Phase Change Materials Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Organic, Inorganic, Bio-Based), By Form (Encapsulated, Non–Encapsulated), By Application (Building & Construction, Packaging, Textiles, Electronics & Others), and Region

The phase change materials market size was valued at US$ 982.9 million in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2030. Phase change materials (PCMs) are substances that can store and release thermal energy by changing from one phase to another, often from solid to liquid. The key market drivers of advanced phase materials are rise in the demand for energy-efficient solutions, grow in awareness about sustainability and carbon emissions reduction as APCMs can help reduce the energy required for heating and cooling by utilizing stored thermal energy, and technological advancements such as PCMs with enhanced thermal conductivity, stability, and durability are anticipated to propel the growth of advanced phase change material market.

Moreover, increase in adoption of advanced phase change materials due to rise in demand from automotive & aerospace sectors, and consumer products also propel the growth of the market over the forecast years. However, the key restraints of advanced phase change materials market are high initial costs as the production of APCMs, particularly advanced forms like encapsulated phase change materials, complex manufacturing processes as while encapsulation helps prevent leakage and enhance thermal cycling stability, it adds an extra layer of complexity to manufacturing.

The emerging opportunities of the advanced phase change materials market are the adoption of expansion in renewable energy storage, and growing demand for green buildings APCMs have significant potential in the construction of energy-efficient and green buildings, development in healthcare and medical applications, and technological innovations in microencapsulation.

Additionally, key market trends of the advanced phase change materials market are increasing focus on energy efficiency and sustainability, growing use in thermal energy storage systems as APCMs are a crucial component in storing thermal energy, especially for solar thermal energy, increased adoption in cold chain logistics as APCMs are being increasingly used in cold chain logistics to maintain stable temperatures for perishable goods, pharmaceuticals, and vaccines during transportation.

Phase Change Materials Market Key Developments:

• In 2021, Trimer Technologies released a series of low-viscosity thermosetting resins for APCMs, such as their RAPID series for fast curing, and N-FUZE, aimed at improving resin transfer molding (RTM) for demanding applications?.
• In 2022, Faradaynamic created advanced APCMs with anti-electromagnetic radiation properties using carbon fibers and Kevlar, mainly used in military and industrial applications.