Global Phase Change Materials Market Size is valued at 2.40 billion in 2023 and is predicted to reach 9.10 billion by the year 2031 at 18.30% CAGR during the forecast period for 2024-2031.
Compounds that absorb and release heat energy are phase-changing materials (known as latent heat). Melting is the process through which a substance changes from a solid to a liquid state. A significant amount of heat energy can be efficiently absorbed by a wide variety of materials during the phase change. The substance will, however, release the heat it took in during melting when it freezes and solidifies. Different materials may absorb different amounts of heat energy, and they will melt and solidify at different temperatures.
Phase change materials are increasingly being used to regulate temperature, which is one of the key drivers driving the market for these materials. When phase change materials are employed in the building, the environment's temperature will be regulated. The material's phase changes as a result of variations in the ambient temperature throughout the day and night, releasing and absorbing Energy in the process.
The use of phase change materials for temperature control lessens the demand for conventional heating and cooling systems. The growing usage of phase change materials for temperature control is one of the key drivers driving the market for these materials. When phase change materials are employed in the construction, the temperature of the area can be regulated. Phase changes in the substance are utilised to Energy emitted and absorbed as a result of differences in outside temperature between day and night.
The use of phase change materials for temperature control lessens the demand for conventional heating and cooling systems. Additionally, a significant market driver may be the growing demand for PCMs to offer drugs, vaccines, and therapeutic hypothermia employing PCMS in rheumatic and neonatal disorders.
Competitive Landscape
Key players operating in the global advanced phase change materials market are:
- Advansa B.V.
- AI Technology Inc.
- Axiotherm GmbH
- Ciat Group
- Climator Sweden AB
- Cold Chain technologies Inc.
- Croda International Plc
- Cryopak
- Hangzhou New Material Technology Co., Ltd. ('RuhrTech')
- Henkel AG & Co. KGaA
- Honeywell International. Inc.
- Laird Technologies, Inc.
- Microtek Laboratories Inc.
- Outlast Technologies LLC
- PCM Products Ltd
- Phase Change Products Pty. Ltd
- PLUSS
- PureTemp LLC
- Rovilus
- Rubitherm Technologies GmbH
- Sasol Limited
- Shanghai Tempered Entropy New Energy Co., Ltd
- Shin-Etsu Chemicals Co., Ltd.
- Teappcm
Market Segmentation:
The phase change materials market is divided into two parts: type and application. It is classified into five types: paraffin, salt hydrates, eutectics, non-paraffin, and others. Application segment is classified into building and construction, energy storage, HVAC, shipping and transportation, electronics, cold chain and packing, ventilation, commercial refrigeration, textiles, and others.
Paraffins phase change material is projected to lead the market.
The Inorganic category led the phase change material (PCM) market in 2021, and it is likely to maintain its dominance by the end of the forecast period. An inorganic phase change material has a relatively high heat of fusion, high thermal conductivity, low cost, and is non-flammable. The majority of them, however, are corrosive to most metals and suffer from supercooling and phase breakup. Hydrated salts are the most common inorganic PCMs, driving category development.
The application for cold chain and packaging represented the largest market share.
The application for cold chain and packaging held the largest market share and is anticipated to experience the highest CAGR between 2021 and 2026 in terms of value growth. Due to the rise in demand for pharmaceutical packaging globally, the cold chain & packaging segment is experiencing growth in demand for phase change materials, which can be attributed to this expansion. Temperature-sensitive materials are transported using phase change materials. Perishable goods are transported and stored using cold chains, as are raw materials purchased, production, and transportation of the final product to the consumer.
In the region, Europe is anticipated to dominate the market for phase change materials.
The largest market for phase change material in terms of value and volume in 2021 is expected to be in Europe, which is predicted to dominate the market at the end of the forecast period. The demand for phase change materials in the building and construction industry, as well as stringent government regulations on carbon emissions, are what is primarily fueling the market's expansion in the region. Since phase change material helps each project save carbon credits granted, government initiatives to develop green buildings supported the market growth.
Europe has high energy costs as well, which increases the demand for phase change materials there. Additionally, Europe is a developing market for phase change materials due to significant economic growth and significant industry investment. A few examples include chemical, electronics, automotive, oil and gas, and infrastructure. Phase change materials are now more necessary than ever because of the region's strict building regulations as well as advancements in energy efficiency. In addition, there is a huge demand for smart clothing and fabrics that can be used in both hot and cold climates in Europe due to the region's changing climatic conditions. The market in Europe is impacted by all of these factors.
Phase Change Materials Market Report Scope
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Report Attribute |
Specifications |
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Market size value in 2023 |
USD 2.40 billion |
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Revenue forecast in 2031 |
USD 9.10 billion |
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Growth rate CAGR |
CAGR of 18.30% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Workflow, Application, End-use |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
Henkel AG & Co. KGaA, Honeywell International.Inc., Croda International Plc, PureTemp LLC, Laird Technologies, Inc., Rubitherm Technologies GmbH, PCM Products Ltd, Climator Sweden AB, Cryopak, Shin-Etsu Chemicals Co.,Ltd., PLUSS, Phase Change Products Pty.Ltd, Microtek Laboratories Inc., Shanghai Tempered Entropy New Energy Co., Ltd, Phase Change Solutions, Sasol, Axiotherm GmbH, Hangzhou New Material Technology Co., Ltd. (‘RuhrTech’), Rovilus |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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