Comprehensive 2025 Phase Change Materials Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Phase Change Materials Market Through 2025?
The market size of phase change materials has seen swift expansion in the past few years. The growth is projected to rise from $1.84 billion in 2024 to an estimated $2.17 billion in 2025, which indicates a compound annual growth rate (CAGR) of 18.1%. This remarkable increase during the historical phase can be attributed to several factors, such as the construction of energy-efficient buildings, regulation of temperature in electronics, the rise in green building standards, efficient thermal management in preserving food, energy storage, and applications in heating, ventilation, and air conditioning (HVAC).

What's the Projected Size of the Global Phase Change Materials Market by 2029?
In the coming years, the market size for phase change materials is projected to experience significant growth, swelling to a valuation of $4.16 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 17.7%. This anticipated growth within the forecast period can be credited to their use in wearable technology, advanced phase change materials for electric vehicles, smart clothing and textiles, increasing use in data centers and cloud computing, as well as the growing sector of renewable energy storage. The forecast period will also witness notable trends including tailored phase change materials for specific use-cases, biodegradable and eco-friendly PCMs, advancements in encapsulation technologies, nanomaterial-enhanced phase change materials, and integration with IoT and sensor networks.

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Top Growth Drivers in the Phase Change Materials Industry: What's Accelerating the Market?
The expansion of the global construction industry is a significant factor propelling the phase change materials market growth in the projected period. Phase change materials are utilized in multiple areas during a building's construction, including roofs, floors, and electrical appliances. They serve to minimize temperature changes in the indoor environment by storing latent heat as the material transitions from solid to liquid. The swift increase in the urban population is anticipated to escalate the requirement for new residential and commercial buildings in the forecast period. For instance, the Intercontinental Exchange (ICE), an American technology firm, forecasts that the global construction sector will hit $8 trillion by 2030. Therefore, the burgeoning construction industry worldwide fuels the expansion of the phase change materials market.

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What Trends Will Shape the Phase Change Materials Market Through 2029 and Beyond?
Advancements in the phase change materials market are being driven by the incorporation of bio-based phase change material fabric coatings. These bio-based materials are produced from organic substances such as tallow from beef or oils derived from soybeans, palm, and coconut. Sinomax USA Inc., a firm that deals with polyurethane comfort goods in the US, launched BioFrost cooling technology in September 2022. This innovative phase change material offers effective cooling while possessing up to 94% bio-based content, making it an extremely eco-friendly choice in the market. Additionally, it enhances washability of products and can be used with sustainable fabrics and foam, aligning with customers' demand for purer sleeping conditions and increased sustainability in bedding items.

What Are the Main Segments in the Phase Change Materials Market?
The phase change materials market covered in this report is segmented -

1) By Type: Organic, Inorganic, Bio-based
2) By Encapsulation Technology: Macro, Micro, Molecular
3) By Product: Paraffin, Non-Paraffin, Salt Hydrates, Eutectics
4) By End-User: Building and Construction, Packaging, Textiles, Electronics, Transportation, Other End-Users

Subsegments:
1) By Organic: Paraffin-Based Materials, Fatty Acids, Esters
2) By Inorganic: Salt Hydrates, Metallic Compounds, Water-Based Materials
3) By Bio-based: Plant-Based Materials, Animal-Based Materials, Biopolymers

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Which Top Companies are Driving Growth in the Phase Change Materials Market?
Major companies operating in the phase change materials market include Honeywell Electronic Materials Inc., Microtek Laboratories Inc., Croda International plc, Sasol Ltd., Henkel AG & Co. KGaA, Climator Mep Pvt Ltd., PCM Products Ltd., Phase Change Energy Solutions, Rubitherm Technologies, Cryopak Industries Inc., Outlast Technologies, DuPont de Nemours Inc., Dow Inc., Badische Anilin und Soda Fabrik, Puretemp LLC, Pluss Advanced Technologies Inc., Cold Chain Technologies Inc., Entropy Solutions LLC, Laird plc, Phase Change Materials Products Ltd., Shin-Etsu Chemical Co. Ltd., Smart Materials Corporation, Thermal Energy System Specialists, Henan Shijixiang Enterprise Co Ltd., AdvanSource Biomaterials Corporation, Encapsys LLC, Advanced Cooling Technologies Inc., Chemours Company

Which Regions Will Dominate the Phase Change Materials Market Through 2029?
Europe was the largest region in the phase change materials market in 2024. The regions covered in the phase change materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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