Micro capsule Phase Change Composite Material Sales

Micro Capsule Phase Change Composite Material Sales Market Outlook

The global microcapsule phase change composite material market is projected to reach a valuation of approximately USD 1.2 billion by 2035, growing at a compound annual growth rate (CAGR) of around 15% from 2025 to 2035. This significant growth can be attributed to the increasing demand for energy-efficient materials and the advancements in microencapsulation technology, which enhance the performance and effectiveness of phase change materials (PCMs). The rising awareness about sustainability and the need for temperature control solutions across various industries, including construction, textiles, and electronics, are expected to drive market expansion. Additionally, government initiatives promoting energy conservation and the integration of renewable energy sources are further propelling the adoption of microcapsule phase change composite materials. As urbanization continues to rise globally, the demand for innovative thermal management solutions in residential and commercial applications will play a crucial role in shaping the market landscape.

Growth Factor of the Market

Several growth factors are influencing the microcapsule phase change composite material market positively. Firstly, the need for energy-efficient construction materials in building and construction applications has surged, compelling manufacturers to innovate PCMs that can help regulate indoor temperatures and reduce HVAC energy consumption. Secondly, the rising trend of smart textiles, which integrate PCMs to provide thermal regulation and comfort, is garnering attention in the fashion and sports industries, thus expanding the application scope of microencapsulated PCMs. Moreover, the growing electronic manufacturing sector is also a driving force, as PCMs are increasingly employed in electronic devices to manage heat dissipation and enhance performance. Furthermore, advancements in microencapsulation technology are making it easier to produce high-quality PCMs, leading to increased adoption across various sectors. Lastly, the rising environmental consciousness among consumers and corporations is promoting the development and utilization of bio-based and eco-friendly PCM options, which is expected to provide a significant boost to market growth.

Key Highlights of the Market

• The market is projected to grow significantly due to increasing demand for energy-efficient materials.
• Advancements in microencapsulation technologies are enhancing product effectiveness.
• Growing awareness regarding sustainability is propelling the adoption of bio-based PCMs.
• Expanding applications in textiles and electronics are diversifying market opportunities.
• Government initiatives promoting energy conservation are supporting market growth.

By Product Type

Organic PCM Microcapsules:

Organic PCM microcapsules are gaining traction in various applications due to their excellent thermal storage capabilities. These microcapsules are typically made from paraffin wax or fatty acids, which can absorb, store, and release heat efficiently. The inherent properties of organic PCMs, such as non-corrosiveness and stability, make them suitable for use in building materials and textiles, where they contribute to thermal comfort and energy efficiency. The increasing adoption of organic microcapsules in energy storage solutions, particularly in residential and commercial buildings, is a key driver of their market segment, as they help regulate temperatures and reduce the reliance on heating and cooling systems.

Inorganic PCM Microcapsules:

Inorganic PCM microcapsules, often composed of salt hydrates, are recognized for their high thermal conductivity and ability to provide substantial energy storage capacity. These materials are particularly advantageous in applications requiring rapid heat transfer and energy efficiency, such as in energy storage systems and thermal management solutions for electronics. Their ability to operate in a wider temperature range as compared to organic alternatives makes inorganic PCMs suitable for diverse applications, including chilled ceiling systems and industrial processes. However, the challenge of salt crystallization and corrosion is prompting manufacturers to innovate and enhance the encapsulation processes to preserve the integrity of these microcapsules.

Bio-based PCM Microcapsules:

Bio-based PCM microcapsules are becoming increasingly popular due to their environmentally friendly nature and sustainability. Made from renewable resources, these microcapsules cater to the growing consumer demand for green materials, particularly in the construction and textile industries. They effectively store thermal energy while minimizing the carbon footprint associated with traditional PCMs. The market for bio-based microcapsules is further bolstered by advancements in agricultural waste utilization and biotechnology, which contribute to the innovation of novel bio-based PCMs. As consumers and companies alike prioritize sustainability, this segment of the market is anticipated to experience substantial growth in the coming years.

