.4    Products    
                                                      4.6.4.1.4.1    Middle East and Africa Phase Change Materials Market (by Type), Value Data    
                     4.6.4.2    South America    
                                    4.6.4.2.1    Markets    
                                                      4.6.4.2.1.1    Key Manufacturers and Suppliers in South America    
                                                      4.6.4.2.1.2    Business Challenges    
                                                      4.6.4.2.1.3    Business Drivers    
                                    4.6.4.2.2    Applications    
                                                      4.6.4.2.2.1    South America Phase Change Materials Market (by Application), Value Data    
                                    4.6.4.2.3    Products    
                                                      4.6.4.2.3.1    South America Phase Change Materials Market (by Type), Value Data

5.1    Competitive Benchmarking    
         5.1.1    Competitive Position Matrix    
         5.1.2    Product Matrix for Key Companies    
         5.1.3    Market Share Analysis of Key Companies    
5.2    Company Profiles    
         5.2.1    Henkel AG & Co. KGaA    
                      5.2.1.1    Company Overview    
                                      5.2.1.1.1    Product Portfolio    
                                      5.2.1.1.2    Production Sites    
                      5.2.1.2    Business Strategies    
                                      5.2.1.2.1    Market Development    
                      5.2.1.3    R&D Expenditure Analysis    
                      5.2.1.4    Competitive Position    
                                      5.2.1.4.1    Strengths of the Company    
                                      5.2.1.4.2    Weakness of the Company    
         5.2.2    Honeywell International.Inc.    
                      5.2.2.1    Company Overview    
                                      5.2.2.1.1    Product Portfolio    
                                      5.2.2.1.2    Production Sites    
                      5.2.2.2    R&D Expenditure Analysis    
                      5.2.2.3    Competitive Position    
                                      5.2.2.3.1    Strengths of the Company    
                                      5.2.2.3.2    Weakness of the Company    
         5.2.3    Croda International Plc    
                      5.2.3.1    Company Overview    
                                      5.2.3.1.1    Product Portfolio    
                                      5.2.3.1.2    Production Sites and R&D Analysis    
                      5.2.3.2    Business Strategies    
                                      5.2.3.2.1    Market Development    
                      5.2.3.3    Competitive Position    
                                      5.2.3.3.1    Strengths of the Company    
                                      5.2.3.3.2    Weakness of Company    
         5.2.4    PureTemp LLC    
                      5.2.4.1    Company Overview    
                                      5.2.4.1.1    Product Portfolio    
                      5.2.4.2    Business Strategies    
                                      5.2.4.2.1    Product Developments    
                      5.2.4.3    Production Sites    
                      5.2.4.4    Corporate Strategies    
                                      5.2.4.4.1    Partnership    
                      5.2.4.5    Competitive Position    
                                      5.2.4.5.1    Strengths of the Company    
                                      5.2.4.5.2    Weakness of the Company    
         5.2.5    Laird Technologies, Inc.    
                      5.2.5.1    Company Overview    
                                      5.2.5.1.1    Product Portfolio    
                      5.2.5.2    Production Sites and R&D Analysis    
                      5.2.5.3    Competitive Position    
                                      5.2.5.3.1    Strength of the Company    
                                      5.2.5.3.2    Weakness of Company    
         5.2.6    Rubitherm Technologies GmbH    
                      5.2.6.1    Company Overview    
                                      5.2.6.1.1    Product Portfolio    
                      5.2.6.2    Business Strategies    
                                      5.2.6.2.1    Product Developments    
                                      5.2.6.2.2    Market Development    
                      5.2.6.3    Production Sites    
                      5.2.6.4    Competitive Position    
                                      5.2.6.4.1    Strength of the Company    
                                      5.2.6.4.2    Weakness of Company    
         5.2.7    PCM Products Ltd    
                      5.2.7.1    Company Overview    
                                      5.2.7.1.1    Product Portfolio    
                      5.2.7.2    Production Sites    
                      5.2.7.3    Competitive Position    
                                      5.2.7.3.1    Strengths of the Company    
                                      5.2.7.3.2    Weakness of Company    
         5.2.8    Climator Sweden AB    
                      5.2.8.1    Company Overview    
                                      5.2.8.1.1    Product Portfolio    
                      5.2.8.2    Competitive Position    
                                      5.2.8.2.1    Strengths of the Company    
                                      5.2.8.2.2    Weakness of Company    
         5.2.9    Cryopak    
                      5.2.9.1    Company Overview    
                                      5.2.9.1.1    Product Portfolio    
