Phase Change Material Market Share

APAC Market Statistics

Asia Pacific region in phase change material market revenue is expected to reach USD 2.3 Billion by the end of 2037. This market additionally gathered a revenue of USD 0.4 billion in the year 2024. This rise in market revenue in this region is set to be influenced by the growing demand for smartphones. As estimated by GSMA, the penetration of mobile phones is expected to rise by 70% by 2030.  

Phase-change materials comprising antimony, tellurium, and germanium may be utilized for storing progressively vast amounts of data quickly and effectively. They are used, for instance, to replace memory cards in the latest generation of smartphones.

Furthermore, the China market for phase change material is predicted to generate the highest market revenue as compared to all other nations in this region. This growth is poised to be encouraged by the growing demand for temperature-sensitive products.

Moreover, owing to the rise in the production of the textile industry the market in India for phase change material is also set to rise by gathering significant revenue.

Additionally, the Japanese market with the growing demand for packaging is expected to experience expansion in its revenue.

North American Market Analysis

Phase change material market size for North America region is predicted to reach USD 1.6 Billion by 2037. This growth of the market in this region is set to be influenced by rising disposable income. Disposable income in the United States saw a rise of about USD 20881 Billion in March up from USD 20717 Billion in February of 2024. Hence, their spending on electronics is also projected to rise further dominating the market expansion.

Moreover, the market in the US is foreseen to expand with the highest revenue due to the rising demand for solar energy also the investment by the government has grown in this region for the same.

Additionally, the Canadian market for phase change material is also estimated to rise growing packaging industry on account of the rising adoption of ready-to-eat food since a large number of populations in this area are employed. Therefore, the demand for phase change material is predicted to rise in packaging in this region because it is expected to maintain the temperature and quality of the food.