Bio-organic PCM Microcapsules:

Bio-organic PCM microcapsules combine the benefits of organic materials with bio-based production processes, offering a sustainable alternative for various thermal management applications. These microcapsules are primarily derived from natural sources and are designed to provide efficient thermal storage while being less harmful to the environment compared to synthetic counterparts. Their application in textiles, particularly in sportswear and outdoor gear, is gaining momentum as consumers seek products that regulate temperature while ensuring comfort. The versatility of bio-organic PCMs in enhancing energy efficiency in construction and packaging solutions further establishes them as a critical segment in the microcapsule PCM market.

Bio-inorganic PCM Microcapsules:

Bio-inorganic PCM microcapsules represent a unique blend of bio-based materials with inorganic components, offering enhanced thermal performance and sustainability. These microcapsules leverage the high energy storage capacity of inorganic compounds while utilizing renewable resources for their production. Their application spans various sectors, including building materials and thermal packaging, where they play a vital role in energy conservation. The dual benefits of improved thermal management and reduced environmental impact make bio-inorganic PCMs an appealing choice for manufacturers aiming to meet the growing demand for sustainable solutions. As the market progresses, innovations in this segment are expected to address challenges related to cost and performance, further driving growth.

By Application

Building & Construction:

The building and construction sector is one of the primary applications for microcapsule phase change composite materials, driven by the need for energy-efficient solutions. PCMs integrated into building materials can significantly improve thermal regulation, thereby enhancing indoor comfort and reducing energy consumption associated with heating and cooling systems. Their use in walls, ceilings, and flooring allows buildings to maintain stable temperatures, which is especially beneficial in regions with extreme climates. As sustainable building practices gain traction, the incorporation of microencapsulated PCMs is expected to grow, supported by regulations promoting energy efficiency and green building certifications.

Textiles:

The textile industry is experiencing a growing demand for microcapsule phase change materials, particularly in the development of smart textiles. These textiles, which can regulate temperature based on environmental conditions, are becoming increasingly popular in sportswear, outdoor apparel, and home furnishings. The ability of microencapsulated PCMs to absorb and release heat enhances wearer comfort, making them highly desirable among consumers seeking performance-oriented products. As the trend towards functional and smart clothing continues to evolve, the market for microcapsule PCMs in textiles is poised for substantial growth, spurred by innovations in fabric technology and consumer preferences for enhanced functionality.

Electronics:

In the electronics sector, microcapsule phase change composite materials are increasingly being utilized to manage heat dissipation in devices. The compact nature of modern electronic devices necessitates efficient thermal management solutions to prevent overheating and maintain performance. PCMs offer a promising approach by absorbing excess heat during peak operation and releasing it when temperatures drop, thus extending the lifespan of electronic components. With the proliferation of consumer electronics and the demand for high-performance computing, the application of microencapsulated PCMs in this sector is expected to grow, driven by the need for improved thermal management solutions.

Energy Storage:

Energy storage applications are critical for balancing supply and demand within renewable energy systems, and microcapsule phase change materials play a vital role in this sector. PCMs can store excess energy generated during peak production periods and release it as needed, facilitating energy management and enhancing the stability of renewable energy sources. The ability to efficiently store thermal energy aligns with the increasing investments in renewable energy infrastructure and the transition towards a more sustainable energy grid. As energy efficiency becomes a priority in both residential and industrial settings, the adoption of microcapsulated PCMs in energy storage applications is projected to increase significantly.

Thermal Packaging:

Thermal packaging represents another key application for microcapsule phase change composite materials, particularly in the transportation and logistics sectors. The ability of PCMs to maintain temperature during the transit of sensitive goods, such as pharmaceuticals and perishable food items, is crucial in ensuring product integrity and quality. The demand for reliable thermal packaging solutions is growing as companies aim to comply with regulations and meet consumer expectations for product safety. By leveraging microencapsulated PCMs, manufacturers can develop advanced packaging solutions that provide optimal temperature control, thus enhancing the overall value proposition of their products.

