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

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.