This Phase Change Materials report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The phase change materials market size has grown rapidly in recent years. It will grow from $1.84 billion in 2024 to $2.19 billion in 2025 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to energy-efficient building construction, temperature regulation in electronics, thermal management in food preservation, growth in green building standards, energy storage and hvac applications.
The phase change materials market size is expected to see rapid growth in the next few years. It will grow to $4.24 billion in 2029 at a compound annual growth rate (CAGR) of 18%. The growth in the forecast period can be attributed to integration into wearable technology, advanced phase change materials for evs, smart textiles and clothing, growth in data centers and cloud computing, expansion of renewable energy storage. Major trends in the forecast period include customized phase change materials for specific applications, biodegradable and sustainable pcms, advanced encapsulation technologies, nanomaterial-enhanced phase change materials, integration with iot and sensor networks.
The anticipated growth in the global construction industry is a key factor driving the expansion of the phase change materials market in the forecast period. These materials find applications in various construction elements such as roofs, floors, and electrical appliances, helping mitigate temperature fluctuations in indoor environments by storing latent heat during the transition from solid to liquid. The surge in urban population is expected to lead to increased demand for new residential and commercial buildings. According to the Intercontinental Exchange (ICE), a US-based technology company, the global construction sector is projected to reach $8 trillion by 2030. Thus, the burgeoning construction industry worldwide is a significant catalyst for the phase change materials market.
The increasing adoption of renewable energy is anticipated to drive growth in the phase change materials market in the future. Renewable energy refers to a source of energy that can be replenished naturally within a human lifespan and is not depleted when utilized. Phase Change Materials are utilized in renewable energy systems to store and release thermal energy, thereby improving efficiency and sustainability. For example, in June 2023, the International Energy Agency (IEA), a France-based energy organization, reported that net renewable electricity capacity additions from photovoltaic (PV) distributed sources reached 136.2 GW in 2023, up from 107.4 GW in 2022. Additionally, PV utility capacity also increased from 112.6 GW in 2022 to 150.8 GW in 2023. Therefore, the rising adoption of renewable energy is fueling the growth of the phase change materials market.
The emergence of bio-based phase change material fabric coatings is influencing the phase change materials market. Bio-based phase change materials are produced using renewable resources, such as beef tallow or oils derived from coconut, palm, and soybeans. For example, in September 2022, Sinomax USA Inc., a US-based manufacturer of polyurethane comfort products, introduced BioFrost cooling technology. This sustainable phase change material provides effective cooling and contains up to 94% bio-based content, positioning it as one of the most environmentally friendly options on the market. Moreover, it improves product washability and can be integrated with sustainable fabrics and foams, catering to consumer preferences for cleaner sleep environments and enhanced sustainability in bedding products.
Major companies in the phase change materials market are introducing innovative ultra-low temperature solutions to ensure temperature security and provide an alternative to dry ice. Ultra-low temperature solutions involve systems and technologies capable of maintaining temperatures significantly below standard freezing points. In March 2023, BioLife Solutions Inc., a US-based supplier of cell and gene therapy solutions, unveiled Ultraguard, the first -70°C phase change material (PCM) that is non-toxic, non-hazardous, and non-flammable. This PCM offers ultra-low temperature protection, serving as a backup during power outages for ultra-low temperature freezers and as a benchtop storage solution for biological materials, presenting a viable alternative to dry ice.
In June 2022, Huafon Group, a China-based manufacturer of chemicals and new materials, acquired DuPont for $0.24 billion. This acquisition will enable Huafon Group to introduce bio-based materials to a broader global customer base and advance the materials sector toward a sustainable future. DuPont is a US-based producer of bio-based materials and solutions that facilitate industry transformation.
Major companies operating in the phase change materials market include Honeywell Electronic Materials Inc., Microtek Laboratories Inc., Croda International plc, Sasol Ltd., Henkel AG & Co. KGaA, Climator Mep Pvt Ltd., PCM Products Ltd., Phase Change Energy Solutions, Rubitherm Technologies, Cryopak Industries Inc., Outlast Technologies, DuPont de Nemours Inc., Dow Inc., Badische Anilin und Soda Fabrik, Puretemp LLC, Pluss Advanced Technologies Inc., Cold Chain Technologies Inc., Entropy Solutions LLC, Laird plc, Phase Change Materials Products Ltd., Shin-Etsu Chemical Co. Ltd., Smart Materials Corporation, Thermal Energy System Specialists, Henan Shijixiang Enterprise Co Ltd., AdvanSource Biomaterials Corporation, Encapsys LLC, Advanced Cooling Technologies Inc., Chemours Company.
Europe was the largest region in the phase change materials market in 2024. The regions covered in the phase change materials market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the phase change materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Phase-change materials, also known as latent heat storage units, are a class of substances that, during a change from one physical state to another, such as from a solid to a liquid, absorb or release significant amounts of latent heat. These materials find applications in various industries, including solar power plants, waste heat recovery systems, food preservation, pharmaceutical products, and construction.
