Report Scope & Overview:

Phase Change Material Market Size was valued at USD 560.36 million in 2022, and expected to reach USD 1901.42 million by 2030, and grow at a CAGR of 16.5% over the forecast period 2023-2030. Phase change materials are made up of chemicals that can change their physical state to absorb, store, and release a lot of heat at a temperature that stays mostly the same. When a phase-change material freezes, it gives off a lot of energy in the form of latent heat, but when it melts, it takes in a lot of heat from the environment.

Phase Change Material Market Revenue Analysis

Market Dynamics:


  • Bio-based phase change materials are becoming more and more popular.

  • Conservation of energy is getting more attention.


  • Advanced phase change materials are expensive

  • Material properties and how they work together

  • Things that are wrong with the product


  • Using more and more energy

  • Putting more attention on sustainable development

  • vaccines and treatments need to be stored and shipped in a way that keeps them cold.


  • Rules about the cold supply chain

Impact of Covid-19:

Because of COVID-19, the global demand for oil dropped by about 29,000 barrels a day, from about 120,000 barrels a day a year ago. Because of this, the price of oil went down.  Because there was a lot of crude oil on the market, companies that make synthetic chemicals and materials could get cheaper raw materials that could have been used to make PCMs. But because of curfews, lockdowns, and travel restrictions all over the world, there were breaks in the supply chain at every point. Due to the shutting down of many supply routes, these materials became harder to get, which hurt the market.

During the COVID-19 pandemic, there were also restrictions on trade, which hurt the healthcare cold chain industry's supply chain. As a result, cold chain manufacturers made storage a top priority to extend the shelf life of their products. This caused a lot of people to want PCMs. Many countries on the rise, like India, don't have enough cold chain capacity to keep up with vaccination efforts. Also, because the vaccine will need more space in the cold chain in October 2020, the Union Health Ministry started a plan to strengthen the cold chain to meet both the need and the supply of proper vaccine storage and management. Since the COVID-19 pandemic is still going on and is changing all the time, the government is following the operational guideline and updating dynamic documents as the pandemic changes.

Key Players:

Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and other players.

Market Segmentation:

By Type

  • Organic

  • Inorganic

  • Eutectic

By Temperature Range

  • -20 to -35 deg C

  • 2 to 8 deg C

  • 12 to 15 deg C

  • Others

By End-user

  • Biopharmaceutical Companies

  • Hospitals

  • Medical Laboratories

  • Others

By Application

  • HVAC

  • Cold Chain & Packaging

  • Thermal Energy Storage

  • Electronics

  • Textile

  • Building & Construction

  • Refrigeration & Equipment

  • Others

Phase Change Material Market Segmentation Analysis

Regional Analysis:

Asia-Pacific had the biggest share of the market and is expected to grow at a healthy rate over the next few years. The growth of the pharmaceutical industry in China, India, and Japan is linked to the growth of the area. China's healthcare industry has grown quickly, making it possible for the country to switch from being a place where drugs are made to a key research and development hub. As a result, China has strengthened its position as a major player in the global pharmaceutical industry, both as a consumer and as a place to do more research and development (R&D). The market in North America is also driven by the fact that people can get high-value drugs and vaccines, that people know about health care, that they spend a lot on health care per person, and that the region has a high GDP. There are a lot of small and medium-sized businesses (SMEs) in Europe that make and sell phase-change materials, which is good news for the growth of the European market. Also, in 2020, the European Health Union put in place a strategy that covers a wide range of areas, such as research and development of medicines, laboratory testing, clinical trials, marketing authorization, manufacturing, health technology assessment, pricing and reimbursement, intellectual property protection, and the entry of medicines, including generics and biosimilars, onto the market.


  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Phase Change Material Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 560.36 Million
Market Size by 2030 US$ 1901.42 Million
CAGR CAGR of 16.5% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type,(Organic, Inorganic, Eutectic)
• By Temperature Range (-20 to -35 deg C, 2 to 8 deg C, 12 to 15 deg C, Others)
• By End-user (Bio pharmaceutical Companies, Hospitals, Medical Laboratories, Others)
• By Application (HVAC, Cold Chain & Packaging, Thermal Energy Storage, Electronics, Textile, Building & Construction, Refrigeration & Equipment, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Croda International Plc, Sasol Limited, Cold Chain Technologies Inc., Phase Change Materials Products Ltd., Honeywell Electronic Materials, Sumitomo Chemical Co. Ltd., Henkel AG & Company KGAA, PureTemp LLC, Microtek Laboratories Inc., Rubitherm Technologies GmbH, and other players.
DRIVERS • Bio-based phase change materials are becoming more and more popular.
• Conservation of energy is getting more attention.
Restraints • Advanced phase change materials are expensive
• Material properties and how they work together
• Things that are wrong with the product

Frequently Asked Questions

Ans: Primary or secondary type of research done by this reports.

Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.

Ans: Rules about the cold supply chain  are the challenges faced by the Phase Change Material Market.


Ans: lBio-based phase change materials are becoming more and more popular and Conservation of energy is getting more attention are the drivers for Phase Change Material Market.

Ans: Phase Change Material Market Size was valued at USD 481 million in 2021, and expected to reach USD 1401.38  million by 2028, and grow at a CAGR of 16.5 % over the forecast period 2022-2028.

Table of Contents


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions


2. Research Methodology


3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges


4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World


5. Value Chain Analysis


6. Porter’s 5 forces model


7.  PEST Analysis


8.Phase Change Material Market Segment, By Type

8.1 Organic

8.2 Inorganic

8.3 Eutectic


9.Phase Change Material Market Segment,  By Temperature Range

9.1 -20 to -35 deg C

9.2 2 to 8 deg C

9.3 12 to 15 deg C

9.4 Others


10.Phase Change Material Market Segment, By End-user

10.1 Biopharmaceutical Companies

10.2 Hospitals

10.3 Medical Laboratories

10.4 Others


11.Phase Change Material Market Segment, By Application

11.1 HVAC

11.2 Cold Chain & Packaging

11.3 Thermal Energy Storage

11.4 Electronics

11.5 Textile

11.6 Building & Construction

11.7 Refrigeration & Equipment

11.8 Others


12.Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America


13.Company Profile

13.1 Croda International Plc

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Sasol Limited

13.3 Cold Chain Technologies Inc.

13.4 Phase Change Materials Products Ltd.

13.5 Honeywell Electronic Materials

13.6 Sumitomo Chemical Co. Ltd.

13.7 Henkel AG & Company KGAA

13.8 PureTemp LLC

13.9 Microtek Laboratories Inc.

13.10 Rubitherm Technologies GmbH


14.Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share analysis

14.3 Recent Developments


15. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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