Phase Change Material Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Phase Change Material Market in 2025 is estimated at USD 1.33 billion. The global market size was over USD 1.21 billion in 2024 and is expected to grow at a CAGR of over 12.4%, surpassing USD 5.53 billion by 2037. Asia Pacific is estimated to grow to USD 2.31 billion by 2037, attributed to the growing demand for smartphones and increasing penetration of mobile phones in the region.
The significant element driving the market revenue is the surging investment in the energy sector. As prognosticated by the International Energy Agency, close to USD 2.8 trillion was forecast to be invested in energy in 2023. Likewise, over USD 1.7 trillion was set to be invested in clean energy. As a result, the production of thermal energy is also projected to expand additionally impacting the adoption of phase change material. This is because this technology helps in gathering thermal or electrical energy from renewable sources and allows keeping it in the form of heat.
