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 report provides access to critical information such as market growth drivers, market growth restraints, current market trends, phase change materials market key players, the market's economic and financial structure, and other key market details. 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. During the forecast period, this is anticipated to expand the phase change materials market even more.

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.

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Phase Change Materials Market Key Players 

The key players in this market are Honeywell International Inc. (US), DuPont de Nemours, Inc. (US), Croda International Plc (UK), Boyd Corporation (US), Sasol Limited (South Africa), among others. Players in the phase change materials market are adopting both organic and inorganic growth strategies to grow their regional and global presence within the market. These major players are continuously developing new products to serve to their customer requirements. They are also violently acquiring other small companies to increase their market share within the global phase change materials market. In response to the growing demand for phase change materials in various applications, market participants are primarily emphasizing research and development efforts.

Honeywell International Inc.

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.

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Croda International Plc

Croda International Plc, a leading specialty chemicals company, operates globally, offering innovative solutions across various sectors including personal care, life sciences, and performance technologies. Renowned for its expertise in sustainable chemistry, Croda International Plc excels in developing phase change materials (PCMs), essential for energy storage and thermal management applications. These PCMs optimize energy efficiency in buildings, enhance performance in electronics, and contribute to sustainable manufacturing processes. Leveraging its extensive research and development capabilities, Croda International Plc continues to pioneer PCM technology, driving advancements that address environmental challenges and propel industries toward greater efficiency and sustainability.

“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.

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“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.