India Phase Change Materials Market (2025-2030)
The India Phase Change Materials Market was valued at $7.08 Million in 2025 and projected to reach to $15.88 Million by 2030, representing a compound annual growth rate of 17.55%. India's Phase Change Materials market is poised for significant expansion as the country prioritizes energy efficiency and sustainable industrial practices.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
India Phase Change Materials Market Trends and Insights
- This growth trajectory reflects India's increasing adoption of thermal energy storage solutions across building, industrial, and consumer applications.
- India's market expansion is driven by rising energy efficiency awareness, government sustainability initiatives, and growing demand from the construction and electronics sectors seeking advanced temperature management solutions. The Indian PCM market benefits from the country's rapid industrialization and urbanization trends.
- India's focus on renewable energy integration and thermal comfort in buildings is accelerating PCM adoption in insulation, HVAC systems, and cold chain logistics.
- By 2030, India is expected to capture significant market share within Asia Pacific, supported by local manufacturing capabilities and competitive pricing advantages that position India as a key regional hub for phase change material production and deployment..
Key Market Statistics
- CAGR (2025-2030) 17.55% CAGR
- Market Size, 2025 ~USD 7.08 Million
- Forecast, 2030 ~USD 15.88 Million
- Country India
India Phase Change Materials Market Overview
Market Valuation Growth :
India's PCM market is valued at USD 7.08 million in 2025 and is projected to grow to USD 15.88 million by 2030, representing a robust 17.55% CAGR, outpacing many emerging markets in thermal energy storage adoption.
Energy Efficiency Initiatives :
Government policies promoting energy conservation and sustainable building practices are accelerating PCM adoption across India's commercial and residential sectors, particularly in HVAC and thermal insulation applications.
Industrial & Building Applications :
India's expanding construction sector and growing industrial manufacturing base are driving demand for PCM solutions in temperature-sensitive storage, cold chain logistics, and building climate control systems.
Rising Thermal Storage Awareness :
Increasing awareness among Indian enterprises about reducing energy costs and carbon footprint is spurring investment in phase change material technologies for thermal energy management solutions.
India Phase Change Materials Market Dynamics
- The 17.55% CAGR through 2030 reflects growing adoption across building construction, cold chain logistics, and manufacturing sectors.
- Government initiatives promoting green building standards and renewable energy integration are creating favorable conditions for PCM market penetration. The Indian market will benefit from increasing urbanization, rising disposable incomes, and heightened environmental consciousness among consumers and enterprises.
- Strategic investments in thermal energy storage infrastructure and growing collaborations between domestic manufacturers and international PCM suppliers will further accelerate market growth, positioning India as a key growth hub in the Asia-Pacific region..
Related Ecosystem
Foam And Insulation
- Fiberglass
- Acoustic Insulation
- Elastomeric Foam
- HVAC System
- Flexible Foam
- Basf se
- Saint-gobain
- ARMACELL INTERNATIONAL
- THE WOODBRIDGE GROUP
- Sekisui Chemical Co., Ltd.
Renewable Energy Material
- HVAC System
- Actuators
- Aramid Fiber
- Electrical Insulation
- Electrochemical BioSensor
- Basf se
- Evonik industries ag
- Borealis ag
- Wacker chemie ag
- Henkel ag and co. kgaa
Resins And Polymers
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Epoxy Resin
- Light Commercial Vehicles (LCVs)
- Polypropylene (PP)
- Basf se
- DOW CHEMICAL COMPANY
- Solvay sa
- Saudi arabia basic industries corporation (sabic)
- DuPont de Nemours, Inc.
Key Takeaways
- India's PCM market is valued at USD 7.08 million in 2025 and will more than double to USD 15.88 million by 2030, representing a 17.55% CAGR.
- India's construction and building sector is the primary growth driver, leveraging PCM for thermal insulation and energy-efficient climate control solutions.
