Phase Change Materials Market
Phase Change Materials Market
The market for Phase Change Materials was estimated at $2.13 billion in 2023; it is anticipated to increase to $6.9 billion by 2030, with projections indicating growth to around $16.0 billion by 2035.
Report Summary
Table of Contents
Methodology
Market Data
Global Phase Change Materials Market Outlook
Revenue, 2023 (US$B)
$2.1B
Forecast, 2033 (US$B)
$11.4B
CAGR, 2023 - 2033
18.3%
The Phase Change Materials industry revenue is expected to be around $3.0 billion in 2024 and expected to showcase growth with 18.3% CAGR between 2025 and 2034. <p>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.</p><p>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.</p>
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
<p>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.</p>
Europe Outlook
<p>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.</p>
Market Dynamics and Supply Chain
01
Driver: Thermal Regulation, and Green Innovations
The need for maintaining temperature, in devices and wearable technology has also driven the growth of phase change material (PCM) industry as these substances guarantee reliability and effectiveness. The rise of bio-based phase change materials (PCMs) is also in line with the growing preference, for eco-friendly options and sustainable resources.<br>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.
02
Restraint: High Cost
Creating top notch phase change materials (PCMs) can come with a price tag which hinders their widespread use in various industries.
03
Opportunity: Thermal Packaging and Energy Storage Solutions
Thermal packaging with phase change materials (PCMs) safeguards items from temperature changes and is essential, for meeting the needs of the pharmaceutical and food sectors.<br>With the increasing popularity of energy sources, in the market today PCM based energy storage systems provide effective and eco-friendly solutions.
04
Challenge: Technical Challenges
Integrating phase change materials (PCMs) into applications can pose technical hurdles for engineers.
Supply Chain Landscape
1
Raw Material Suppliers
BASF
Croda
2
Manufacturers
Rubitherm
Phase Change Energy Solutions
3
Distributors
Outlast
Microtek
4
End-User
B&C
HVAC
Electronics
1
Raw Material Suppliers
BASF
Croda
2
Manufacturers
Rubitherm
Phase Change Energy Solutions
3
Distributors
Outlast
Microtek
4
End-User
B&C
HVAC
Electronics
*The illustration highlights the key stakeholders within the supply chain ecosystem.
Applications of Phase Change Materials in Building & Construction, Textiles & HVAC
Building & Construction
<p>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.</p>
HVAC
<p>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.</p>
Textiles
<p>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.</p>
Electronics
<p>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.</p>
Recent Developments
October 2023
<p><strong>Phase Change Energy Solutions</strong> introduced a bio-based phase change material, for heating, ventilation and air conditioning (HVAC) systems.</p>
July 2023
<p><strong>Rubitherms</strong> broadened its range of PCM products emphasizing the integration, with clothing.</p>
May 2023
<p><strong>BASF</strong> introduced an encapsulation technology, for phase change materials (PCMs) in construction materials.</p>
BASF and other industry frontrunners have been leveraging the developments in encapsulation and bio-based PCM to carve out a strategic edge in the market. This is especially evident, with the introduction of Phase Change Energy Solutions’ product tailored for HVAC applications.
Impact of Industry Transitions on the Phase Change Materials Market
As a core segment of the Specialty Materials industry,
the Phase Change Materials market develops in line with broader industry shifts.
Over recent years, transitions such as Sustainability Transition and Digital Integration have redefined priorities
across the Specialty Materials sector,
influencing how the Phase Change Materials market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Sustainability Transition
In response to the increasing demand for solutions in the industry of phase change materials (PCM) manufacturers are shifting their attention, towards utilizing bio based and environmentally friendly materials to drive innovation.
02
Digital Integration
Integration of PCM with smart technologies is on the rise. This development allows for thermal regulation, in smart homes and devices.