According to a research report published by Spherical Insights & Consulting, the Global Phase Change Material Market Size is Expected to Grow from USD 3.7 Billion in 2023 to USD 6.8 Billion by 2033, at a CAGR of 6.27% during the forecast period 2023-2033.

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Phase change materials (PCMs) are latent thermal storage materials that use chemical bonds to store and release heat, absorbing heat during heating processes until reaching its melting point. PCM incorporation is a promising technology in the building industry for thermal energy management and energy saving, enhancing building durability, efficiency, and energy efficiency by bridging thermal energy sources with building loads. Phase change material is used in building materials to regulate indoor temperatures, reduce energy usage, and improve comfort. It’s increasingly popular and ascribed to global energy efficiency and building requirements. Advancements in microencapsulation improve its stability and performance. Phase change materials enhance thermal mass, reduce temperature swings, and improve energy efficiency in climate-sensitive areas. They meet energy efficiency standards and meet LEED certifications. They reduce HVAC reliance, resulting in energy and cost savings. This eco-friendly solution is driven by environmental consciousness and demand for sustainable construction methods. However, phase change material integration to architectural materials is costly and challenging due to compatibility issues and lack of knowledge Education programs are needed to promote wider use.

Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the Global Phase Change Material Market Size By Type (Organic, Inorganic, and Eutectic), By Application (Building and Construction, Packaging, Textiles, Electronics, and Transportation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033             

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The organic segment is expected to hold the largest share of the global phase change material market during the projected timeframe.

Based on the type, the global phase change material market is categorized as organic, inorganic, and eutectic. Among these, the organic segment is expected to hold the largest share of the global phase change material market during the projected timeframe. Organic phase change materials, and carbon-based molecules, are eco-friendly alternatives and sustainability goals. They have a wide range of transition temperatures, making them useful in various industries. They are used in construction for thermal mass control and electronics for effective cooling and reducing overheating.

The building and construction segment is expected to hold the largest share of the global phase change material market throughout the projected timeframe.

Based on the application, the global phase change material market is categorized as building and construction, packaging, textiles, electronics, and transportation. Among these, the building and construction segment is expected to hold the largest share of the global phase change materials market throughout the projected timeframe. Phase change materials enhance thermal mass in building materials, reducing heating and cooling needs, achieving LEED certification, optimizing HVAC systems, and contributing to energy savings in residential and commercial construction.

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North America is projected to dominate the global phase change material market over the forecast period.

North America is projected to dominate the global phase change material market over the forecast period. This region focuses on energy efficiency in building design and construction and encourages the adoption of phase change material, a sustainable material that increases thermal mass and controls indoor temperatures. Research institutions and innovation hubs are working to advance phase change material technology, resulting in energy savings in commercial and residential buildings.

Asia Pacific is expected to grow at the fastest CAGR growth of the global phase change material market during the forecast period. Rapid industrialization leads to a demand for energy-efficient manufacturing methods, while phase change material is being utilized in building materials, automobiles, and biocomposite materials ascribed to its thermal management benefits, urbanization, and abundant agricultural resources.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Phase Change Material Market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global phase change material market are AI Technology Inc., Boyd Corporation, Climator Sweden AB, Cold Chain Technologies, Croda International PLC, Cryopak Industries Inc., Dupont De Nemours, Henkel Ag & Company KGaA, Honeywell Electronic Materials, Microtek Laboratories Inc., Phase Change Energy Solutions, Pluss Advanced Technologies, Puretemp LLC, Rubitherm Technologies GmbH, Sasol Limited and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In May 2024, A technology developed by Oak Ridge National Laboratory works to keep food refrigerated with phase change materials while reducing carbon emissions by 30%.
• In April 2024, In a recent paper published in the journal Nano Energy Research, Chinese researchers at Beijing Normal University have been developing multifunctional composite phase change materials (PCMs) shielding to enhance the electronics devices ability to regulate temperature, convert solar energy, and absorb microwaves.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global phase change material market based on the below-mentioned segments:

Global Phase Change Material Market, By Type

• Organic
• Inorganic
• Eutectic

Global Phase Change Material Market, By Application

• Building and Construction
• Packaging
• Textiles
• Electronics
• Transportation

Global Phase Change Material Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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