Global Phase Change Materials Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2023 - 2033
Phase Change Materials (PCMs) known for their capacity to store and release energy effectively bring valuable benefits to a wide range of industries such as construction and textiles. The market for Phase Change Materials was worth $2.1 billion in 2023 and is expected to grow at an annual rate of 18.3%, reaching $6.9 billion by 2030 and $16 billion, by 2035.
Phase Change Materials (PCMs) which fall under the chemicals and materials category broadly, are valued for their ability to improve control and energy conservation efforts. PCMs are distinguished by their phase transition characteristics and come in organic or inorganic varieties as well as bio based options; each type providing distinct advantages like significant latent heat capacity and compatibility with living organisms along with minimal harmful effects, to health.
Market Key Insights
- The Phase Change Materials market is projected to grow from $2.1 billion in 2023 to $11.4 billion in 2033. This represents a CAGR of 18.3%, reflecting rising demand across Building & Construction, Textiles and HVAC.
- BASF, Croda, Rubitherm are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Phase Change Materials market and are expected to observe the growth CAGR of 17.6% to 25.6% between 2023 and 2030.
- Emerging markets including Brazil, India and South Africa are expected to observe highest growth with CAGR ranging between 13.7% to 19.0%.
- Transition like Sustainability Transition is expected to add $1.3 billion to the Phase Change Materials market growth by 2030
- The Phase Change Materials market is set to add $9.3 billion between 2023 and 2033, with manufacturer targeting HVAC & Textiles Applications projected to gain a larger market share.
- With Thermal regulation, and Energy efficiency, Phase Change Materials market to expand 437% between 2023 and 2033.
Opportunities in the Phase Change Materials
PCM technology has the ability to excel in wearables by improving comfort in challenging temperature conditions.
Growth Opportunities in North America and Europe
North America Outlook
In North America, companies such as Rubitherms are at the forefront when it comes to meeting the increasing need for temperature regulated fabrics and eco-friendly building supplies. Rubitherms is dedicated to offering PCM options that resonate with the sustainability objectives, in North America.
Europe Outlook
In Europe, the PCM market is highly competitive with industry leaders like BASF playing a role in various construction applications. The regulatory framework in the region, emphasizes energy efficiency making it favorable, for the adoption of PCM technology.
Market Dynamics and Supply Chain
Driver: Thermal Regulation, and Green Innovations
The construction industry and energy sector are also both seeing a rise in demand for phase change materials (PCMs) due, to its energy features that benefit buildings and HVAC systems.
Restraint: High Cost
Opportunity: Thermal Packaging and Energy Storage Solutions
With the increasing popularity of energy sources, in the market today PCM based energy storage systems provide effective and eco-friendly solutions.
Challenge: Technical Challenges
Supply Chain Landscape
BASF
Croda
Rubitherm
Phase Change Energy Solutions
Outlast
Microtek
B&C
HVAC
Electronics
BASF
Croda
Rubitherm
Phase Change Energy Solutions
Outlast
Microtek
B&C
HVAC
Electronics
Applications of Phase Change Materials in Building & Construction, Textiles & HVAC
In the field of construction, Phase Change Materials are incorporated into insulation products to enhance temperature control and lower energy usage levels in buildings. BASF and Rubithermm are among the companies employing PCM technology to develop building materials that adapt to temperature changes, for increased effectiveness and occupant comfort.
Efficient thermal control in HVAC systems is enhanced by the use of PCMs (Phase Change Materials) which store surplus heat and release it when necessary to ensure comfortable indoor temperatures are maintained effectively. Key industry players such as Phase Change Energy Solutions are integrating PCMs into HVAC systems to improve energy efficiency.
The textile sector utilizes phase change materials (PCMs) in apparel to regulate temperatures effectively across different environments or situations. Outlast and Microtek are known for their expertise in PCM infused fabrics used in athletic wear to provide improved thermal management capabilities.
In the field of electronics technology, usage of PCMs plays a key role in regulating heat from devices to maintain their stable performance levels. Known companies, like Honeywell and Croda make use of PCMs to prevent electronic devices from overheating which in turn improves the overall reliability of the devices.
Recent Developments
Phase Change Energy Solutions introduced a bio-based phase change material, for heating, ventilation and air conditioning (HVAC) systems.
Rubitherms broadened its range of PCM products emphasizing the integration, with clothing.
BASF introduced an encapsulation technology, for phase change materials (PCMs) in construction materials.