Advanced Phase Change Material Apcm Market

According to Stratistics MRC, the Global Advanced Phase Change Material (APCM) Market is accounted for $1.83 billion in 2022 and is expected to reach $4.16 billion by 2028 growing at a CAGR of 14.61% during the forecast period. The advanced phase change materials can store the hidden heat released during typical phase changes. They are frequently employed in power generating and distribution systems as well as to increase the capacity of buildings to store heat. They are also used to maintain high temperatures in greenhouses and to chill foods, beverages, and electrical engines. As it improves the thermal and mechanical performance of the thermodynamic system, advanced phase change materials (APCMs) are drawing more attention and growing in popularity in the thermodynamic system applications of latent heat storage, heating ventilation, air conditioning, and more. The advanced phase change materials market is also anticipated to be significantly driven throughout the projected period by the booming energy storage sector.

According to Organisation International des Constructers d'Automobiles (OICA), the production of light commercial vehicles in France has augmented from 4,95,123 in 2018 to 5,27,262 in 2019, an increase of 6.5 % in 2019, and in Spain has augmented from 4,96,671 in 2018 to 5,24,504 in 2019, an increase of 5.6 % in 2019. According to the International Trade Administration (ITA), and the Chinese government expects automobile production to reach 30 million units by 2020 and 35 million by 2025.

Market Dynamics:

Driver:

Increasing automotive production

APCMs have been chosen as one of the most fascinating cooling technologies because of their great energy storage density. They are also less expensive, difficult, and large than traditional cooling techniques like forced-air cooling and liquid cooling. As a result, the automotive sector uses it extensively for heating, ventilation, and air conditioning. According to the International Trade Administration (ITA), China is the world's largest market for automobiles, and the Chinese government anticipates 30 million automobiles to be produced there this year. More cooling components will be needed as a result of increased automation production, which will propel the market for advanced phase change materials during the forecast period.

Restraint:

Uncertainty in Crude Oil Prices

The phase-change expansion of the materials sector is, however, hampered by high manufacturing costs for phase-change materials as well as volatile raw material prices. The primary raw material, crude oil, is extremely susceptible to market swings. The price of crude oil has fluctuated recently, according to Statistics World Energy. Furthermore, the cost of advanced phase transition materials is unclear due to the volatility of crude oil prices. The price of phase change materials is directly impacted by a small shift in the global oil scenario, which restrains the market as a whole.

Opportunity:

Expanding solar energy sector

Applications for phase-change materials in thermal energy storage have attracted a lot of attention lately. A storage material that can make it simpler to store extra energy and then supply that energy when needed is necessary for the efficient utilisation of solar energy. An effective way to store solar thermal energy involves the use of phase-shift materials (APCMs). Because APCMs are isothermal and have a high heat of fusion, they can store energy more densely and function in a variety of temperature ranges. Additionally, the market for solar energy is booming in many regions as a result of the development of supportive government policies, rising awareness of renewable energy sources, rising investments, and other factors. As a result, throughout the forecast period, the advanced phase change materials market would be driven by the expanding solar energy sector in various regions.

Threat:

Strict regulations

During the forecast period, strict rules for energy-efficient building as well as the growing importance of energy conservation and sustainable development are anticipated to be major drivers of demand for advanced phase change materials. However, it is anticipated that high product costs and a lack of consumer awareness in developing economies would continue to restrain market expansion. The market for advanced phase change materials is anticipated to see considerable prospects as a result of technological developments related to the creation of phase change materials and the adoption of environmentally friendly solutions.

Covid-19 Impact

The Covid-19 pandemic has impacted almost every sector of the world economy. As the market is heavily reliant on expansion in the construction and construction sectors, it is anticipated that disruptions in the global supply chain will have a negative impact on the advanced phase change materials market in the building and construction application. Additionally, there has been a temporary halt to building and construction projects in a number of locations. The COVID-19 pandemic epidemic is also having a significant effect on the auto sector. The disruption in vehicle production has cost the entire industry a tremendous amount of money. The demand for heating, ventilation, and air conditioning (HVAC) components has drastically decreased due to the decline in vehicle manufacturing, which is negatively affecting the market growth for advanced phase change materials.

