In 2021, the global phase change materials market size stood at USD 1,775.5 million, which is projected to witness a 16.8% CAGR during 2021–2030, reaching USD 7,206.2 million by 2030 as per P&S Intelligence. This is mainly credited to the increasing development in the packaging and construction sector and the growing focus on eco-friendly buildings.

In 2021, the building and construction category held the largest market share of approximately 35% and is projected to grow at a CAGR of above 16% in the coming years. As the need for houses with low cooling and heating loads has amplified, building envelope technologies are improving at a moderate pace.

The acceptance of advanced building materials with active thermal elements, including PCMs, is the decisive step in realizing large energy savings. For the past 40 years, PCMs have been calculated as a thermal mass component in buildings, and the majority of studies have decided that PCMs advance building energy performance.

The cold chain and packaging category is set to experience the highest CAGR, of above 17%, in the next few years in the phase change materials market. This growth can be ascribed to the surge in PCM's need to maintain accurate temperatures across the supply chain with dropping carbon emissions.

Furthermore, the growing demand for frozen and fresh foods throughout the globe is a key driver for temperature-measured packaging solutions. The growing presence and acceptance of reusable, material-based, temperature-controlled packaging solutions have contributed to the rising acceptance of sustainable materials in logistics, like PCMs, which support professionally transferring the products while saving power.

Using ACs and electric fans to maintain temperature held around 20% of the total electricity utilized in buildings throughout the globe. The growing demand for space cooling is becoming very essential for numerous countries' power infrastructure, along with leading toward more carbon emissions. For example, nearly two-thirds of the world's households could have ACs by 2050.

ACs that are energy-efficient can help in saving money on power consumption and maintenance. The average price of cooling energy would be almost half with the usage of effective systems.

In 2021, the European industry for PCMs had the highest revenue share, at approximately 40%. This lean toward the acceptance of environmental materials is projected to fuel the PCM market in the region.