- India's government sustainability policies and renewable energy targets are accelerating PCM adoption in industrial thermal storage and cold chain applications.
- India's competitive manufacturing base and cost advantages position the country as a regional leader in PCM production and export within Asia Pacific.
Phase Change Materials Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2025 |
| Fastest Growing Segment | COLD CHAIN & PACKAGING (Application) |
| Forecast Period | 2025–2030 |
| Growth Rate | CAGR of 17.58% from 2025 to 2030 |
| Largest Segment | ORGANIC PCM (Type) |
| Market Size Base Year (Billions) | ~USD 0.73 (2025) |
| Revenue Forecast (Billions) | ~USD 1.64 (2030) |
| Segments Covered | Type, Application |
India Phase Change Materials Market Report Segmentation
2 segment dimensions are covered across the global market.
By Type
- Eutectic Pcm
- Inorganic Pcm
- Organic Pcm
By Application
- Building & Construction
- Cold Chain & Packaging
- Electronics
- Hvac
- Other Applications
- Refrigeration & Equipment
- Textiles
- Thermal Energy Storage
Target Audience
- PCM Manufacturers & Suppliers : Manufacturers need India-specific market data to assess production capacity requirements, identify distribution channels, and develop localized product portfolios for the rapidly expanding Indian thermal materials market.
- Construction & Real Estate Developers : Developers require insights into PCM adoption trends and building thermal efficiency standards in India to incorporate advanced thermal management solutions in commercial and residential projects.
- Cold Chain & Logistics Companies : Logistics operators need market intelligence on PCM applications in temperature-controlled storage and transportation to optimize cold chain infrastructure and reduce energy consumption costs.
- Industrial & Manufacturing Enterprises : Industrial buyers seek India-focused PCM market data to evaluate thermal energy storage solutions for process optimization, waste heat recovery, and operational cost reduction initiatives.
- Government & Policy Institutions : Policy makers and government agencies require market analysis to design effective energy efficiency programs, sustainability incentives, and regulatory frameworks supporting PCM technology adoption across India.
Key Companies in the India Phase Change Materials Market
| Company | HQ | Ownership | Strongest segments |
|---|---|---|---|
| BASF SE | Germany | Public Company | Chemicals (petrochemicals and intermediates),Materials (isocyanates, polyamides, plastics specialties),Industrial Solutions (dispersions, resins, additives, catalysts), |
| ROYAL DUTCH SHELL PLC | United Kingdom | Public Company | Integrated Gas (including LNG and GTL),Upstream (oil, gas, NGLs),Marketing (mobility, lubricants, commercial fuels, EV charging), |
| SHELL PLC | United Kingdom | Public Company | Integrated Gas (incl. LNG and GTL),Upstream (oil, gas, NGLs),Marketing (mobility, lubricants, commercial fuels), |
| HONEYWELL INTERNATIONAL INC. | United States | Public Company | Industrial Automation,Building Automation,Energy and Sustainability Solutions (UOP and related), |
| DUPONT DE NEMOURS, INC. | United States | Public Company | Healthcare & Water Technologies,Construction Materials (TYVEK, STYROFOAM, CORIAN),Engineered Components & Specialty Materials, |
| CRODA INTERNATIONAL PLC. | United Kingdom | Public Company | Consumer Care (beauty care, actives, home care, fragrances & flavours),Life Sciences (biologics delivery, crop protection, seed coating & enhancement),Industrial Specialties (phase change materials, surfactants, textile & spin finishes), |
| BOYD CORPORATION | Canada | Public Company | Collision repair centers,Retail auto glass services,Claims administration and roadside/ancillary services, |
| SASOL LIMITED | South Africa | Public Company | Transport fuels (petrol, diesel, jet, burner fuels, illuminating paraffin),Natural gas, methane-rich gas, LPG, and industrial heating fuels,Base and performance chemicals for industrial, mining, paper, water, textile, and leather, |
BASF SE
BASF SE is a German public company founded in 1865 with 106,428 employees. It is one of the world's largest chemical manufacturers.
