Phase change materials store and release heat at near-constant temperatures, making them valuable in energy efficiency and temperature control. Stratview Research estimates the phase change materials market at USD 610 million in 2024, projecting USD 2,150.2 million by 2032 at a 17% CAGR (2025–2032).

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Drivers

• Built-environment efficiency. Building codes and decarbonization goals are pushing passive thermal strategies in walls, roofs, and plenum spaces—PCMs help flatten load curves and reduce HVAC run time. Stratview identifies building & construction as the largest application.
• Cold chain & temperature-sensitive logistics. From biopharma to last-mile grocery, PCMs provide reliable thermal buffering across packs, boxes, and pallets without continuous power. (Part of Stratview’s application scope.)
• HVAC, TES, and equipment. Use in HVAC, thermal energy storage, and refrigeration & equipment adds demand as operators target energy savings and resilience.

Trends

• Type hierarchy. Inorganic PCMs hold the largest share thanks to higher thermal conductivity, latent heat, non-flammability, and cost advantages; organic and bio-based options complement where cycling or material compatibility drives selection.
• Regional leadership. Europe remains the largest market, underpinned by stringent building directives and regulations for handling temperature-sensitive goods.
• Encapsulation routes. Commercial solutions span macro, micro, and molecular encapsulation to integrate PCMs into panels, plasters, fabrics, and packs—broadening form-factor choices for OEMs and builders.
• Competitive landscape. Stratview lists a diverse set of players—Honeywell Electronic Materials, Laird, Sasol, Croda, Entropy Solutions, Microtek, Pluss, Phase Change Energy Solutions, Rubitherm, Outlast, Henkel, Cold Chain Technologies, among others.

Conclusion

With buildings anchoring demand, inorganic PCMs leading the mix, and Europe setting the deployment pace, the PCM market has a clear runway to ~USD 2.15B by 2032. Suppliers that pair the right chemistry with application-specific encapsulation and validated installation methods will be best positioned as efficiency regulations tighten and cold-chain requirements scale.