CHICAGO, May 20, 2024
/PRNewswire/ -- The report "Phase Change Materials
Market by Type (Organic, Inorganic, Eutectic), Application
(Building & Construction, HVAC, Cold Chain & Packaging,
Electronics), and Region - Global Forecast to 2029", Phase
Change Materials Market size was USD 628
million in 2024 to USD 1,383
million by 2029, at a CAGR of 17.1% from 2024 to 2029.
Phase change materials are used primarily for thermal energy
storage, regulating temperatures in building & construction,
HVAC, cold chain & packaging, thermal energy storage,
refrigeration & equipment, textiles, electronics, and others.
They absorb and release heat during phase transitions, reducing
energy consumption for heating and cooling. Additionally, phase
change materials are used in textiles for temperature-regulating
fabrics and in cold chain logistics for preserving perishable
goods. Their versatility extends to medical devices, where phase
change materials ensure precise temperature control during
transportation and storage of sensitive medications and vaccines,
contributing to improved efficacy and safety.
Browse in-depth TOC on "Phase Change Materials
Market"
266 – Tables
53 – Figures
235 –
Pages
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"Organic segment was the largest type in phase change
materials market in 2023, in terms of value."
Organic segment was the largest type in the phase change
materials in 2023 due to their high effectiveness in reducing
flammability and their wide availability. Despite growing concerns
over their environmental and health impacts, they continue to
dominate the market owing to their proven efficacy and relatively
lower cost compared to alternatives. Additionally, their
established usage in various industries and regulatory compliance
contribute to their continued prominence in the market.
"Cold chain & packaging segment is estimated to be the
fastest-growing application for phase change materials market
during the forecast period 2024 to 2029."
The cold chain & packaging segment emerged as the
fastest-growing application in the phase change materials market
during the forecast period from 2024 to 2029 due to several
factors. With the increasing demand for temperature-sensitive goods
such as pharmaceuticals, biologics, and fresh food products, there
is a critical need for reliable temperature-controlled packaging
solutions. Phase change materials offer an effective method to
maintain the required temperature range during transportation and
storage, ensuring product integrity and safety. Additionally,
stringent regulations governing the transportation of perishable
goods and the growing focus on reducing food waste further drove
the adoption of phase change materials-based packaging solutions,
accelerating growth in this segment.
"Europe was the largest
region for the phase change materials market in 2023, in terms of
value."
Europe emerged as the leading
region in the phase change materials market, primarily driven by
several factors. The region's strong emphasis on energy efficiency,
stringent environmental regulations, and robust investments in
sustainable technologies propelled the adoption of phase change
materials across various industries. In sectors such as building
& construction, automotive, and electronics, there was a
growing demand for phase change materials solutions to enhance
thermal management and reduce energy consumption. Additionally,
Europe's well-established
infrastructure and research capabilities facilitated the
development and commercialization of advanced phase change
materials technologies, further bolstering its leadership position
in the global phase change materials market during the year.
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The key players profiled in the report include Honeywell
International Inc. (US), DuPont de Nemours, Inc. (US), Croda
International Plc (UK), Boyd Corporation (US), Sasol Limited
(South Africa), Outlast
Technologies LLC (US), Climator Sweden AB (Sweden), Rubitherm Technologies GmbH
(Germany), PureTemp LLC (US), and
Phase Change Solutions (US).
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