Phase Change Materials Global Market Report 2024

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 market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to various factors, including the emphasis on energy-efficient building construction, the need for temperature regulation in electronics, thermal management in food preservation, the rise of green building standards, and the increasing applications in energy storage and HVAC systems.

The phase change materials market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to the integration of phase-change materials into wearable technology, advancements in phase-change materials for electric vehicles (EVs), the utilization of smart textiles and clothing, the expanding demand in data centers and cloud computing, and the growth of renewable energy storage. Major trends in the forecast period include the development of customized phase-change materials for specific applications, the emergence of biodegradable and sustainable PCMs, advancements in encapsulation technologies, the integration of nanomaterials for enhanced phase-change materials, and the incorporation of phase-change materials 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 sources is poised to fuel the growth of the phase change materials market in the future. Renewables, characterized by energy sources that can be naturally replenished within a human lifespan, are integrating phase change materials into energy systems to store and release thermal energy, thereby enhancing efficiency and sustainability. The International Energy Agency (IEA) predicts that by 2026, renewables will constitute nearly 95% of the growth in global power capacity, with solar PV being a major contributor, providing more than half of this expansion. Consequently, the rising adoption of renewable energy sources is a driving force behind the phase change materials market.

The emergence of bio-based phase change material fabric coatings is shaping the landscape of the phase change materials market. These materials, derived from bio-based sources like beef tallow or oils from coconut, palm, and soybeans, contribute to the development of more sustainable and environmentally friendly products. For example, in February 2021, Royal DSM, a Dutch multinational corporation, collaborated with Sympatex Technologies to launch bio-based Arnitel, a thermoplastic elastomer. DSM Engineering Materials employs a mass-balanced approach, with over 25% of the final product's weight comprising bio-based materials.

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 July 2021, DuPont, a US-based chemicals company, acquired Laird Performance Materials from Advent International, enhancing DuPont's Electronics & Industrial (E&I) segment. The acquisition further solidifies DuPont's position as a global innovation leader and multi-industrial company. Laird Performance Materials, a China-based company specializing in phase change materials, contributed to this strategic move.

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., EPCM Holdings, Entropy Solutions LLC, Laird PLC, Phase Change Materials Products Ltd., Salsa Shop Kinkerstraat B.V, 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 2023. 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.

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.


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