The phase change materials market is poised for significant growth, with a projected value of USD 1,383 million by 2029, exhibiting a robust CAGR of 17.1% from its 2024 value of USD 628 million. The phase change materials market is witnessing substantial growth, primarily driven by two key factors. The superior properties of phase change materials market stand as an ideal driver driving the growth and evolution of the phase change materials market. Phase change materials facilitate temperature control, reducing energy consumption and emissions. Compliance with stricter regulations fuels demand for phase change materials solutions, driving growth in the market for sustainable thermal management technologies. These combined forces are propelling the demand for phase change materials market in various applications.
“Organic segment was the largest type of phase change materials market in 2023, in terms of value.”
Organic emerged as the largest type in the phase change materials market due to several factors. Organic offers advantages such as high thermal storage capacity, stability, and biodegradability, making them attractive for various applications. Additionally, advancements in organic technology have led to improved performance and cost-effectiveness, further boosting their adoption. Industries seeking sustainable solutions, spurred by environmental concerns and regulatory pressures, increasingly favor organic for thermal management needs, driving significant growth and dominance in the market during the year.
“Building & Construction application was the largest segment in phase change materials market in 2023, in terms of value.”
The building & construction segment emerged as the largest application in the phase change materials market, driven by various key factors. Phase change materials ability to regulate indoor temperatures effectively, reducing energy consumption for heating and cooling, has made them indispensable in building insulation, HVAC systems, and roofing materials. With a growing emphasis on energy efficiency, green building standards, and sustainable construction practices, demand for phase change materials solutions surged in the building & construction sector. Moreover, innovations in phase change materials technology, coupled with increasing awareness of their benefits among architects, developers, and homeowners, propelled their widespread adoption in the construction industry, solidifying their position as the leading application segment in 2023.
“North America is estimated to be the fastest growing segment of phase change materials market during the forecasted year from 2024 to 2029, in terms of value.”
North America is anticipated to emerge as the fastest-growing segment in the phase change materials market. This growth is attributed to several factors, including increasing investments in sustainable construction, rising demand for energy-efficient HVAC systems, and stringent regulations aimed at reducing carbon emissions. Additionally, advancements in phase change materials technology and their expanding applications across various industries such as building & construction, automotive, and textiles contribute to the region’s rapid market expansion.
In the meticulous process of determining and verifying market sizes for multiple segments and subsegments, extensive primary interviews were conducted.
A breakdown of the profiles of the primary interviewees is as follows:
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: - Director Level - 27%, C-Level - 25%, and Others - 48%
- By Region: North America - 32%, Europe - 28%, Asia Pacific - 21%, South America - 12%, and Middle East & Africa - 7%
The key market players illustrated in the report include 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).
Research Coverage
This report segments the market for phase change materials market based on type, application, and region, and provides estimations for the overall value (USD Thousand) of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for phase change materials.
Reasons To Buy this report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape, emerging and high-growth segments of the phase change materials market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of key drivers (regulations for the reduction of greenhouse gas emissions, use of phase change material for temperature control and greater comfort, use of phase change material for peak-load shifting, reduction in operating cost for cold chain and packaging industry), restraints (lack of awareness for the benefits of phase change material, flammability and corrosiveness restrict the usage of PCM, lack of government subsidies), opportunities (the rise in the need for cold chain logistics, r&d initiatives for enhanced phase change material efficiency, rising demand for consumer electronics), and challenges (high cost of switching from conventional materials).
- Market Penetration: Comprehensive information on the phase change materials market offered by top players in the global phase change materials market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the phase change materials market.
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for phase change materials market across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global phase change materials market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the phase change materials market
- Impact of recession on phase change materials market