Rapid Growth of Phase Change Materials Market Predicted at 18.5% through 2034
In a significant shift towards sustainable and efficient cold chain solutions, Europe's pharmaceutical and food sectors are increasingly adopting Phase Change Materials (PCM) technology. This shift is driven by the growing recognition of PCMs' potential to maintain product integrity during transport.
According to a recent market analysis by InsightAceAnalytic, the Phase Change Materials (PCM) Market is projected to grow at a compound annual growth rate (CAGR) of 16.8% from 2025 to 2034. By 2034, the market value is expected to reach an impressive USD 2,938.1 million (approximately USD 2.94 billion), up from USD 630.0 million in 2024.
While specific regional data for the PCM market is not readily available, insights from related sectors suggest that North America currently holds the largest market share, followed by rapidly growing markets in the Asia Pacific region. Given the overlap in temperature-sensitive applications and industries, it is reasonable to infer that North America remains a dominant player in the PCM market, with Asia Pacific representing the fastest-growing regional market segment.
In the realm of PCM development, Croda International Plc has made strides in creating bio-based PCMs under the "Cithrol" brand for use in cosmetics and textiles. The Building & Construction sector led the PCM market in 2024, capturing a 36.7% share. Notably, Germany's Energy Saving Ordinance (EnEV) promotes PCM use by enforcing stringent energy standards.
In the pharmaceutical and logistics sectors, Cold Chain Technologies introduced PCM-based gel packs with extended temperature stability, ensuring reliable transportation of temperature-sensitive goods. Germany, with its strong focus on energy efficiency, is expected to play a significant role in the PCM market's growth.
Europe held a 43.9% share of the PCM market in 2024, valued at approximately USD 0.4 billion. BASF SE, a leading chemical company, expanded its Micronal PCM portfolio, focusing on energy-efficient building solutions. The European Union's push for climate neutrality has spurred demand for PCMs through incentives and funding for energy-efficient construction and retrofitting.
Sustainability remains a key focus in the PCM market. Climator Sweden AB launched ClimSel C28, a bio-based PCM for sustainable cooling in packaging and buildings. Cryopak, a prominent player in thermal packaging, expanded its PCM-based offerings with Flexible PCM panels, catering to the growing demand for sustainable solutions in food and pharmaceutical transportation.
As Europe continues to embrace PCM technology, it is poised to lead the way in sustainable cold chain solutions, contributing to a greener and more efficient future for the pharmaceutical and food sectors.
Technology such as Phase Change Materials (PCM) and cloud computing play a crucial role in the development and implementation of sustainable solutions in various sectors, including data storage and transportation. Given the growing demand for energy-efficient solutions and the increasing focus on sustainability, it is expected that technology will continue to innovate and evolve to meet these requirements in the PCM market.
