What’s the Phase Change Materials Market Future?
The phase change materials market size has demonstrated rapid growth over recent years and is set to continue this trend. It will expand from $1.84 billion in 2024 to $2.19 billion in 2025 at a compound annual growth rate (CAGR) of 19.2%. This historic period growth is attributed to energy-efficient building construction, temperature regulation in electronics, thermal management in food preservation, growth in green building standards, energy storage and HVAC applications.
Meanwhile, the market size is predicted to see accelerated growth in the next few years, rising to $4.24 billion in 2029 at a CAGR of 18.0%. The forecast period growth can be traced back to integration into wearable technology, advanced phase change materials for EVs, smart textiles and clothing, growth in data centers and cloud computing, and expansion of renewable energy storage.
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What Factors Are Contributing To The Phase Change Materials Market Growth?
The rapid expansion of the global construction industry is a major contributor to the phase change material market’s growth during the forecast period. Phase change materials are used in a variety of applications during a building’s construction, such as roofs, floors, and electrical appliances. They effectively reduce temperature fluctuations in the internal environment by storing latent heat during the transition from solid to liquid states. The escalating urban population is projected to increase demand for new residential and commercial buildings in the forecast period. Hence, the ever-expanding construction industry across the globe is driving the growth of the phase change materials market.
The Significant Segments in the Phase Change Materials Market:
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
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Who Are The Major Players in The Phase Change Materials Market?
Prominent 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., Entropy Solutions LLC, Laird PLC, Phase Change Materials Products Ltd., 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.
What Recent Trends Are Influencing The Phase Change Materials Market?
The inception of bio-based phase change material fabric coatings is influencing the phase change materials market. For instance, Sinomax USA Inc., launched the BioFrost cooling technology in September 2022. This sustainable phase change material comprises up to 94% bio-based content, making it one of the most environmentally friendly options available.
Which Region Dominates The Phase Change Materials Market?
Europe was the largest region in the phase change materials market in 2024, closely followed by regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Phase Change Materials Market Report 2025 Offer?
The Phase Change Materials Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Phase-change materials are substances that, when transitioning from one physical state to another, such as from solid to liquid, absorb or release significant amounts of latent heat.
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