By Distribution Channel

Direct Sales:

Direct sales channels have become increasingly popular in the microcapsule phase change composite material market, allowing manufacturers to establish direct relationships with customers. This approach enables companies to provide tailored solutions and better understand customer needs, leading to enhanced customer satisfaction and loyalty. Direct sales also facilitate real-time feedback on product performance, which can inform future product development and innovation. As manufacturers seek to differentiate themselves in a competitive landscape, direct sales channels will likely continue to grow, supported by the demand for personalized service and high-quality products.

Indirect Sales:

Indirect sales channels, including distributors and retailers, play a significant role in the distribution of microcapsule phase change composite materials. These channels allow manufacturers to reach a broader audience and penetrate various markets efficiently. Distributors often have established relationships with end-users across different industries, facilitating the introduction of new products and technologies to potential customers. The growth of e-commerce platforms is also redefining the indirect sales landscape, enabling manufacturers to leverage online channels to promote and sell their products. As the market expands, a well-balanced approach between direct and indirect sales channels will be essential for maximizing reach and market penetration.

By Ingredient Type

Paraffin:

Paraffins are one of the most common ingredient types used in microcapsule phase change composite materials due to their favorable thermal properties and cost-effectiveness. These hydrocarbon compounds are capable of storing significant amounts of thermal energy, making them ideal for a variety of applications, particularly in building materials and textiles. The phase change temperature of paraffin can be tailored to meet specific requirements, enhancing their versatility. Their stability and non-toxic nature further contribute to their popularity in various sectors, driving the demand for paraffin-based microcapsules in the market.

Salt Hydrates:

Salt hydrates are another widely used ingredient type in microcapsule phase change materials, recognized for their high latent heat storage capabilities. These materials can absorb and release more thermal energy compared to paraffin, making them suitable for applications where space is at a premium. The ability to operate over a wide range of temperatures also makes salt hydrates highly desirable for diverse applications, including thermal packaging and energy storage systems. However, the challenges associated with salt crystallization and potential corrosion mean that ongoing research is needed to enhance the performance and longevity of salt hydrate-based microcapsules.

Bio-based Materials:

Bio-based materials are increasingly being integrated into microcapsule phase change composite formulations to meet the growing demand for sustainable solutions. Derived from renewable sources, these materials provide an eco-friendly alternative while maintaining effective thermal performance. The use of bio-based ingredients not only reduces the environmental impact associated with traditional PCM production but also caters to consumers' preferences for green products. As manufacturers continue to innovate and improve the efficiency of bio-based PCMs, their market share is expected to rise, driven by the increasing emphasis on sustainability across various industries.

Fatty Acids:

Fatty acids, often derived from natural oils, are becoming popular choices for microcapsule phase change composite materials due to their favorable phase change temperatures and low toxicity. These organic compounds can provide efficient thermal regulation and are well-suited for applications in textiles and building materials. Their biodegradability adds to their appeal, aligning with the global trend toward sustainability and environmentally friendly products. As research into fatty acid-based PCMs continues to explore their potential, we can expect to see increased adoption across various sectors seeking to implement greener solutions.

Eutectics:

Eutectics are specially formulated blends that combine two or more components to achieve a lower melting point and improved thermal properties. These materials are gaining traction in the microcapsule phase change composite market due to their ability to achieve precise phase change temperatures, making them suitable for high-performance applications. Eutectic mixtures offer unique advantages in thermal management systems, particularly in electronics and energy storage, where precise temperature control is crucial. The versatility of eutectics in various formulations allows manufacturers to tailor their products to specific requirements, driving innovation and growth within this segment.

