Phase Change Material Market Size, Share, Growth Analysis, By Type(Organic phase change materials, inorganic phase change materials, bio-based phase change materials, bio-based organic-inorganic hybrid phase change materials), By Application(Building and construction, HVAC (heating, ventilation, and air conditioning)), By Region - Industry Forecast 2024-2031

Phase Change Material Market size was valued at USD 477 million in 2021 and is poised to grow from USD 612 million in 2023 to USD 3,004 million by 2030, at a CAGR of 25.5% during the forecast period (2023-2030).

Governments and organizations worldwide have been increasingly focused on energy efficiency and sustainable building practices. Phase change materials, with their ability to store and release thermal energy, play a crucial role in reducing energy consumption in buildings.

Phase change materials are employed in the HVAC (heating, ventilation, and air conditioning) industry to improve energy efficiency and enhance thermal comfort. This will drive its demand during the forecast period.

PCM technology is widely utilized in thermal energy storage systems. These systems find applications in various industries, including renewable energy integration, industrial processes, and electric vehicle thermal management.

Ongoing research and development in material science have led to the discovery of new PCM formulations with improved properties, such as higher latent heat capacity and improved durability. These innovations have expanded the range of applications for PCM and driven market growth.

US Phase Change Material Market is poised to grow at a sustainable CAGR for the next forecast year.