Phase Change Materials (PCMs) are substances that absorb, store, and release large amounts of latent heat during phase transitions, typically from solid to liquid or vice versa. They are widely used for thermal management as they help regulate temperature by absorbing excess heat and releasing it when temperatures drop. In terms of value, the phase change materials market is estimated to grow from USD 628 million in 2024 to USD 1,383 million by 2029, at a CAGR of 17.1%. The market report provides phase change materials market size, share, growth, demand analysis, industry insights, competitive intelligence, and customer database.

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Rising demand for phase change materials from industries such as building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, textiles, electronics, and others for a variety of applications is leading the market.

Industry Demand and End-Use Applications

The demand for PCMs is growing in industries like building & construction (for energy-efficient buildings), textiles (for smart clothing), electronics (for cooling devices), and healthcare (for temperature-sensitive packaging). Their ability to improve energy efficiency and sustainability is driving their adoption across multiple sectors.

Phase change materials are used primarily for thermal energy storage, regulating temperatures in building & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, textiles, electronics, and others. They absorb and release heat during phase transitions, reducing energy consumption for heating and cooling. Additionally, phase change materials are used in textiles for temperature-regulating fabrics and in cold chain logistics for preserving perishable goods. Their versatility extends to medical devices, where phase change materials ensure precise temperature control during transportation and storage of sensitive medications and vaccines, contributing to improved efficacy and safety.

“Organic segment was the largest type in phase change materials market in 2023, in terms of value.”

Organic segment was the largest type in the phase change materials in 2023 due to their high effectiveness in reducing flammability and their wide availability. Despite growing concerns over their environmental and health impacts, they continue to dominate the market owing to their proven efficacy and relatively lower cost compared to alternatives. Additionally, their established usage in various industries and regulatory compliance contribute to their continued prominence in the market.

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“Cold chain & packaging segment is estimated to be the fastest-growing application for phase change materials market during the forecast period 2024 to 2029.”

The cold chain & packaging segment emerged as the fastest-growing application in the phase change materials market during the forecast period from 2024 to 2029 due to several factors. With the increasing demand for temperature-sensitive goods such as pharmaceuticals, biologics, and fresh food products, there is a critical need for reliable temperature-controlled packaging solutions. Phase change materials offer an effective method to maintain the required temperature range during transportation and storage, ensuring product integrity and safety. Additionally, stringent regulations governing the transportation of perishable goods and the growing focus on reducing food waste further drove the adoption of phase change materials-based packaging solutions, accelerating growth in this segment.

“Europe was the largest region for the phase change materials market in 2023, in terms of value.”

Europe emerged as the leading region in the phase change materials market, primarily driven by several factors. The region's strong emphasis on energy efficiency, stringent environmental regulations, and robust investments in sustainable technologies propelled the adoption of phase change materials across various industries. In sectors such as building & construction, automotive, and electronics, there was a growing demand for phase change materials solutions to enhance thermal management and reduce energy consumption. Additionally, Europe's well-established infrastructure and research capabilities facilitated the development and commercialization of advanced phase change materials technologies, further bolstering its leadership position in the global phase change materials market during the year.

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Key Players

The key market players identified in the report are Honeywell International Inc. (US), DuPont de Nemours, Inc. (US), Croda International Plc (UK), Boyd Corporation (US), Sasol Limited (South Africa), Outlast Technologies LLC (US), Climator Sweden AB (Sweden), Rubitherm Technologies GmbH (Germany), PureTemp LLC (US), and Phase Change Solutions (US).

Honeywell International Inc., a diversified multinational company, excels in aerospace, building technologies, and safety solutions. These innovative materials enhance energy efficiency in buildings & construction, HVAC, cold chain & packaging, thermal energy storage, refrigeration & equipment, textile, electronics, and refine thermal management across applications. Honeywell International Inc. PCM solutions underscore its commitment to sustainability, fostering significant energy savings and environmental benefits. With a global presence and relentless innovation, Honeywell International Inc. continues to drive PCM technology forward, reshaping industries and reinforcing its position as a leader in diverse sectors. With a strong reputation for reliability and innovation, Honeywell International Inc. is a trusted partner for businesses seeking top-tier phase change material.