By Region

The microcapsule phase change composite material market is globally distributed, with significant activities in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is currently leading the market, with a valuation estimated at around USD 400 million, driven by advancements in building technologies and a strong emphasis on energy-efficient solutions. The region is expected to maintain a CAGR of approximately 14% during the forecast period, fueled by high demand from the construction and electronics sectors. Europe is also a major player, with a substantial market share attributed to increasing regulations promoting sustainable building practices and innovations in textile performance. The European market is projected to grow steadily as demand for eco-friendly materials rises.

In the Asia Pacific region, the microcapsule phase change composite material market is expected to witness rapid growth, with an estimated market size of about USD 300 million by 2035. The increasing urbanization and economic development in countries such as China and India are driving investments in construction and energy storage sectors. Additionally, the emphasis on renewable energy initiatives and energy-efficient systems will contribute to market expansion. Latin America and the Middle East & Africa are also emerging markets for microcapsule PCMs, driven by growing awareness of energy conservation and the need for sustainable solutions in various industries. These regions are anticipated to grow at a CAGR of around 12% during the forecast period, reflecting a gradual but steady increase in adoption rates.

Opportunities

The microcapsule phase change composite material market presents numerous opportunities for growth, particularly in the areas of sustainability and technological innovation. As consumer preferences shift towards eco-friendly products, manufacturers have the chance to develop bio-based and sustainable PCM solutions that cater to this demand. The ongoing research and development in this field offer opportunities for creating high-performance microcapsules that not only meet environmental standards but also provide enhanced thermal management capabilities. Additionally, collaborations with industries such as construction, textiles, and electronics can lead to the integration of microcapsule PCMs into new product offerings, thereby expanding market reach and application scope. The increasing investment in smart building technologies and the Internet of Things (IoT) also opens avenues for utilizing microcapsule PCMs in smart energy management systems, contributing to sustainable urban development.

Moreover, the global shift towards renewable energy solutions presents a significant opportunity for the microcapsule phase change composite material market. With the rising adoption of solar and wind energy systems, there is a growing need for efficient energy storage solutions that can balance supply and demand. Microcapsule PCMs can play a critical role in this context, allowing for the effective storage of thermal energy generated from renewable sources. This alignment with energy transition goals not only enhances the market appeal of microcapsules but also positions them as essential components in the future of energy management. As government policies increasingly incentivize the adoption of renewable technologies, investments in microcapsule PCMs are likely to rise, driving further market growth.

Threats

Despite the promising growth trajectory of the microcapsule phase change composite material market, several threats could pose challenges to its expansion. One of the primary threats is the volatility in raw material prices, particularly for organic compounds and bio-based materials. Fluctuations in the cost of these materials can significantly impact production costs and pricing strategies, making it challenging for manufacturers to maintain profitability. Additionally, the market includes various competitors offering alternative thermal management solutions, which can intensify competition and pressure prices. The emergence of substitute materials and technologies may deter potential customers from transitioning to microcapsule PCMs, impacting market share and growth potential.

Furthermore, the industry faces certain regulatory challenges, particularly concerning environmental standards and safety regulations. As governments worldwide impose stricter regulations on materials and production processes to mitigate environmental impact, manufacturers may need to invest significant resources in compliance measures, which could affect their bottom line. Additionally, the complexity of microencapsulation processes can sometimes lead to inconsistencies in product quality, which could result in customer dissatisfaction and a negative impact on brand reputation. To navigate these challenges effectively, companies will need to invest in research and development, quality control measures, and strategic marketing initiatives to ensure their products meet evolving consumer and regulatory expectations.

