Phase change materials or PCMs are substances that absorb or release substantial amounts of latent heat when their physical state changes, for as from solid to liquid or vice versa. They are helpful since they melt and solidify at certain predetermined temperatures, making them ideal for temperature control in various applications. According to BlueQuark Research & Consulting, the global Phase Change Materials market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing use of Phase Change Materials in building & construction, incorporating Phase Change Materials into concrete, the most often used building material that can aid in lowering building energy usage, are expected to drive the global market. Further, Phase Change Materials are relatively used in the electronic industry to cool the electronic systems, which helps remove generated heat from these systems and are projected to drive the global market. Furthermore, in a range of commercial and military applications, Phase Change Material melting from -10 to 100°C is employed for heat management, driving the global market. However, Corrosiveness, instability, inappropriate re-solidification, and a tendency to supercool are all disadvantages of phase change materials. The cost of raw materials used in manufacturing phase change material is fluctuating, however, there is a COVID-19 pandemic expected to hinder the global market growth.

Solar cooling and solar power plants, photovoltaic energy systems, the space industry, waste heat recovery systems, food and pharmaceutical product preservation, and household hot water are just a few areas where phase change materials (PCMs) are used. It is essential for cooling electronics and telecom equipment, and it is also used in military applications such as building thermal management, electronic cooling, and supplemental cooling for energy weapons. In the textile industry, it is used to make cold-weather clothes.

The Building & Construction Industry is the primary and vital consumer of Phase Change Materials and is estimated to drive global demand. Drop ceilings, metal roofs, and stud walls are just a few instances of Phase Change Materials in construction materials. These applications have been utilized to save energy, produce more efficient HVAC systems, which delivers a high level of comfort to building occupants, driving the Global Phase Change Materials market. Placing in Phase Change Non-invasive retrofits of materials above suspended ceilings in existing workplaces and schools can save up to 15% of cooling energy, 50% of heating electricity, and 17% of heating natural gas. This equates to a 5% reduction in overall building energy, with a 4-7% reduction in peak electrical demand. These operational energy savings resulted in net life cycle cost savings of up to USD 8,820 for the 17,889 SF office over a 25-year research period using Minnesota's average retail electricity pricing. The density of traditional concrete is higher than that of other building materials using Phase Change Material. When combined with Phase Change Materials, this higher density will allow the concrete to have a larger thermal capacity than other building materials, driving the global market. Thus, the above factors have made the Building & Construction Industry a vital growth segment for the Global market of Phase Change Materials. 

The Asia Pacific is expected to be the leader in producing and consuming Phase Change Materials, with most consumption in countries like China and India. There has been a rise in awareness of sustainability in the construction industry, with phase change materials in concrete taking hold. PCMs are materials that can store and release energy depending on the temperature of the surrounding environment, thus driving the global Phase Change Materials market. In the electronic industry, during power-on operation, PCM is utilized to absorb peak energy loads and then reject that heat load later, driving the global Phase Change Materials market. In the aerospace & defense industry, PCM heat sinks are utilized in various aerospace cooling applications, including temperature control during pulsed operation and short-term thermal storage when a suitable heat sink is absent, driving the global market. The coating or encapsulation of PCM in textiles to create thermo-regulated innovative fabrics, driving the global Phase Change Materials market. PCMs are passive thermal energy storage materials used in the thermal packaging industry to keep temperature-sensitive products within the manufacturer's specified temperature range during all phases of transportation, driving the global Phase Change Materials market. Vaccines must be stored in extra cold settings, with temperatures of -60C, as the pandemic has prompted the rapid production of vaccines and treatments. Phase change materials are biodegradable and can be reused, making them ideal for vaccine transportation, driving the global market. The use of phase transition materials is a practical approach to storing solar thermal energy. PCMs are isothermal, they have a higher energy storage density and can work in a wide variety of temperatures, driving the global Phase Change Materials market. The mentioned factors have made the Asia Pacific an important region for growth in the Phase Change Materials Market.

Some of the market's key players are Cold Chain Technologies, Inc., Phase Change Products Pty Ltd., Honeywell Electronic Materials, Inc, Microtek Laboratories Inc,  Henkel AG & Co. KGaA, among others.

In August 2020, Researchers discovered Dirac electrons or electrons that behave as though they have no mass in a chemical used in rewritable media like CDs and DVDs. This phase-change material's discovery of 'massless' electrons could lead to speedier electronic gadgets.

The Global Phase Change Materials Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Phase Change Materials market by segmenting based on the By Type (Organic, Inorganic, Eutectic, Others), By Application (Building & Construction, Electronics, Aerospace & Defence, Textile, Packaging, Pharmaceutical, Solar Power Plants, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.