Key Highlights of the Phase Change Materials Market 2025-2034: Growth Dynamics, Trends, and Opportunities
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What is the Forecasted Expansion Rate of the Phase Change Materials Market Over the 2025–2034 Period?
The market size of phase change materials has seen a swift expansion in the recent years. It is predicted to rise from $1.84 billion in 2024 to $2.19 billion in 2025, with a compound annual growth rate (CAGR) of 19.2%. The historic period’s growth can be credited to factors such as the construction of energy-efficient buildings, temperature control in electronics, thermal management in food storage, the rise in green building norms, energy storage as well as HVAC applications.
The market size for phase change materials is projected to experience a rapid surge in the coming years, reaching $4.24 billion in 2029 with a compound annual growth rate (CAGR) of 18.0%. The predicted rise during this forecast period can be credited to its incorporation in wearable technology, advanced phase change materials for electric vehicles, smart textiles and clothing, the growth of data centers and cloud computing, and the expansion of renewable energy storage. Some major trends anticipated in the forecast period involve the customization of phase change materials for specific applications, biodegradable and sustainable phase change materials (pcms), advancements in encapsulation technologies, enhanced phase change materials through nanotechnology, and integration with internet of things (IoT) and sensor networks.
What Combination of Drivers Is Leading to Accelerated Growth in the phase change materials Market?
The global expansion of the construction industry is fuelling the growth of the phase change materials market in the predicted timeline. Phase change materials find usage in numerous areas during building construction like roofs, floors, and electrical equipment, and are utilized to minimize temperature inconsistencies within the interior atmosphere by storing latent heat as material changes from solid to liquid. A rapid surge in urban population is anticipated to prompt a heightened demand for new residential and commercial structures throughout the forecast period. For example, the Intercontinental Exchange (ICE), a technology firm based in the US, projects that by 2030, the global construction sector is set to hit $8 trillion. Hence, the escalating construction industry at a global level propels the growth of the phase change materials market.
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Who Are the Leading Organizations Fueling the Expansion of the Phase Change Materials Market?
Major companies operating in the phase change materials market include:
• Honeywell Electronic Materials Inc._x000D_
• Microtek Laboratories Inc._x000D_
• Croda International plc_x000D_
• Sasol Ltd._x000D_
• Henkel AG & Co. KGaA_x000D_
Which Cutting-Edge Trends Are Expected to Drive the Phase Change Materials Market’s Growth?
The phase change materials market is being transformed by the emergence of bio-based phase change material fabric coatings. These bio-based phase change materials are produced using bio-based ingredients like beef fat or oils from coconuts, palm, and soybeans. For example, Sinomax USA Inc., an American firm specializing in polyurethane comfort goods, introduced BioFrost cooling technology in September 2022. This sustainable phase change material provides effective cooling and incorporates up to 94% bio-based content, positioning it as one of the greenest choices on the market. Furthermore, it augments product cleanability and can be paired with eco-friendly fabrics and foams, in response to consumer demand for healthier sleep surroundings and increased sustainability for bedding products.
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What Are the Core Segments of the Phase Change Materials Market, and How Do They Contribute to Growth?
The phase change materials market covered in this report is segmented –
1) By Type: Organic, Inorganic, Bio-based
2) 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, Esters
2) By Inorganic: Salt Hydrates, Metallic Compounds, Water-Based Materials
3) By Bio-based: Plant-Based Materials, Animal-Based Materials, Biopolymers
Which Regions Are Most Influential in Expanding the Phase Change Materials Market?
Europe was the largest region in the phase change materials market in 2024. The regions covered in the phase change materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does the Definition of the Phase Change Materials Market Include?
Phase-change materials refer to a class of substances that, while changing from one physical state to another, such as from a solid to a liquid, absorb or release significant amounts of latent heat. Phase change materials are also known as latent heat storage units, commonly used in solar power plants, waste heat recovery systems, preservation of food, pharmaceutical products, and construction.
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