The global phase change materials market size was valued at around USD 1.9 billion in 2021 and will exhibit a growth rate of over 17.4% from 2022 to 2028. Phase change materials are extensively used to enable the temporary storage of low temperature or high temperature energy to use later. These are also used for thermal energy storage. Phase change materials provide several thermal management solutions. This market report on phase change materials market size covers thorough coverage of the industry along with estimations and forecasts. This market is anticipated to record CAGR of 20% over the forecast period. Phase change materials like organic paraffin or carbohydrates and inert salt hydrates have a high heat of synthesis and can store hidden heat. These materials have great demand from the sectors such as building & construction, HVAC, and shipping & transportation energy storage.