The main types of phase change materials include organic, inorganic, and bio-based. Organic phase change materials are capable of absorbing and releasing latent heat during the phase change process at specific temperatures. These materials come in different forms, such as paraffin, non-paraffin, salt hydrates, and eutectics, and utilize various encapsulation technologies, including macro, micro, and molecular. Phase change materials are implemented in diverse end-use industries, such as building and construction, packaging, textiles, electronics, transportation, and more.
The phase change materials market research report is one of a series of new reports that provides phase change materials market statistics, including phase change materials industry global market size, regional shares, competitors with a phase change materials market share, detailed phase change materials market segments, market trends and opportunities, and any further data you may need to thrive in the phase change materials industry. This phase change materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The phase change materials consist of paraffin, nonparaffin, salt hydrates, metallic alloys, and plant-based materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The phase change materials market size has grown rapidly in recent years. It will grow from $1.84 billion in 2024 to $2.19 billion in 2025 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to energy-efficient building construction, temperature regulation in electronics, thermal management in food preservation, growth in green building standards, energy storage and hvac applications.
The phase change materials market size is expected to see rapid growth in the next few years. It will grow to $4.24 billion in 2029 at a compound annual growth rate (CAGR) of 18%. The growth in the forecast period can be attributed to integration into wearable technology, advanced phase change materials for evs, smart textiles and clothing, growth in data centers and cloud computing, expansion of renewable energy storage. Major trends in the forecast period include customized phase change materials for specific applications, biodegradable and sustainable pcms, advanced encapsulation technologies, nanomaterial-enhanced phase change materials, integration with iot and sensor networks.
The anticipated growth in the global construction industry is a key factor driving the expansion of the phase change materials market in the forecast period. These materials find applications in various construction elements such as roofs, floors, and electrical appliances, helping mitigate temperature fluctuations in indoor environments by storing latent heat during the transition from solid to liquid. The surge in urban population is expected to lead to increased demand for new residential and commercial buildings. According to the Intercontinental Exchange (ICE), a US-based technology company, the global construction sector is projected to reach $8 trillion by 2030. Thus, the burgeoning construction industry worldwide is a significant catalyst for the phase change materials market.
The increasing adoption of renewable energy is anticipated to drive growth in the phase change materials market in the future. Renewable energy refers to a source of energy that can be replenished naturally within a human lifespan and is not depleted when utilized. Phase Change Materials are utilized in renewable energy systems to store and release thermal energy, thereby improving efficiency and sustainability. For example, in June 2023, the International Energy Agency (IEA), a France-based energy organization, reported that net renewable electricity capacity additions from photovoltaic (PV) distributed sources reached 136.2 GW in 2023, up from 107.4 GW in 2022. Additionally, PV utility capacity also increased from 112.6 GW in 2022 to 150.8 GW in 2023. Therefore, the rising adoption of renewable energy is fueling the growth of the phase change materials market.
The emergence of bio-based phase change material fabric coatings is influencing the phase change materials market. Bio-based phase change materials are produced using renewable resources, such as beef tallow or oils derived from coconut, palm, and soybeans. For example, in September 2022, Sinomax USA Inc., a US-based manufacturer of polyurethane comfort products, introduced BioFrost cooling technology. This sustainable phase change material provides effective cooling and contains up to 94% bio-based content, positioning it as one of the most environmentally friendly options on the market. Moreover, it improves product washability and can be integrated with sustainable fabrics and foams, catering to consumer preferences for cleaner sleep environments and enhanced sustainability in bedding products.
Major companies in the phase change materials market are introducing innovative ultra-low temperature solutions to ensure temperature security and provide an alternative to dry ice. Ultra-low temperature solutions involve systems and technologies capable of maintaining temperatures significantly below standard freezing points. In March 2023, BioLife Solutions Inc., a US-based supplier of cell and gene therapy solutions, unveiled Ultraguard, the first -70°C phase change material (PCM) that is non-toxic, non-hazardous, and non-flammable. This PCM offers ultra-low temperature protection, serving as a backup during power outages for ultra-low temperature freezers and as a benchtop storage solution for biological materials, presenting a viable alternative to dry ice.
In June 2022, Huafon Group, a China-based manufacturer of chemicals and new materials, acquired DuPont for $0.24 billion. This acquisition will enable Huafon Group to introduce bio-based materials to a broader global customer base and advance the materials sector toward a sustainable future. DuPont is a US-based producer of bio-based materials and solutions that facilitate industry transformation.
Major companies operating in the phase change materials market include Honeywell Electronic Materials Inc., Microtek Laboratories Inc., Croda International plc, Sasol Ltd., Henkel AG & Co. KGaA, Climator Mep Pvt Ltd., PCM Products Ltd., Phase Change Energy Solutions, Rubitherm Technologies, Cryopak Industries Inc., Outlast Technologies, DuPont de Nemours Inc., Dow Inc., Badische Anilin und Soda Fabrik, Puretemp LLC, Pluss Advanced Technologies Inc., Cold Chain Technologies Inc., Entropy Solutions LLC, Laird plc, Phase Change Materials Products Ltd., Shin-Etsu Chemical Co. Ltd., Smart Materials Corporation, Thermal Energy System Specialists, Henan Shijixiang Enterprise Co Ltd., AdvanSource Biomaterials Corporation, Encapsys LLC, Advanced Cooling Technologies Inc., Chemours Company.
