Global Phase Change Material Market Outlook 2037

The global market for phase change material is poised to grow at a CAGR of 12.42% over the forecast period, i.e., 2025-2037. This growth of the market is expected to be dominated by growing demand for energy and a surge in the utilization of phase change material in construction activities. Moreover, the market is also growing owing to the growing demand for electric vehicles along with the expanding importance of phase change material in healthcare. The market is estimated to generate a revenue of close to USD 5 billion by the end of 2037, up from a revenue of over USD 1 billion in the year 2024.

The global market for phase change material is segmented into numerous segments including type, application, and end-use industry. By type, the market is further segmented into organic, inorganic, and eutectic. Amongst these, the organic segment is anticipated to gather the largest market revenue of about USD 2 billion by the end of 2037, up from a revenue of approximately 1 billion in the year 2024.

On the basis of region, the global phase change material market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. By region, the Asia Pacific market is poised to gather the highest market revenue of approximately USD 2 billion by the end of 2037, up from a revenue of about USD 1 billion in the year 2024.

Some of the prominent industry leaders in the global phase change material market that are included in our report are Croda International plc, Honeywell International Inc., KANEKA CORPORATION, Cryopak, Microtek Laboratories, Inc., Pluss Advanced Technologies, RGEES, LLC, T-Global Technology, Thermo Fisher Scientific Inc., Henkel AG & Co. KGaA, and others.