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The phase change materials market is estimated to register noteworthy gains on account of rising applications across the HVAC, building & construction, and packaging industry. PCMs are mainly preferred for their remarkable heat releasing and storing properties. They find immense usage in a number of construction activities, especially across developing regions. Several organizations are looking to integrate PCMs into their products owing to its dynamic thermal Insulation property and back-up for cooling applications.However, the ongoing COVID health crisis has, like many industries, severely affected the PCM industry. The pandemic has hindered multiple business functions of multiple industries around the world. The imposition of nationwide lockdowns in various countries has played a prominent role in declining the growth of multiple end-user industries, impacting the overall phase change materials market in 2020.
Dramatic rise in COVID-19 cases, particularly across Europe, has resulted in the shutdown of several PCM production facilities. For the record, Europe is one of the major regions housing a large consumer base for phase change materials. The vital end-user industries that generate revenue strides for the PCM industry include the packaging and construction sectors. On this note, studies suggest that the phase change materials market may showcase a promising CAGR of more than 16% in a couple of years.
Meanwhile, technological innovation in the field of PCMs could broaden the business horizon for phase chemical material manufacturers. Citing an instance, in 2020, a group of scientists from the University of Southampton developed a type of phase-change material that could revolutionize optical circuits and replace traditional electronic parts. Evidently, this new material can be switched using very low power and demonstrates ultra-low loss at telecommunication wavelengths.
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On the regional landscape, Europe is considered to be a lucrative market for phase change material companies ascribed to factors like mounting adoption of PCM across several applications including packaging, building & construction, and HVAC. As for Asia Pacific, the region is set to witness a fast-paced growth, and is likely to record near to 17.2% growth by the end of 2026. Increasing number of construction activities across the APAC could play a vital role in boosting the adoption of PCM and enhancing the overall revenue growth within the analysis period.
Prominent industry players in the global phase change materials market had held more than 45% of the market share in 2019. These companies are mainly focusing on merger & acquisition strategies and research & development activities to expand their product portfolio and overall market share. Taking August 2016 for instance, Honeywell signed an acquisition deal with Intelligrated, a leading warehouse automation solution and supply chain company to accelerate Honeywell’s overall supply chain management system. This purchase would also improve its operational efficiency, accuracy, and safety.
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