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Regulations for the reduction of greenhouse gas emissions are driving the Phase Change Material Market

Regulations for the reduction of greenhouse gas emissions are driving the Phase Change Material Market
Browse 229 market data Tables and 56 Figures spread through 219 Pages and in-depth TOC on “Phase Change Material Market”

Phase Change Material Market by Type(Organic, Inorganic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), Region

The phase change material (PCM) market is projected to reach USD 889 million by 2025, at a CAGR of 16.0% from USD 423 million in 2020. PCMS are the materials that have the ability to store and release a large amount of heat/energy while maintaining a constant temperature. Unlike other insulation materials, on reaching a melting point (the temperature at which it changes phase from solid to liquid), PCM absorbs a large amount of heat and releases its stored latent heat while solidifying. It has tremendous potential to meet the increasing need for energy in cooling and heating applications across various industries, including construction, fixed refrigeration, textiles, packaging, electronics, etc.

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Global warming and changing climate patterns are major environmental concerns. The European Union (EU) plans to reduce greenhouse gas emissions by 20% by 2020 and by 40% by 2030, with new environment-friendly technologies being required to achieve this objective. The use of advanced PCM is expected to reduce the demand for coolers and heaters, and subsequently lower the demand for electricity. Through incorporating advanced phase change material in applications such as building and HVAC, companies now have the potential to earn 10–20 times more carbon credits than available through using other green insulating materials.

Strict regulations are implemented for controlling emissions that are increasingly affecting the atmosphere. The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) was adopted by 191 countries (all UN members, except Andorra, Canada, South Sudan, and the US) in 1997, and was enforced in 2005. This protocol categorizes the countries and binds them with carbon emission targets. The US included its initiatives to reduce greenhouse gas emissions through its Fourth US Climate Action Report (USCAR) to the UNFCCC.

Regulations for carbon emission reductions such as the CRC Energy Efficiency Scheme in the UK have made it mandatory for non-energy-intensive organizations in the public and private sectors to reduce carbon emissions. There is an increasing demand for advanced PCM in buildings that reduces the required compressor load for heating and cooling buildings by maintaining required room temperatures, thus decreasing carbon emissions. Regulations are being imposed on the transport of pharmaceuticals and other biological goods based on temperature requirement during transport, with goods and transport needing to comply with the labeled storage requirements for each product.

The impact of this driver is medium at present, as only a few countries have imposed strict norms for the reduction of the carbon footprint. However, in future, the impact is expected to be high as most countries are expected to reduce carbon emissions due to increasing environmental concerns.

Europe to account for the largest share of the global PCM market during the forecast period

Europe is expected to account for the largest market share in PCM during the forecast period, in terms of value and volume. This is owing to the increasing demand for PCM in applications such as cold chain & packaging and building & construction in the region. Moreover, the presence of stringent regulations regarding the reduction of greenhouse gas emission (GHG) is another factor leading to its growth.

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