In 2021, the phase change materials market amassed revenue of $1,775.5 million, and it is set to progress at a rate of 16.8% from 2021 to 2030, to reach $7,206.2 million by 2030. This is owed to the expansion of construction and packaging industries with a rising focus on green buildings. Moreover, 50% of the world’s energy demand is driven by heating usage and more than 60% of that demand is dispersed as waste heat. It results in global climate change, with increased chances for improvements by saving waste heat for further use. The increased requirement to reduce the dependency on fossil fuels in order to conserve energy and minimize GHG emissions has resulted in the development of phase change materials.
The rise in the construction of green buildings in China has led to a surge in demand for PCMs. The construction industry of the country has experienced bolstered growth in recent years surpassing the 5-billion-m2 completed floor area of buildings annually. In addition, it has emerged as the largest contributor to the GDP of China, outgrowing other industrial sectors.
The building and construction category holds the most-significant phase change materials market share, of 35%, and it is expected to advance at a rate of 16% in the coming years. Due to the rise in the demand for low heating and cooling loads for residential buildings, the building envelope technologies have shown steady improvements. The large energy savings are experienced by the increased adoption of innovative building materials with active thermal components.
In addition, Europe holds the greatest share of the phase change materials market, accounting for 40%, attributed to the inclination toward eco-friendly products, resulting in the proliferation of the PCM industry. Moreover, there are various initiatives taken by the European regulatory associations, to encourage the efficient building of mechanical solutions and increase the awareness of PCM applications that have caused a market boost.
Therefore, the surge in green buildings and increased awareness of the environment resulting in reduced GHG emissions propel the market.