                      5.2.9.2    Competitive Position    
                                      5.2.9.2.1    Strengths of the Company    
                                      5.2.9.2.2    Weakness of Company    
         5.2.10    Shin-Etsu Chemicals Co.,Ltd.    
                      5.2.10.1    Company Overview    
                                      5.2.10.1.1    Product Portfolio    
                                      5.2.10.1.2    Production Sites and R&D Analysis    
                      5.2.10.2    Business Strategies    
                                      5.2.10.2.1    Market Development    
                      5.2.10.3    Competitive Position    
                                      5.2.10.3.1    Strengths of the Company    
                                      5.2.10.3.2    Weakness of the Company    
         5.2.11    PLUSS    
                      5.2.11.1    Company Overview    
                                      5.2.11.1.1    Product Portfolio    
                                      5.2.11.1.2    Production Sites    
                      5.2.11.2    Business Strategies    
                                      5.2.11.2.1    Product Development    
                                      5.2.11.2.2    Market Development    
                      5.2.11.3    Competitive Position    
                                      5.2.11.3.1    Strengths of the Company    
                                      5.2.11.3.2    Weakness of the Company    
         5.2.12    Phase Change Products Pty.Ltd    
                      5.2.12.1    Company Overview    
                      5.2.12.2    Product Portfolio    
                                      5.2.12.2.1    Production Sites    
                      5.2.12.3    Competitive Position    
                                      5.2.12.3.1    Strength of the Company    
                                      5.2.12.3.2    Weakness of the Company    
         5.2.13    Microtek Laboratories Inc.    
                      5.2.13.1    Company Overview    
                                      5.2.13.1.1    Product Portfolio    
                      5.2.13.2    Business Strategies    
                                      5.2.13.2.1    Product Developments    
                      5.2.13.3    Production Sites    
                      5.2.13.4    Corporate Strategies    
                      5.2.13.5    Competitive Position    
                                      5.2.13.5.1    Strengths of the Company    
                                      5.2.13.5.2    Weakness of the Company    
         5.2.14    Shanghai Tempered Entropy New Energy Co., Ltd    
                      5.2.14.1    Company Overview    
                                      5.2.14.1.1    Product Portfolio    
                      5.2.14.2    Production Sites    
                      5.2.14.3    Competitive Position    
                                      5.2.14.3.1    Strengths of the Company    
                                      5.2.14.3.2    Weakness of the Company    
         5.2.15    Phase Change Solutions    
                      5.2.15.1    Company Overview    
                                      5.2.15.1.1    Product Portfolio    
                      5.2.15.2    Business Strategies    
                                      5.2.15.2.1    Product Developments    
                      5.2.15.3    Production Sites    
                      5.2.15.4    Competitive Position    
                                      5.2.15.4.1    Strengths of the Company    
                                      5.2.15.4.2    Weakness of the Company    
         5.2.16    Sasol    
                      5.2.16.1    Company Overview    
                                      5.2.16.1.1    Product Portfolio    
                                      5.2.16.1.2    Production Sites    
                      5.2.16.2    Competitive Position    
                                      5.2.16.2.1    Strength of the Company    
                                      5.2.16.2.2    Weakness of the Company    
         5.2.17    Axiotherm GmbH    
                      5.2.17.1    Company Overview    
                                      5.2.17.1.1    Product Portfolio    
                      5.2.17.2    Business Strategies    
                                      5.2.17.2.1    Product Developments    
                      5.2.17.3    Production Sites    
                      5.2.17.4    Competitive Position    
                                      5.2.17.4.1    Strength of the Company    
                                      5.2.17.4.2    Weakness of the Company    
         5.2.18    Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’)    
                      5.2.18.1    Company Overview    
                                      5.2.18.1.1    Product Portfolio    
                      5.2.18.2    Production Sites    
                      5.2.18.3    Business Strategies    
                                      5.2.18.3.1    Product Development    
                      5.2.18.4    Corporate Strategies    
                      5.2.18.5    Competitive Position    
                                      5.2.18.5.1    Strengths of the Company    
                                      5.2.18.5.2    Weaknesses of the Company    
         5.2.19    Rovilus    
                      5.2.19.1    Company Overview    
                                      5.2.19.1.1    Product Portfolio    
                      5.2.19.2    Production Sites    
                      5.2.19.3    Competitive Position    
                                      5.2.19.3.1    Strength of the Company    
                                      5.2.19.3.2    Weakness of the Company    

