| Phase change materials have been developing significantly since the 1970s, and much can be attributed to the technological advancements in this field. The ecosystem of the phase change materials market comprises PCM manufacturers, PCM-based product manufacturers, end users, and others. The market is still developing, with Europe at the forefront, followed by North America and other regions.
Phase Change Materials Industry Overview
The Phase Change Materials Market was valued at $1,520.3 million in 2020 and is expected to reach $8,956.8 million by 2031, growing at a CAGR of 17.54% between 2021 and 2031. The phase change materials market is driven by several factors, including the growing popularity of bio-based phase change materials. Phase change materials are a preferred choice these days because of their high heat energy storage capacities, which is expected to positively impact the growth of the overall market.|