Phase Change Materials Market to Grow with a CAGR of 4.23% Globally through 2029

Surge in research and development activities is expected to drive the Global Phase Change Materials Market growth in the forecast period, 2025-2029

According to TechSci Research report, “Phase Change Materials Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Phase Change Materials Market stood at USD1.47 billion in 2023 and is anticipated to grow with a CAGR of 4.23% in the forecast period, 2024-2029. Initiatives taken by government based on phase change materials has led to favorable market conditions for the Global Phase Change Materials Market. Several factors contribute to the growth of various phase change materials products.

Many governments offer financial incentives, grants, rebates, and tax credits to encourage the adoption of PCM technologies in buildings, industrial processes, and renewable energy systems. Incentive programs aim to offset the upfront costs of PCM installation and promote energy-efficient building designs and retrofit projects.

Governments sponsor technology demonstration projects and pilot programs to showcase the benefits and performance of PCM technologies in real-world applications. These projects raise awareness, build confidence, and demonstrate the feasibility of PCM solutions, encouraging broader adoption by industry stakeholders.

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R&D initiatives are driving the development of tailored PCM solutions optimized for specific applications and industries. From building materials to electronics cooling, PCM researchers are exploring innovative approaches to customize PCM formulations and integrate them into various products and systems to optimize thermal performance and energy efficiency.

The Global Phase Change Materials Market is segmented into product, application, regional distribution, and company.

Based on its product, the paraffin segment held the largest market share in the forecast period. Paraffin-based PCMs can be formulated and tailored to meet specific performance requirements for different applications. They can be encapsulated or incorporated into various building materials, such as insulation panels, wallboards, and roofing materials, to enhance thermal performance and energy efficiency in buildings. This versatility makes paraffin a preferred choice for a wide range of PCM applications.

Paraffin-based PCMs are non-toxic, non-corrosive, and environmentally friendly, making them safe for use in various applications. Their eco-friendly properties align with sustainability goals and regulations, further contributing to their dominance in the PCM market.

Based on region, Europe segment is expected to grow during the forecast period. Europe has diverse applications and end-use industries for PCMs across sectors such as construction, cold chain logistics, HVAC systems, electronics cooling, textiles, and renewable energy storage. The versatility of PCMs in addressing thermal management challenges and energy efficiency requirements in various industries drives their widespread adoption and market dominance in Europe. Additionally, collaborations and partnerships between PCM manufacturers, end-users, research institutions, and government agencies facilitate technology transfer, market development, and innovation in PCM applications across Europe.

Major companies operating in Global Phase Change Materials Market are:

·         Henkel AG & Co. KGaA        

·         Honeywell International.Inc.

·         Croda International Plc

·         PureTemp LLC

·         Laird Technologies, Inc.

·         Rubitherm Technologies GmbH

·         PCM Products Ltd

·         Climator Sweden AB

·         Shin-Etsu Chemicals Co., Ltd.

·         Phase Change Products Pty. Ltd

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“The increasing power density and thermal management challenges in electronic devices and components are driving the adoption of PCMs for thermal management and cooling applications. PCMs are integrated into electronic devices, heat sinks, and thermal interface materials to absorb and dissipate heat, preventing overheating and improving device reliability.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Phase Change Materials Market By Product (Paraffin, Salt Hydrates, Eutectics, Non-Paraffin, Others), By Application (Building and Construction, Heating, Ventilation, and Air Conditioning (HVAC) Systems, Energy Storage Management, Commercial Refrigeration, Cold Chain and Packaging, Textiles, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of Global Phase Change Materials Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Phase Change Materials Market.

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