Description
Advanced Phase-Change Materials (PCM) Market Overview
The Advanced Phase-Change Materials (PCM) Market is expected to reach approximately USD 1.85 billion in 2024, grow to around USD 2.05 billion in 2025, and further expand to an estimated USD 4.88 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 10.2% from 2025 to 2034.
The advanced PCM market encompasses a wide range of materials that can store and release large amounts of energy during the process of phase transition. These materials play a crucial role in thermal management applications across industries such as construction, electronics, transportation, and cold chain logistics. The market is witnessing a surge in demand for advanced PCM due to their ability to enhance energy efficiency, reduce carbon emissions, and optimize temperature control in various processes.
One of the key drivers of the advanced PCM market is the growing focus on sustainability and environmental conservation. As organizations and governments worldwide strive to reduce their carbon footprint and adopt eco-friendly practices, the demand for energy-efficient solutions like advanced PCM is expected to soar. Additionally, the rapid expansion of industries such as construction and electronics is propelling the market growth, as these sectors require effective thermal management solutions for optimal performance.
Despite the promising growth prospects, the advanced PCM market faces several challenges, including high initial costs, limited awareness among end-users, and technological barriers. Companies operating in this space are constantly innovating to overcome these challenges and develop advanced PCM solutions that are cost-effective, user-friendly, and compatible with existing infrastructure. Collaboration between industry players and research institutions is crucial for driving innovation and expanding the market reach of advanced PCM.
Advanced Phase-Change Materials (PCM) Market Dynamics
Market Drivers
The Advanced PCM Market is being primarily driven by the increasing demand for energy-efficient materials across various industries. With a growing focus on sustainability and reducing carbon footprint, PCM technology offers an innovative solution for storing and releasing energy effectively. Additionally, the rapid urbanization and industrialization in emerging economies are driving the demand for advanced PCM in construction, automotive, and electronics sectors.
Restraints
Despite the promising growth prospects, the Advanced PCM Market faces certain restraints that may hinder its expansion. One of the major challenges is the high initial cost associated with advanced PCM technology, which limits its adoption among small and medium-sized enterprises. Moreover, the lack of awareness about the benefits of PCM technology among end-users is also a significant restraint that needs to be addressed.
Opportunities
The Advanced PCM Market presents a plethora of opportunities for manufacturers and suppliers to capitalize on. The increasing investments in research and development activities aimed at enhancing the performance and efficiency of PCM technology are creating new avenues for market players. Additionally, the rising demand for thermal energy storage solutions in smart buildings and renewable energy applications offers promising opportunities for growth in the Advanced PCM Market.
Challenges
While the Advanced PCM Market is poised for growth, it also faces several challenges that need to be overcome. One of the key challenges is the limited scalability of PCM technology, especially in large-scale applications. Manufacturers need to focus on developing scalable and cost-effective solutions to meet the evolving needs of end-users. Furthermore, the complex regulatory environment and stringent quality standards pose challenges for market players looking to expand their presence in the global market.
List of Key Players: Advanced Phase-Change Materials (PCM) Market
- BASF SE
- Croda International Plc
- Henkel AG & Co. KGaA
- Honeywell International Inc.
- DuPont de Nemours, Inc.
- PureTemp LLC
- Cold Chain Technologies, Inc.
- Cryopak Industries
- Boyd Corporation
- Sasol Limited
- Climator (Climator Sweden AB)
- Microtek Laboratories, Inc.
- Laird Technologies, Inc.
- National Gypsum Services Company
- Phase Change Solutions
- PCM Products / Phase Change Materials Products Ltd.
- Outlast Technologies, Inc.
- Phase Change Energy Solutions
- PLUSS Advanced Technologies (India)
- Rubitherm Technologies GmbH
Recent Development:
March 2025: Croda International Plc Officially launched a new lipids manufacturing facility in Lamar, Pennsylvania, enhancing capacity to produce high-performance ingredients, including those used in PCM formulations.
June 2025: BASF SE Completed the final switch of its Rheovis® product range to bioderived Ethyl Acrylate (EA) with up to 35% biogenic content, achieving a 30% reduction in carbon footprint—a notable sustainability milestone.
April 2025: Microtek Laboratories, Inc. Received a U.S. patent (# 12,162,978) for radiation-curable, shape-stable thermoset PCM gels, designed for use in sachets or cold packs across medical, food transport, and related applications.
April 2024: PLUSS Advanced Technologies Launched Brrf PLUSS, the first wearable cooling technology that enables workers to reduce their body-surface temperature by up to 15 °C (27 °F) in hot work environments.
Advanced Phase-Change Materials (PCM) Market Segmentation
By PCM Type
- Organic PCMs
- Inorganic
- Bio-based PCMs
By Application
- Building & Construction
- Cold Chain & Packaging
- Electronics
- Textile & Wearables, Energy Storage, HVAC, Transportation, Others
By End-User Industry
- Construction / Building Services
- Healthcare
- Automotive
- Electronics
- Food & Logistics
By Encapsulation Technology
- Macro-encapsulation
- Micro-encapsulation
- Molecular encapsulation
Regional Market Insights: A Breakdown by Region
North America
In North America, the Advanced PCM market is experiencing steady growth, driven by increasing demand for energy-efficient solutions in sectors such as construction, electronics, and automotive. The United States and Canada are leading the way in the adoption of advanced PCM technology, with a focus on reducing carbon emissions and enhancing energy efficiency.
Europe
In Europe, countries like Germany, the UK, and France are at the forefront of the Advanced PCM market. The strict regulations regarding energy efficiency and sustainability have fueled the demand for PCM solutions in the region. The construction industry, in particular, is a key driver of growth, with the integration of PCM materials in building design becoming increasingly common.
Asia Pacific
The Asia Pacific region is witnessing rapid growth in the Advanced PCM market, driven by the booming construction industry in countries like China, India, and Japan. The need for sustainable and energy-efficient solutions is pushing companies to adopt PCM technology in various applications. Additionally, the growing automotive sector is also creating opportunities for PCM materials in thermal management systems.
Latin America
Latin America is also emerging as a key market for Advanced PCM solutions, with countries like Brazil and Mexico leading the way. The focus on reducing energy consumption and carbon footprint is driving the adoption of PCM technology in the region. The construction and transportation industries are key sectors where PCM materials are being utilized to improve energy efficiency and comfort levels.
Middle East and Africa
The Middle East and Africa region are also showing promising growth in the Advanced PCM market, with countries like the UAE and South Africa investing in sustainable building solutions. The hot climate in the region is driving the demand for PCM materials in cooling applications, leading to increased adoption in various industries.
Target Audience
Building & Construction Firms
Cold Chain Logistics & Packaging Providers
Electronics Manufacturers & Thermal Management OEMs
Healthcare & Pharmaceutical Companies
Automotive & EV Battery OEMs
Material Science & Chemical Companies
CDMOs / Suppliers of Thermal Interface Materials
Regulatory Bodies & Green Certification Entities
Investors & Strategic Partners
