Phase Change Material Market Outlook:
Phase Change Material Market size was over USD 1.38 billion in 2025 and is anticipated to cross USD 7.53 billion by 2035, growing at more than 18.5% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of phase change material is assessed at USD 1.61 billion.
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.
