Phase change Materials Market Future Prospects
The global phase change materials market size is estimated at USD 690.9 million in 2024, which is projected to advance at a CAGR of 15.4% during 2025–2032, reaching USD 2,150.2 million in 2032. This is primarily attributed to the escalating growth in the construction and packaging industries and increasing emphasis on green buildings.
Despite the fact that about half of the world's energy demand is used for heating and more than 60% of that demand is dissipated as waste heat. This mismatch contributes considerably to global climate change, but it also provides a significant chance for improvement if waste heat can be saved for later use. The growth in energy supply and resource augmentation has failed to meet the rising needs exerted by the growing population, progressing economy, and surging urbanization. In order to reduce dependency on fossil fuels, conserve energy, and minimize greenhouse gas (GHG) emissions, phase change materials (PCMs) have been developed.