Competitor Outlook

• Phase Change Energy Solutions
• Microtek Laboratories
• PureTemp LLC
• PCM Products Ltd.
• Rubitherm Technologies GmbH
• Xtratherm Ltd.
• Climacell
• Cryogel
• Celsior Technologies
• EcoCool
• Henkel AG & Co. KGaA
• Frostkrone Tiefkühlkost GmbH
• Dow Inc.
• Saint-Gobain
• 3M Company

The competitive landscape of the microcapsule phase change composite material market is characterized by a diverse array of companies, ranging from specialized manufacturers to large multinational corporations. Key players in this space are focusing on innovation, product differentiation, and strategic partnerships to enhance their market presence. Many companies are investing heavily in research and development to create advanced microcapsule formulations that offer superior thermal performance and sustainability features. The ongoing race to develop bio-based and eco-friendly materials is also becoming a significant factor in gaining a competitive edge.

Major companies such as Phase Change Energy Solutions and PureTemp LLC are leading the charge in the development of innovative microcapsule phase change materials, focusing on applications in building and construction as well as textiles. These companies are leveraging their expertise and technological advancements to create high-performance products that meet rising consumer demands for energy efficiency and environmental responsibility. Additionally, firms like Dow Inc. and 3M Company, with their extensive resources and diversified portfolios, are exploring opportunities in microcapsulated PCM applications across various industries, which positions them strongly within the market.

Another notable player, Rubitherm Technologies GmbH, is renowned for its commitment to sustainability and the development of high-quality phase change materials. Their focus on providing environmentally friendly solutions has resonated with consumers seeking green alternatives. Similarly, Cryogel and Celsior Technologies are capitalizing on the trend towards advanced thermal management solutions, catering to sectors requiring efficient heat regulation, such as electronics and energy storage. The competitive landscape continues to evolve as new entrants emerge and established players seek to expand their market share through innovation and strategic initiatives.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Cryogel
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 EcoCool
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Dow Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Climacell
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 3M Company
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 PureTemp LLC
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Saint-Gobain
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Xtratherm Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 PCM Products Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Celsior Technologies
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Henkel AG & Co. KGaA
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Microtek Laboratories
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Rubitherm Technologies GmbH
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Phase Change Energy Solutions
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Frostkrone Tiefkühlkost GmbH
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Micro capsule Phase Change Composite Material Sales Market, By Application
    • 6.1.1 Building & Construction
    • 6.1.2 Textiles
    • 6.1.3 Electronics
    • 6.1.4 Energy Storage
    • 6.1.5 Thermal Packaging
  • 6.2 Micro capsule Phase Change Composite Material Sales Market, By Product Type
    • 6.2.1 Organic PCM Microcapsules
    • 6.2.2 Inorganic PCM Microcapsules
    • 6.2.3 Bio-based PCM Microcapsules
    • 6.2.4 Bio-organic PCM Microcapsules
    • 6.2.5 Bio-inorganic PCM Microcapsules
  • 6.3 Micro capsule Phase Change Composite Material Sales Market, By Ingredient Type
    • 6.3.1 Paraffin
    • 6.3.2 Salt Hydrates
    • 6.3.3 Bio-based Materials
    • 6.3.4 Fatty Acids
    • 6.3.5 Eutectics
  • 6.4 Micro capsule Phase Change Composite Material Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Micro capsule Phase Change Composite Material Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Micro capsule Phase Change Composite Material Sales market is categorized based on

By Product Type

• Organic PCM Microcapsules
• Inorganic PCM Microcapsules
• Bio-based PCM Microcapsules
• Bio-organic PCM Microcapsules
• Bio-inorganic PCM Microcapsules

By Application

• Building & Construction
• Textiles
• Electronics
• Energy Storage
• Thermal Packaging

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Paraffin
• Salt Hydrates
• Bio-based Materials
• Fatty Acids
• Eutectics

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Phase Change Energy Solutions
• Microtek Laboratories
• PureTemp LLC
• PCM Products Ltd.
• Rubitherm Technologies GmbH
• Xtratherm Ltd.
• Climacell
• Cryogel
• Celsior Technologies
• EcoCool
• Henkel AG & Co. KGaA
• Frostkrone Tiefkühlkost GmbH
• Dow Inc.
• Saint-Gobain
• 3M Company