Research Methodology

Table 1:    Key Product Developments
Table 2:    Key Market Developments (2018-2021)
Table 3:    Global Phase Change Materials Market (by Application), $Million, 2020-2031
Table 4:    Global Phase Change Materials Market (by Type), $Million, 2020-2031
Table 5:    North America Phase Change Materials Market (by Application), $Million, 2020-2031
Table 6:    North America Phase Change Materials Market (by Type), $Million, 2020-2031
Table 7:    U.S. Phase Change Materials Market (by Application), $Million, 2020-2031
Table 8:    U.S. Phase Change Materials Market (by Type), $Million, 2020-2031
Table 9:    Canada Phase Change Materials Market (by Application), $Million, 2020-2031
Table 10:    Canada Phase Change Materials Market (by Type), $Million, 2020-2031
Table 11:    Mexico Phase Change Materials Market (by Application), $Million, 2020-2031
Table 12:    Mexico Phase Change Materials Market (by Type), $Million, 2020-2031
Table 13:    Europe Phase Change Materials Market (by Application), $Million, 2020-2031
Table 14:    Europe Phase Change Materials Market (by Type), $Million, 2020-2031
Table 15:    Germany Phase Change Materials Market (by Application), $Million, 2020-2031
Table 16:    Germany Phase Change Materials Market (by Type), $Million, 2020-2031
Table 17:    France Phase Change Materials Market (by Application), $Million, 2020-2031
Table 18:    France Phase Change Materials Market (by Type), $Million, 2020-2031
Table 19:    Italy Phase Change Materials Market (by Application), $Million, 2020-2031
Table 20:    Italy Phase Change Materials Market (by Type), $Million, 2020-2031
Table 21:    Spain Phase Change Materials Market (by Application), $Million, 2020-2031
Table 22:    Spain Phase Change Materials Market (by Type), $Million, 2020-2031
Table 23:    Rest-of-Europe Phase Change Materials Market (by Application), $Million, 2020-2031
Table 24:    Rest-of-Europe Phase Change Materials Market (by Type), $Million, 2020-2031
Table 25:    U.K. Phase Change Materials Market (by Application), $Million, 2020-2031
Table 26:    U.K. Phase Change Materials Market (by Type), $Million, 2020-2031
Table 27:    China Phase Change Materials Market (by Application), $Million, 2020-2031
Table 28:    China Phase Change Materials Market (by Type), $Million, 2020-2031
Table 29:    Asia-Pacific and Japan Phase Change Materials Market (by Application), $Million, 2020-2031
Table 30:    Asia-Pacific and Japan Phase Change Materials Market (by Type), $Million, 2020-2031
Table 31:    Japan Phase Change Materials Market (by Application), $Million, 2020-2031
Table 32:    Japan Phase Change Materials Market (by Type), $Million, 2020-2031
Table 33:    South Korea Phase Change Materials Market (by Application), $Million, 2020-2031
Table 34:    South Korea Phase Change Materials Market (by Type), $Million, 2020-2031
Table 35:    India Phase Change Materials Market (by Application), $Million, 2020-2031
Table 36:    India Phase Change Materials Market (by Type), $Million, 2020-2031
Table 37:    Rest-of-Asia-Pacific Phase Change Materials Market (by Application), $Million, 2020-2031
Table 38:    Rest-of-Asia-Pacific Phase Change Materials Market (by Type), $Million, 2020-2031
Table 39:    Rest-of-the-World Phase Change Materials Market (by Application), $Million, 2020-2031
Table 40:    Rest-of-the-World Phase Change Materials Market (by Type), $Million, 2020-2031
Table 41:    Middle East and Africa Phase Change Materials Market (by Application), $Million, 2020-2031
Table 42:    Middle East and Africa Phase Change Materials Market (by Type), $Million, 2020-2031
Table 43:    South America Phase Change Materials Market (by Application), $Million, 2020-2031
Table 44:    South America Phase Change Materials Market (by Type), $Million, 2020-2031
Table 45:    Product Matrix for Key Companies
Table 46:    Market Share of Key Companies

Figure 1:    Global Phase Change Materials Market Snapshot, $Million, 2020, 2021, and 2031
Figure 2:    Global Phase Change Materials Market (by Applications), $Million, 2021, 2031
Figure 3:    Global Phase Change Materials Market (by Type), $Million, 2021, 2031
Figure 4:    Global Phase Change Materials Market (by Region), $Million, 2021 and 2031
Figure 5:    Global Phase Change Materials Market Coverage
Figure 6:    Supply Chain Analysis of Phase Change Materials Market
Figure 7:    Product Benchmarking
Figure 8:    Year-Wise Patents Filed for Global Phase Change Materials Market, January 2019-December 2021
Figure 9:    Patent Analysis (by Status), January 2019-December 2021
Figure 10:    Patent Analysis (by Organization), January 2019-December 2021
Figure 11:    Henkel AG & Co. KGaA: R&D Expenditure
Figure 12:    Honeywell International Inc.: R&D Expenditure
Figure 13:    Shin-Etsu Chemical Co., Ltd.: R&D Expenditure
Figure 14:    Research Methodology
Figure 15:    Top-Down and Bottom-Up Approach
Figure 16:    Phase Change Materials Market Influencing Factors
Figure 17:    Assumptions and Limitations

