USD 2.97 Billion
Advanced Phase Change Materials Market Size, Share, and Growth Analysis
Advanced Phase Change Materials Market Size, Share & Trends Analysis Report, By Product (Paraffin, Salt Hydrates, Others), By Form (Encapsulated, Non-Encapsulated), By Type (Organic PCM, Inorganic PCM, Bio-Based PCM), By Application, By Region, And Segment Forecast, 2025-2032
Report ID:
SQMIG15E2660 |
Region:
Global |
Published Date: March, 2025
Pages:
187
|Tables:
119
|Figures:
70
Format -
Advanced Phase Change Materials Market Insights
Global Advanced Phase Change Materials Market size was valued at USD 2.97 Billion in 2023 and is poised to grow from USD 3.21 Billion in 2024 to USD 5.94 Billion by 2032, growing at a CAGR of 8% during the forecast period (2025-2032).
Growing demand for energy efficiency, launch of green construction initiatives and regulations, advancements in smart textiles and wearable technologies, high demand for efficient battery thermal management, and high investments in renewable energy storage development are promoting revenue generation for market players.
Growing investments in material science R&D have led to the creation of advanced phase change materials. Increasing emphasis on energy efficiency and the ability of these materials to store and release heat as required is helping them gain popularity on a global level. Besides this, the rising emphasis on sustainability and imposition of green construction regulations are also expected to boost the sales of advanced phase change materials in the future. Europe is estimated to be a prime adopter of advanced phase change materials for green building applications.
Advancements in wearable technologies are supporting the integration of advanced phase change materials in smart textiles. Surging demand for sportswear, military uniforms, and medical garments that are capable of regulating temperature and enhancing thermal comfort is also forecasted to bolster the global advanced phase change materials market growth going forward.
Surging sales of electric vehicles and high demand for efficient battery thermal management are also expected to offer new opportunities for advanced phase change material suppliers. Growing use of advanced phase change materials in renewable energy storage applications is also estimated to boost revenue generation for market players through 2032. On the contrary, high costs of production, limited awareness regarding benefits, material stability and leakage issues, regulatory and safety concerns, and supply chain constraints are expected to slow down the adoption of advanced phase change materials across the study period and beyond.
Key Market Attributes
In October 2024, Nyle Water Heating Systems, a leading provider of commercial heating solutions collaborated with Htec Packaged Systems and Controls to launch a new heat pump water heater. Pyroclast™ Commercial Integrated Heat Pump Water Heater utilizes advanced Phase Change Material (PCM) technology for thermal storage. Each PCM module in the product acts as a thermal battery and heat exchanger to store sensible as well as latent heat from air. The offering uses a novel food-grade phase change material that has 4 times more energy density in comparison to water. Pyroclast™ provides the equivalent of 375 gallons of storage without the need for bulky water tanks to reduce system footprint in new construction and minimizes costs for retrofitting as well.
In August 2024, Phase Change Solutions (PCS), a renowned smart material company joined hands with Texplore to develop innovative thermal management solutions. The new solutions are based on the BioPCM® platform to store large amounts of energy without changing the temperature of the material. These new jointly developed solutions are slated to be commercialized in cold chain logistics and cold storage applications for food and pharma industries in Thailand. Together, these companies are focusing on improving their decarbonization efforts and promote the use of sustainable innovations, especially in continuous refrigeration applications.
In April 2024, Pluss Advanced Technology, leading innovator in the phase change material business from India announced the launch of its new f Form-Stable PCM. The company launched its new offering at the LogiPharma 2024 event in Lyon, France. The new organic 2°C to 8°C phase change material offers high flexibility pharmaceutical logistics applications. savE ® FS03 & FS05 PCM can be easily molded into various shapes and sizes. The new phase change material is also compliant with WHO PQS standards to ensure high product reliability and safety.
Market snapshot - (2025-2032)
Global Market Size
Largest Segment
Paraffin
Fastest Growth
Salt Hydrates
Growth Rate
8% CAGR
Global Advanced Phase Change Materials Market ($ Bn)
Country Share for Europe Region (%)
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Advanced Phase Change Materials Market Segments Analysis
Global advanced phase change materials market is segmented on the basis of type, application, form, product and region. By form, the market is segmented into encapsulated and non-encapsulated. Based on application, the market is segmented into building & construction, commercial refrigeration, HVAC, energy storage, shipping & transportation, and others. In terms of type, the market is segmented into organic PCM, inorganic PCM, and bio-based PCM. Based on product, the market is segmented into paraffin, salt hydrates, and others. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Analysis by Product
The paraffin segment is estimated to hold the highest global advanced phase change materials market share over the coming years. High chemical stability of paraffin in wide range of heating and freezing temperature cycles is projected to bolster the dominance of this segment. Low costs and ready availability as compared to other materials are also expected to boost the popularity of paraffin in advanced phase change materials production. Minimal volume change in expansion processes and low toxicity of paraffin are also driving its preference for advanced phase change materials. However, low thermal conductivity and leakage potential in molten state of paraffin could hurt the dominance of this segment through 2032.
