The phase change material market size is projected to reach USD 1,004 million by 2026 from USD 477 million in 2021, at a CAGR of 16.0%. Regulations for reduction of greenhouse gas emission and reduction of operating cost is expected to support the growth of the phase change material market. However, lack of awareness, flammability and corrosion is restraining the growth of the market. On the other hand, increasing need for cold chain logistics has created opportunities for manufacturers.
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Europe is an emerging market for phase change material market, and it is mainly attributed to high economic growth rate, followed by heavy investment across industries such as oil & gas, automotive, infrastructure, chemical, and electronics among others.
The presence of stringent building codes, along with enhancements in energy efficiency in the region, drove the demand for phase change material. In addition, variable climatic conditions in Europe also result in high demand for smart clothing and textiles for use under both, hot and cold conditions. All these factors drive the market in European market.
Europe is the largest market for phase change material, followed by North America and Asia Pacific. The high cost of energy in Europe, along with stringent regulations for energy-efficient buildings in the region, drove the demand for phase change material in the region. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. All these factors drive the demand for phase change material in this region.
The current market demand is concentrated on phase change material that are cost-effective and meet the minimum standards or regulations mandated in the region. So the increasing demand for new and innovative products leads to technological and product innovation.
Key Market Players
The key market players profiled in the report include Cold Chain Technologies, Inc. (US), Croda International Plc. (UK), Microtek Laboratories Inc. (US), Sasol Limited (South Africa), PureTemp LLC. (US), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Climator Sweden AB (Sweden), Ciat Group (France), Honeywell Electronic Materials, Inc. (US), among others.
PureTemp LLC, also known as Entropy Solutions LLC, is a company based in Minnesota, US. It offers renewable PCM to meet the temperature-sensitive requirements in shipping, building & construction, textile, energy storage, HVAC, and healthcare industries. Unlike most PCM derived from petroleum, Entropy has developed a range of advanced biobased PCM derived from vegetable fats and oils. The company started producing the world’s first 100% renewable phase change materials since 2007. It is engineered to maintain more than 200 different transition temperatures with consistent, repeatable performance. These renewable and environment-friendly materials are sold under the brand name, PureTemp. The company has a strong presence in North America.
Climator Sweden AB is one of the leading companies offering phase change materials, their business model is based on collaboration with clients and involving in the co-development of unique and fully customized solutions using Climsel. They work in products areas including transport, room, body and equipment. The company offers salt based PCM under the brand name, Climsel. The company has a dominance in European region
Croda International Plc. is a British specialty chemical company that manufactures, markets, and distributes bio-based specialty chemicals. The company offers its products in the personal care, healthcare, agriculture, lubricants, coatings & polymers, polymer additives, homecare, geo-technologies, and industrial chemicals segments. The company has a presence in Europe, the Middle East & Africa, North America, Asia Pacific, and Latin America with manufacturing sites and offices in more than 30 countries.
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