Market Report Coverage

Phase Change Materials Market

Base Year

2020

Market Size in 2021

$1,778.8 Million

Forecast Period

2021-2031

Value Projection and Estimation by 2031

$8,956.8 Million

CAGR During Forecast Period

17.54%

Number of Tables

46

Number of Pages

156

Number of Figures

17

Market Segmentation

•   By Application - Building and Construction, Heating, Ventilation, and Air Conditioning (HVAC) Systems, Energy Storage Management, Commercial Refrigeration, Cold Chain and Packaging, Textiles, and Others

•    By Type - Paraffin, Salt Hydrates, Eutectics, Non-Paraffin, and Others

Regional Segmentation

•    North America - U.S., Canada, Mexico

•    Europe - Germany, France, Italy, Spain, and Rest-of-Europe

•    U.K.

•    China

•    Asia-Pacific and Japan - Japan, South Korea, India, and Rest-of-Asia-Pacific

•    Rest-of-the-World - Middle East and Africa, South America

Market Growth Drivers

•    Growing Popularity of Bio-Based Phase Change Materials

•    Rising Emphasis on Energy Conservation

Market Challenges

•    High Cost of Advanced Phase Change Materials

•    Material Properties and Compatibility

Market Opportunities

•    Increasing Energy Consumption

•    Increasing Focus Toward Sustainable Development

Key Companies Profiled

Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), Rovilus

How This Report Can Add Value

This extensive report can help with:

•    A dedicated section focusing on the futuristic trends adopted by the key players operating in the global phase change materials market 
•    Extensive competitive benchmarking of top 19 players offering a holistic view of the global phase change materials landscape
•    Qualitative and quantitative analysis of phase change materials industry at country level granularity based on region, application, and type segments

Recent Developments

•    In February 2021, Rubitherm Technologies GmbH developed a phase change storage device known as “Phasecube” for use in domestic ventilation systems to reduce energy costs.
•    In January 2019, PureTemp LLC developed a fabric coating that acts as a buffer against environmental temperature swings in consumer products such as safety, medical, apparel, workwear, footwear, bedding, and industrial applications. The bio-based phase change material is enclosed in spherical microcapsules and bound to the surface of the fabric.
•    In 2018, Microtek Laboratories Inc. expanded its product portfolio by adding bio-based phase change material solutions to the product portfolio. These PCMs are biodegradable, non-toxic, and eco-friendly. 
•    In August 2021, Carborundum Universal Ltd. (CUMI) agreed to buy a controlling stake in PLUSS Advanced Technologies Pvt. Ltd., with an initial investment of $ 15.7 million (? 115 crores). This would address the opportunities in medical devices, pharma cold chain, buildings and HVAC, refrigeration and food supply chain, and others.

Key Questions Answered in the Report

•    What are the major factors and trends that are impacting the adoption/consumption of phase change materials?
•    What are some of the key initiatives taken by the existing players to improve their market positioning and strategy adopted by new players entering in phase change materials marketspace?
•    With respect to various types of commercially available phase change materials, which are the leading categories, promising applications, and preferred types in the market, and how are these going to evolve in the coming years? 
•    What are the latest developments in various countries for the development of phase change materials, and what are the consumption patterns? 
•    How has COVID-19 impacted the phase change materials market across the globe?
•    What are the bottlenecks around the adoption of phase change materials across different regions and countries, and what are the government regulations across the globe impacting the phase change materials market?

Report Summary

Phase Change Materials Market

Phase change materials have been developing significantly since the 1970s, 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.

Phase Change Materials Industry Overview

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. 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.

Market Segmentation

Phase Change Materials Market by Application

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 to reduce their energy consumption and enhance 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.

Phase Change Materials Market by Region

The demand for phase change materials varies according to various regions. The phase change materials market holds a prominent share in various countries of North America, South America, Europe, the U.K., China, Asia-Pacific, and the Middle East and Africa, among which Europe is expected to account for the highest share of the global phase change materials market, owing to the presence of a significant number of phase change materials manufacturers such as Henkel AG & Co. KGaA, Climator Sweden AB, Rubitherm Technologies GmbH, and others.

Key Market Players and Competition Synopsis

Some key players operating in the market are Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), and Rovilus

The companies that are profiled in the report have been selected based on a selective pool of players, such as tier-1 players, mid-segment players, and small and emerging companies, based on various factors such as product portfolios, annual revenues, market penetrations, research, and development initiatives, along with a domestic and international presence in the phase change materials market.

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