Meanwhile, the demand for salt hydrates is estimated to rise at an impressive CAGR in the future. Salt hydrates are gaining massive popularity in advanced phase change materials production owing to high latent heat capacity and good thermal conductivity properties. Easy adjustment of phase temperature through the use of different levels of salt and hydration is also a key benefit that is expected to help create new opportunities via this segment. Excellent volumetric energy storage density offered by use of advanced phase change materials using salt hydrates make them a perfect choice for energy storage applications.
Analysis by Application
The building & construction segment is slated to spearhead revenue generation for the global advanced phase change materials industry. Growing emphasis on sustainability promoting the demand for advanced phase change materials in building insulation, roofing, and wall materials. Imposition of stringent green building regulations and rising emphasis on improving energy efficiency in building are slated to help boost sales of advanced phase change materials via this segment. The rising popularity of eco-friendly homes and smart cities in eco-conscious consumers around the world are also forecasted to help boost the adoption of advanced phase change materials in building & construction going forward.
On the other hand, the use of advanced phase change materials in HVAC (Heating, Ventilation, Air-Conditioning) is slated to rise at a steady pace over the coming years. Highly effective storage and regulation of heat energy through advanced phase change materials is helping promote their adoption in HVAC systems. Growing emphasis on improving passive cooling potential and high demand for indoor comfort are slated to help boost sales of advanced phase change materials in this segment in the long run.
Global Advanced Phase Change Materials Market By Product
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Advanced Phase Change Materials Market Regional Insights
Europe is estimated to account for a dominant share of the global advanced phase change materials market forecast. High emphasis on sustainability, imposition of stringent energy efficiency mandates, and rise of green construction practices are helping Europe bring in the most revenue. For instance, the European Green Deal is an initiative approved by the European Union in 2020 to promote circularity and introduce new legislations to promote energy efficiency in building renovations, farming, and other verticals.
Germany is estimated to emerge as the top country for advanced phase change materials suppliers in the European region owing to high emphasis on energy efficiency and presence of a robust manufacturing base. High investments in advanced phase change materials R&D in the country are also expected to present new opportunities for market players. Germany not only emerges as the top manufacturer of advanced phase change materials but also a leading exporter from this region on a global level.
The demand for advanced phase change materials in the North American region is slated to rise at a notable pace over the coming years. Growing adoption of modern construction practices, high investments in renewable energy infrastructure development, and growing investments in material science R&D are helping create new business scope in this region.
The United States is expected to spearhead the adoption of advanced phase change materials in this region owing to launch of supportive government initiatives. Rising awareness regarding sustainability among consumers, and growing construction activity are also helping promote advanced phase change materials sales. Need for effective and efficient HVAC systems in cold climates of Canada are also creating new opportunities for advanced phase change materials suppliers focusing on the North American region.
The Asia Pacific region is slated to witness a robust hike in demand for advanced phase change materials in the future. High investments in infrastructure development to support urbanization and industrialization are slated to boost sales of advanced phase change materials. High demand for better electric thermal management systems and advancements in textile industry are slated to bolster the adoption of advanced phase change materials in Asia Pacific.
China is estimated to account for nearly 50% of the total advanced phase change materials demand in this region. Diverse application scope for advanced phase change materials and government support to enhance energy efficiency are helping China maintain its dominant stance. Emphasis on energy efficiency in construction projects and need for better thermal management in electronics drives a steady increase in adoption of advanced phase change materials in Japan. South Korea is also expected to witness a notable hike in demand for advanced phase change materials from the construction industry through 2032 and beyond.
Global Advanced Phase Change Materials Market By Region
- Largest
- Fastest
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Advanced Phase Change Materials Market Dynamics
Drivers
Growing Demand for Better Battery Thermal Management
- Surging use of batteries in consumer electronics and electric vehicles has bolstered the demand for better thermal management solutions for batteries. Use of advanced phase change materials in battery thermal management can prevent overheating, extending the lifespan of lithium-ion batteries, processors, and semiconductors. Hence, as demand for more efficient battery thermal management rises globally it is also expected to favor the global advanced phase change materials market outlook.
