Phase change material Market Synopsis
According to the MRFR analysis, the global phase change material market size was valued at USD 13,397.69 thousand in 2020 and is projected to reach USD 49,021.39 thousand by 2028 at a CAGR of 17.90%.
Phase change materials (PCMs) are substances that absorb or release substantial amounts of 'latent' heat when their physical state changes, for as from solid to liquid or liquid to solid. PCMs facilitate the capacity to balance demand between energy requirements and usage by providing a variety of thermal management solutions. PCMs are widely utilised in the medical field for transporting blood, vaccinations, and temperature-sensitive medications, operating tables, hot-cold therapy, birth asphyxia treatment, and drug delivery.
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The increasing demand for PCMs in drug delivery and medicinal and vaccines transport is a key driver of the global market. PCM-based smart medication delivery systems have a lot of potential, according to researchers and the biotech industry. Phase change materials are renewable, reusable, and engine and fuel independent, making them perfect for vaccination transportation.
Segmentation
By Type
- Organic: This segment accounted for the largest market share in the global Phase change material market. Organic compounds or materials used in phase change materials can be paraffinic such as paraffin wax, or non-paraffinic, such as fatty acids, fatty acid esters, glycolic acids, and alcohols.
- Inorganic: Inorganic compounds are a broad category of phase change materials that differ chemically and share some physical characteristics with inorganic compounds. The excellent properties of inorganic PCMs include high thermal conductivity and high energy efficiency (high enthalpy).
- Eutectic: Eutectic materials are the mixture of two or more compounds of inorganic, organic, or both PCMs. These products consist of long-term stability, high phase change enthalpy, and facility of impregnating into porous support material.
By Equipment
- Refrigerators: This segment accounted for the highest market share in the global Phase change material market. Phase change materials are used in refrigerators to avoid heat loss or heat gain, high latent heat fusion, adjusting melting point, and maintaining a constant temperature.
- Cold Boxes: The phase change materials are used in cold storage equipment for vaccines. The cold storage equipment is equipped with a cold storage box of vaccines. The vaccine reagent tube is placed in the storage hole of the cold storage box.
- Carriers: Carriers are widely used in biopharmaceuticals companies for the transportation of vaccines. Phase change materials are one of the most sustainable, cost-effective, and reliable options to be used.
By Temperature range
- -20 to -35 deg C: This segment accounted for the second highest market share in the global Phase change material market. The phase change materials consist of combinations of compounds that will melt/freeze over a very narrow temperature range at a specific relative concentration of the compounds.
- 2 to 8 deg C: The escalating demand for phase change materials ranging from 2-8°C offers an optimistic growth for the global market. The growth is due to the rising consumption of these materials in cold chain equipment (CCE) applications in the healthcare industry.
- 10 to 15 deg C: The PCM ranging from 10-15 °C will absorb or release heat while maintaining a constant temperature until all material has reached the new phase.
- Others: The others segment includes less than -50°C and more than 25°C.
By End-user
- Biopharmaceutical Companies: PCM used in refrigeration systems are perfect for storing reagents, vaccines, and other biopharmaceutical items in biopharmaceutical companies. They offer a temperature control system, which are highly precise, and other characteristics.
- Hospitals: Physiotherapists and hospitals use PCM to treat sub-acute and chronic rheumatic conditions, post-acute conditions after traumas of the musculoskeletal system.
- Medical Laboratories: PCM can be used for very different applications in medical laboratories. PCM is ideal for purposeful warming or cooling of individual body parts. When ice packs are used for cooling, there is a risk of local hypothermia.
- Others: The others segment includes medical devices and research institutes.
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By Region
- North America: North America is expected to dominate the global phase change material market size growth due to the growth of the pharmaceutical & biotechnology industry in the US. The US was the largest pharmaceutical market in 2018, generating about USD 484.8 billion representing around 40% of the global revenue generated worldwide.
- Europe: The presence of many companies and SMEs in Europe that manufacture and supply phase change materials is expected to provide optimistic growth for phase change material market in this region.
- Asia-Pacific: This is the third largest market share in the global market. The growth in the Asia-pacific pharmaceutical industry in China, India, and Japan is anticipated to lead the global market growth over the forthcoming years.
- Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries.
- Middle East & Africa: Growing research institutes and pharmaceuticals company in this region is expected to fuel the demand for Phase change material over the foresseable period.
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Competitive Landscape
The global Phase change material market is highly fragmented and consists of many organized and unorganized industry players. The key players in the global phase change materials market are focusing on growth strategies such as innovation in products and developing technologies on a global level to gain a maximum share of the global market. Acquisition is the most common growth strategy adopted by most of the participants. Key players include Croda International Plc (UK), Sasol (South Africa), Henkel AG & Co. KGaA (Germany), Cryopak (US), Merck KGaA (Germany), Pluss Advanced Technologies Pvt. Ltd (India), PureTemp (US), Teappcm (US), Rubitherm (Germany), Cold Chain Technologies (US), and PCM Products Ltd (UK).
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