ADVANCED PHASE CHANGE MATERIALS MARKET ANALYSIS

Advanced Phase Change Materials Market Size and Trends

The advanced phase change materials market is estimated to be valued at USD 1.78 Bn in 2024 and is expected to reach USD 3.71 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.1% from 2024 to 2031.

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The market is driven by increasing demand for energy efficient construction materials and growing application of PCMs in the textile industry.  The advanced phase change materials market is expected to witness significant growth over the forecast period. This is attributed to growing awareness about green buildings and the need to reduce energy consumption. Phase change materials act as thermal energy storage mediums and help maintain optimum and consistent temperatures. Their increasing usage in textiles, construction, and other industries will boost demand to effectively manage temperature fluctuations and reduce energy costs.

Increasing demand from multiple end-use industries

The demand for advanced phase change materials is growing rapidly across various end-use industries like construction, transportation, packaging, and electronics. As these industries look for innovative ways to optimize energy usage and enhance efficiency, phase change materials are emerging as a viable solution.

In the construction sector, phase change materials are increasingly being integrated into building designs for passive thermal energy storage. When temperatures fluctuate, these materials absorb, store, and release large amounts of energy in the form of heat or cold, thereby helping regulate indoor temperatures passively without mechanical cooling and heating. This provides buildings with natural thermal buffering capabilities and minimizes heating/cooling load on HVAC systems. Several commercial and residential construction projects now specify phase change materials in wallboards and coatings to reduce energy costs.

Similarly, the transportation industry is focusing on phase change materials to improve thermal management in vehicle cabins. With rising demand for electric vehicles that run on batteries, efficient thermal regulation of battery packs and passenger compartments becomes crucial. Latent heat storage using phase change allows electric vehicles to maintain optimal operating temperatures. Even conventional vehicles can benefit from its use to quickly heat up or cool interior spaces. This, in turn, enhances passenger comfort while minimizing mechanical load on HVAC units.

Stringent regulations regarding carbon emissions and energy efficiency

Governments around the world are implementing increasingly stringent regulations focused on lowering carbon emissions and enhancing building as well as vehicle energy efficiency. In response to climate change concerns, several nations have adopted policies targeting net zero carbon goals by upcoming deadlines. Compliance with such norms is necessitating the adoption of innovative sustainability solutions across different industry verticals.