Use in Aerospace & Defense
- Aerospace and defense companies are focusing on utilizing advanced phase change materials to regulate temperatures in satellites, spacesuits, and missile systems, ensuring operational efficiency in extreme conditions. Rapidly increasing space exploration activities and investments in defense modernization are also expected to offer new business scope for advanced phase change materials providers in the long run.
Restraints
High Costs of Manufacturing
- Manufacturing of advanced phase change materials involves the use of specialized raw materials and advanced processing techniques, all of which increase the overall costs of production. High production costs and expensive R&D equate to an expensive product. Thereby making high costs a key barrier in limiting the widespread adoption of advanced phase change materials on a global level.
Material Stability and Leakage Issues
- Some advanced phase change materials, especially the organic one's face issues such as leakage, phase separation, and thermal degradation over time. These material stability issues can reduce the long-term efficiency of advanced phase change materials in applications such as electronics and building insulation. Investing in R&D of encapsulation technologies can help companies overcome this material stability restraint going forward.
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Advanced Phase Change Materials Market Competitive Landscape
Advanced phase change materials companies should focus on product innovation and invest in R&D to maximize their business scope. Targeting the packaging industry can help advanced phase change materials providers get the best returns on their investments. Focusing on industries with high adoption of digital printing services can also offer new opportunities for companies as per this global advanced phase change materials market forecast.
Top Player’s Company Profiles
- BASF SE
- Advansa Marketing
- Honeywell International Inc.
- Outlast Technologies
- DuPont
- PCM Energy Ltd.
- Global E Systems
- Rubitherm Technologies GmbH
- Dow Building Solutions
- Cryopak
- Sasol
- Laird Technologies Inc.
- Climator Sweden AB
Recent Developments
- In October 2024, Panasonic Marketing Europe GmbH, a business arm of Japanese company Panasonic announced that it is a part of a consortium developing a novel heat pump. The project is led by Innova and comprise of Italian research institute Eurac, PCM specialist Thermalink, and the University of Padua, among others. The goal of this consortium was to develop a multi-source heat pump combined with phase change material (PCM) for storage of heat or cooling applications.
- In March 2024 Sunamp, a leading thermal energy storage innovator from the United Kingdom unveiled a unique energy storage solution using barges. The solution uses Sunamp’s innovative phase change material called Plentigrade P58 that is made up of water, salt hydrates, and other additives. The material can be ferried on barges to store and transport energy without much hassle and has received a very positive response from multiple public and private institutions.
- In November 2023, Henkel, a German multinational chemical organization revealed thats its novel phase change thermal interface material (TIM) was named named the Global Technology Awards’ TIM category winner. Bergquist Hi Flow THF 5000UT is an innovative phase change material that offers exceptional thermal performance without the need for extreme mechanical pressure.
Advanced Phase Change Materials Key Market Trends
- Use of Water-Based and Solvent-Free Advanced phase change materials: Advanced phase change materials providers should focus on developing new offerings targeting the sustainability trend to maximize their business scope. Growing imposition of new bans on VOCs and toxic chemicals around the world is projected to help make this a highly indispensable advanced phase change materials market trend for all companies across the study period and beyond.
- Smart and functional Advanced phase change materials: Advanced phase change materials companies are estimated to invest heavily in the R&D of novel smart offerings to expand their application scope. Advanced phase change materials with self-healing, antimicrobial, and anti-fouling properties are estimated to gain popularity among all types of end users in the future. Integration of advanced technologies such as artificial intelligence and Internet of Things can also offer new business scope going forward.
Advanced Phase Change Materials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, surging adoption of digital printing technologies and the rapidly increasing demand for packaging solutions are slated to boost the sales of advanced phase change materials in the long run. However, fluctuations in raw material pricing and environmental concerns regarding use of advanced phase change materials are expected to hurt the demand for advanced phase change materials in the future. The Asia Pacific region is forecasted to account for a dominant share of global advanced phase change materials demand outlook owing to the presence of leading coating manufacturers and growing e-commerce industry in countries such as India and China. Development of water-based and smart advanced phase change materials can help companies maximize their business scope in the long run. Advanced phase change materials for labels is expected to bring in the most revenue for all advanced phase change materials companies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.97 Billion |
| Market size value in 2032 | USD 5.94 Billion |
| Growth Rate | 8% |
| Base year | 2024 |
| Forecast period | (2025-2032) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Advanced Phase Change Materials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Advanced Phase Change Materials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Advanced Phase Change Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Advanced Phase Change Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Advanced Phase Change Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Advanced Phase Change Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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