Phase Change Material Market Expected to Reach $1004 Million by 2026: In-depth Analysis and Future Prospects
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.
Limited (South Africa), PureTemp LLC. (US), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Advansa B.V. (The Netherlands), AI Technology Inc. (US), CoolComposites Inc. (US), Cryopak Inc. (Canada), Datum Phase Change Ltd. (UK), IoLiTec-Ionic Liquids Technologies GmbH (Germany), Salca B.V. (The Netherlands), Insolcorp. Inc. (US), Phase Change Energy Solutions Inc. (US), Climator Sweden AB (Sweden), Ciat Group (France), Honeywell Electronic Materials, Inc. (US), Phase Change Materials Products Ltd. (UK), Rubitherm Technologies GmbH (Germany), and Teappcm (India) are the major players in this market.
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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 has a strong presence in North America
- On January 2019, PureTemp LLC launched a temperature-control fabric coating to control ambient temperature swings in apparel, footwear, bedding, safety, medical, workwear, and industrial applications.
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.
- In May 2019, Croda International introduced two new biobased PCMs, CrodaTherm 32 and CrodaTherm 37. These two new products provide high latent heat, narrow melting and crystallization points, and high cycle stability.
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Sasol Limited is an integrated energy and chemical company operating in two major business segments namely, energy business and chemical business. Chemical business includes advanced materials, base chemicals, essential care, and performance solutions. It has a presence in 33 countries across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
- In December 2021, Sasol Limited through its foundation and Research & Technology function signed two cooperation agreements with NRF (National Research Foundation) to sponsor South Africa’s next generation of since and engineering researchers.
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