Europe was the largest region in the phase change materials market in 2024. The regions covered in the phase change materials market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the phase change materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Phase-change materials, also known as latent heat storage units, are a class of substances that, during a change from one physical state to another, such as from a solid to a liquid, absorb or release significant amounts of latent heat. These materials find applications in various industries, including solar power plants, waste heat recovery systems, food preservation, pharmaceutical products, and construction.
The main types of phase change materials include organic, inorganic, and bio-based. Organic phase change materials are capable of absorbing and releasing latent heat during the phase change process at specific temperatures. These materials come in different forms, such as paraffin, non-paraffin, salt hydrates, and eutectics, and utilize various encapsulation technologies, including macro, micro, and molecular. Phase change materials are implemented in diverse end-use industries, such as building and construction, packaging, textiles, electronics, transportation, and more.
The phase change materials market research report is one of a series of new reports that provides phase change materials market statistics, including phase change materials industry global market size, regional shares, competitors with a phase change materials market share, detailed phase change materials market segments, market trends and opportunities, and any further data you may need to thrive in the phase change materials industry. This phase change materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The phase change materials consist of paraffin, nonparaffin, salt hydrates, metallic alloys, and plant-based materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Phase Change Materials Market Characteristics3. Phase Change Materials Market Trends and Strategies4. Phase Change Materials Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global Phase Change Materials Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Phase Change Materials Market34. Recent Developments in the Phase Change Materials Market
5. Global Phase Change Materials Growth Analysis and Strategic Analysis Framework
6. Phase Change Materials Market Segmentation
7. Phase Change Materials Market Regional and Country Analysis
8. Asia-Pacific Phase Change Materials Market
9. China Phase Change Materials Market
10. India Phase Change Materials Market
11. Japan Phase Change Materials Market
12. Australia Phase Change Materials Market
13. Indonesia Phase Change Materials Market
14. South Korea Phase Change Materials Market
15. Western Europe Phase Change Materials Market
16. UK Phase Change Materials Market
17. Germany Phase Change Materials Market
18. France Phase Change Materials Market
19. Italy Phase Change Materials Market
20. Spain Phase Change Materials Market
21. Eastern Europe Phase Change Materials Market
22. Russia Phase Change Materials Market
23. North America Phase Change Materials Market
24. USA Phase Change Materials Market
25. Canada Phase Change Materials Market
26. South America Phase Change Materials Market
27. Brazil Phase Change Materials Market
28. Middle East Phase Change Materials Market
29. Africa Phase Change Materials Market
30. Phase Change Materials Market Competitive Landscape and Company Profiles
31. Phase Change Materials Market Other Major and Innovative Companies
35. Phase Change Materials Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Phase Change Materials Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on phase change materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for phase change materials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The phase change materials market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Organic; Inorganic; Bio-based2) by Encapsulation Technology: Macro; Micro; Molecular
3) by Product: Paraffin; Non-Paraffin; Salt Hydrates; Eutectics
4) by End-User: Building and Construction; Packaging; Textiles; Electronics; Transportation; Other End-Users
Subsegments:
1) by Organic: Paraffin-Based Materials; Fatty Acids; Esters2) by Inorganic: Salt Hydrates; Metallic Compounds; Water-Based Materials
3) by Bio-based: Plant-Based Materials; Animal-Based Materials; Biopolymers
Key Companies Mentioned: Honeywell Electronic Materials Inc.; Microtek Laboratories Inc.; Croda International plc; Sasol Ltd.; Henkel AG & Co. KGaA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Phase Change Materials market report include:- Honeywell Electronic Materials Inc.
- Microtek Laboratories Inc.
- Croda International plc
- Sasol Ltd.
- Henkel AG & Co. KGaA
- Climator Mep Pvt Ltd.
- PCM Products Ltd.
- Phase Change Energy Solutions
- Rubitherm Technologies
- Cryopak Industries Inc.
- Outlast Technologies
- DuPont de Nemours Inc.
- Dow Inc.
- Badische Anilin und Soda Fabrik
- Puretemp LLC
- Pluss Advanced Technologies Inc.
- Cold Chain Technologies Inc.
- Entropy Solutions LLC
- Laird plc
- Phase Change Materials Products Ltd.
- Shin-Etsu Chemical Co. Ltd.
- Smart Materials Corporation
- Thermal Energy System Specialists
- Henan Shijixiang Enterprise Co Ltd.
- AdvanSource Biomaterials Corporation
- Encapsys LLC
- Advanced Cooling Technologies Inc.
- Chemours Company
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | February 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 2.19 Billion |
Forecasted Market Value ( USD | $ 4.24 Billion |
Compound Annual Growth Rate | 18.0% |
Regions Covered | Global |
No. of Companies Mentioned | 29 |