Analysis of Phase Change Material Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~19% During 2023-2035 and Attain ~USD 12.58 Billion by 2035

Research Nester assesses the growth and market size of the global phase change material market which is anticipated to be on account of the growing need for reducing the greenhouse gases emission and rising demand for AC.
Research Nester’s recent market research analysis on “Phase Change Material Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global phase change material market in terms of market segmentation by type, form, application, and by region.
Rising Regulation for Minimizing the CO2 Generation to Promote Global Market Share of Phase Change Material
The global phase change material market is estimated to grow majorly on account of the rising levels of greenhouse gases and government bodies have implemented regulations for minimizing it. The United Nations Framework Convention on Climate Change includes all of the regulations that must be followed in order to limit CO2 emissions. Furthermore, 192 parties from various nations signed the KYOTO Protocol to abide by these requirements. Regarding regulation, PCMs play an important role in lowering CO2 levels by storing and releasing enormous amounts of energy during phase transitions, such as solid to liquid or gas, and vice versa.
Besides this, market growth is also expected on account of rising transportation of goods among countries and higher implementation of smart cities and green buildings in these cities. In 2021, global trade is expected to increase by USD 5.5 trillion, reaching roughly USD 28 trillion. By the end of 2022, the value of international trade will have surpassed USD 32 trillion. The growing demand for cold chain logistics for perishable commodities necessitates the use of PCM to extend the life of perishable items by stabilizing the temperature. Furthermore, buildings that use less energy contribute to the faster development of smart cities. These buildings are outfitted with PCMs to maintain temperature standards and properly use energy, hence lowering energy usage.
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Some of the major growth factors and challenges that are associated with the growth of the global phase change material market are:
Growth Drivers:
• Surging Development of Smart Cities
• Rising Need for Controlling the Greenhouse Gas Emissions
Challenges:
The world is not completely aware of the benefits of phase change material, and the rest who are aware, find switching to PCM is expensive as their equipment is already installed with other materials. Therefore, installing PCM adds an expenditure burden on the customer. These are some of the major factors anticipated to hamper the global market size of phase change material. On the other hand, the corrosive and flammable characteristics of PCM is also expected to impede the market growth. Different forms of PCM were combustible and corrosive to varying degrees. The PCM will react with the incompatible substance, posing major dangers. Therefore, it is difficult for a particular PCM to match the compatibility with the material into which it has been inserted.
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By application, the global phase change material market is segmented into building & construction, HVAC, cold chain & packaging, textile, and electronics. The cold chain & packaging segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Food trade, such as fruits and vegetables, meat and poultry, and others, is driving segment expansion. Global exports are predicted to be somewhat higher in 2023, at 12.1 million tonnes; additionally, global exports are expected to climb by 2% in nations other than the United States. PCMs are used in packaging to prevent temperature fluctuations and to preserve food at the appropriate temperature by absorbing heat from the environment.
By region, the Europe phase change material market is to generate the highest revenue by the end of 2035. This growth is anticipated by the growing efforts taken by various nations to reduce greenhouse gas emissions. Many countries in Europe have taken stringent measures to lower CO2 levels in the environment, raising demand for PCM in numerous sectors for increased sustainability and energy-efficient practices. The Dutch government passed the Climate Act, which calls for a 49% reduction in greenhouse gas emissions by 2030 compared to 1990 levels, and a 95% reduction by 2050.
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This report also provides the existing competitive scenario of some of the key players of the global phase change material market which includes company profiling of BASF SE, Microtek Laboratories Inc., Thermo Fisher Scientific Inc., Medifab Global Group, Integreon Inc., Thal Technologies B.V., Sinomax USA Inc., Rubitherm Technologies GmbH, Croda International Plc., PureTemp LLC., and Honeywell International, Inc.
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