The paraffins segment is expected to be the largest during the forecast period

The paraffins segment is estimated to have a lucrative growth, due to the rising demand for innovative phase transition materials based on paraffin from a variety of end-use industries. Paraffins exhibit strong storage density in relation to mass & melt and dependably solidify with little to no sub-cooling. Paraffins have melting temperature ranges that are perfect for a number of applications because they have high heats of fusion, good thermal properties, and are chemically and thermally robust. Paraffinic hydrocarbons are more frequently employed in textiles than other APCMs because of their superior qualities, including non-corrosiveness, fusion heat, thermal & chemical stability, and low cooling. Due to their weak water solubility, paraffins are frequently employed extensively in building materials. All these broad characteristics of paraffin-based advanced phase change materials are the key factor predicted to enhance the demand for advanced phase change materials Market during the forecast period.

The building & construction segment is expected to have the highest CAGR during the forecast period

The building & construction segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the widespread use of sophisticated phase change materials in the building and construction industry. Building and construction companies are constantly looking for methods to improve how energy-efficient buildings are because doing so reduces greenhouse gas emissions. One method to accomplish this is to employ high latent melting heat change materials (APCM) to enhance the thermal mass of buildings and store solar radiation energy as latent heat. These materials have drawn more interest because of their ability to store a lot of thermal energy within a limited range of temperatures. This characteristic makes building envelopes appropriate for storing passive heat as latent heat. Therefore, over the projection period, there will be an increase in demand for advanced phase change materials from the building and construction sector for the latent heat storage industry.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to expansion of the textile and manufacturing sectors, which is driven by a significant increase in personal income level along with improved financial situation. APCMs are now being used in packaging, shipping, and transportation in nations like China and India. China is the country that makes the majority of the PCM profits, and this profit margin is anticipated to grow over the course of the projection period, promoting market expansion in the area. The Chinese government has put in place a number of programmes that emphasise the nation's rapid urbanisation and green growth. Due to their special qualities, advanced phase change materials are employed to create green structures. Therefore, there is tremendous room for expansion in the PCM market in the region throughout the course of the forecast.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. The market's leadership is ascribed to the strict building energy codes that must be followed and that are required by European Union Directives. Union has enacted stringent laws to improve building efficiency and control the handling and use of temperature-sensitive items, which is anticipated to increase the need for advanced phase change materials in the area. The market for advanced phase change materials is anticipated to rise as a result of an increase in the adoption of energy-efficient technologies and procedures.

Key players in the market

Some of the key players profiled in the Advanced Phase Change Material (APCM) Market include Sasol Limited, Honeywell Electronic Materials, Inc., BASF SE, Advansa B.V, Microtek Laboratories Inc., Ciat Group, Henkel AG & Company, KGaA, Cold Chain Technologies, Inc., Croda International PLC., Cryopak Inc, Entropy Solutions LLC, Outlast Technologies LLC, Phase Change Energy Solutions Inc., Datum Phase Change Ltd., Pluss Technologies Pvt. Ltd., Rubitherm Technologies GmbH, Fibratek.

Key Developments:

In March 2019, the two new bio-based PCMs, CrodaTherm 32 and CrodaTherm 37, was introduced by Croda International. High latent heat, narrow melting and crystallization points, and high cycle stability are given by these two new products.

Products Covered:
• Salt Hydrates
• Paraffin Wax
• Inorganic eutectics
• Hygroscopic material
• Other Products

Forms Covered:
• Encapsulated
• Non-Encapsulated

Applications Covered:
• Commercial Refrigeration
• Shipping & Transportation
• Building & Construction
• Food & Beverages
• Energy Storage
• Automotive
• Heating, Ventilation, and Air Conditioning (HVAC)
• Textiles
• Electrical & Electronics
• Cold Chain & Packaging
• Aerospace
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances