Phase Change Material Market size is estimated at USD 1.2 Billion in 2024 and is anticipated to reach USD 5.5 Billion by the end of 2037, expanding at around 12.42% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of phase change material is estimated at USD 1.3 Billion.
The significant element driving the market revenue is the surging investment in the energy sector. As prognosticated by the International Energy Agency, close to USD 2.8 trillion was forecast to be invested in energy in 2023. Likewise, over USD 1.7 trillion was set to be invested in clean energy. As a result, the production of thermal energy is also projected to expand additionally impacting the adoption of phase change material. This is because this technology helps in gathering thermal or electrical energy from renewable sources and allows keeping it in the form of heat.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
12.42% |
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Base Year Market Size (2024) |
USD 1.2 Billion |
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Forecast Year Market Size (2037) |
USD 5.5 Billion |
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Regional Scope |
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Type (Organic, Inorganic, Eutectic)
Organic segment in the phase change material market is estimated to cross USD 2.8 Billion by 2037, which is the highest when compared to the revenue gathered in the year 2024 of USD 0.5 billion. This segment's revenue growth is poised to be dominated by the rise in construction projects.
There were expected to be about 794,431 built-up areas (BUAs) worldwide in 2016. Further, these estimations were predicted to expand to over 849,406 residents by 2022. Also, about 2 million buildings are set to be developed by 2050. As a result, the demand for organic phase change material is estimated to rise. This could also be influenced by growing net-zero initiatives in the construction sector. Consequently, the growth of the market is poised to expand.
Application (HVAC, Waste Heat Recovery, Clothing, Others)
By the end of 2037, HVAC segment in the phase change material market is expected to cross USD 1.6 Billion. The main element to encourage the growth of the segment is increasing urbanization across the globe. According to UNCTAD, the urban population globally was predicted to experience growth by 56.9 percent in 2022.
Owing to this factor, the deployment of HVAC systems is also estimated to rise since it has achieved an indispensable place in their life to provide the expected comfortable environment regardless of the temperature outdoors.
End-Use Industry (Building & Construction, Packaging, Textile, Electronics, Others)
In phase change material market, building & construction segment is projected to reach USD 2.0 Billion by the end of 2037, up from the revenue of USD 0.4 billion generated in the year 2024. This could be notably influenced by growing investment in building structures.
Further people across the globe are becoming aware of the population caused by the construction sector. Hence, their conscious attitude of preferring green development is encouraging this sector to adopt a market.
Our in-depth analysis of the market includes the following segments:
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Type |
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Application |
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End-Use Industry |
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APAC Market Statistics
Asia Pacific region in phase change material market revenue is expected to reach USD 2.3 Billion by the end of 2037. This market additionally gathered a revenue of USD 0.4 billion in the year 2024. This rise in market revenue in this region is set to be influenced by the growing demand for smartphones. As estimated by GSMA, the penetration of mobile phones is expected to rise by 70% by 2030.
Phase-change materials comprising antimony, tellurium, and germanium may be utilized for storing progressively vast amounts of data quickly and effectively. They are used, for instance, to replace memory cards in the latest generation of smartphones.
Furthermore, the China market for phase change material is predicted to generate the highest market revenue as compared to all other nations in this region. This growth is poised to be encouraged by the growing demand for temperature-sensitive products.
Moreover, owing to the rise in the production of the textile industry the market in India for phase change material is also set to rise by gathering significant revenue.
Additionally, the Japanese market with the growing demand for packaging is expected to experience expansion in its revenue.
North American Market Analysis
Phase change material market size for North America region is predicted to reach USD 1.6 Billion by 2037. This growth of the market in this region is set to be influenced by rising disposable income. Disposable income in the United States saw a rise of about USD 20881 Billion in March up from USD 20717 Billion in February of 2024. Hence, their spending on electronics is also projected to rise further dominating the market expansion.
Moreover, the market in the US is foreseen to expand with the highest revenue due to the rising demand for solar energy also the investment by the government has grown in this region for the same.
Additionally, the Canadian market for phase change material is also estimated to rise growing packaging industry on account of the rising adoption of ready-to-eat food since a large number of populations in this area are employed. Therefore, the demand for phase change material is predicted to rise in packaging in this region because it is expected to maintain the temperature and quality of the food.
The market for phase change material is set to have a significant impact on the key players and their initiatives to promote their material in the market. These key players are investing heavily in R&D activities to expand their revenue in the competitive market which is further leading to a positive outcome on the market. Some of these key players include:
Author Credits: Rajrani Baghel
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