ROYAL DUTCH SHELL PLC
Royal Dutch Shell PLC is a United Kingdom-based public company founded in 1897 with 84,000 employees. It operates as a major international oil and gas company.
SHELL PLC
Shell PLC is a United Kingdom-based public company founded in 1897 with 84,000 employees. It operates as a major international oil and gas company.
HONEYWELL INTERNATIONAL INC.
Honeywell International Inc. is a United States-based public company founded in 1885 with 101,000 employees. It is a diversified technology and manufacturing conglomerate.
DUPONT DE NEMOURS, INC.
DuPont de Nemours, Inc. is a United States-based public company founded in 2015 with 15,000 employees. It operates as a specialty chemicals and materials manufacturer.
CRODA INTERNATIONAL PLC.
Croda International PLC is a United Kingdom-based public company founded in 1925 with 5,954 employees. It specializes in specialty chemicals and ingredients.
BOYD CORPORATION
Boyd Corporation is a Canada-based public company founded in 1990 with 13,424 employees.
SASOL LIMITED
Sasol Limited is a South Africa-based public company founded in 1950 with 27,107 employees. It operates in energy and chemicals production.
Reasons to Buy this Report
- Market Size & Growth Validation : Obtain precise India-specific market valuation (USD 7.08M in 2025) and verified 17.55% CAGR projections through 2030 to support investment decisions and business planning in the Indian PCM sector.
- Competitive Landscape Intelligence : Understand India's unique competitive dynamics, local manufacturer capabilities, and market entry barriers specific to the Indian thermal materials industry to identify partnership and expansion opportunities.
- Sector-Specific Application Insights : Gain detailed understanding of PCM adoption patterns across India's building, industrial, and consumer segments to tailor product offerings and marketing strategies for maximum market penetration.
- Government Policy & Regulatory Framework : Access comprehensive analysis of India's energy efficiency mandates, green building standards, and sustainability initiatives driving PCM demand to align business strategies with regulatory trends.
- Strategic Growth Roadmap : Develop data-driven expansion strategies for the Indian market with forecasted demand projections, emerging application areas, and regional growth hotspots through 2030.
Frequently asked questions
What is the current market size of Phase Change Materials in India?
India's Phase Change Materials market was valued at USD 7.08 million in 2025 and is projected to grow to USD 15.88 million by 2030.
What is the expected growth rate for India's PCM market?
India's PCM market is expected to grow at a compound annual growth rate (CAGR) of 17.55% from 2025 to 2030.
Which sectors are driving PCM demand in India?
India's construction, building insulation, HVAC systems, electronics cooling, and cold chain logistics sectors are the primary drivers of PCM market growth.
What factors are supporting India's PCM market expansion?
India's PCM market is supported by rising energy efficiency awareness, government sustainability initiatives, rapid urbanization, renewable energy integration targets, and local manufacturing capabilities.
How does India's PCM market compare to the global market?
India's PCM market CAGR of 17.55% is comparable to the global CAGR of 17.58%, indicating that India is growing in line with global market trends and capturing significant regional demand.
RESEARCH METHODOLOGY
The study involved four major activities in estimating the size of the phase change materials market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to complete the overall market size estimation process. After that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold-standard and silver-standard websites, such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research, which involved conducting extensive interviews with key officials, including CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The phase change materials market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. Primary research from the demand side includes key opinion leaders in various end-use industries of phase change materials. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Notes: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2023/2024 available
in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
Honeywell International Inc. |
Senior Manager |
|
Croda International Plc |
Innovation Manager |
|
Microtek Laboratories Inc. |
Vice President |
|
Sasol Limited |
Production Supervisor |
|
PureTemp LLC |
Sales Manager |
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the phase change materials market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Phase Change Materials Market : Top-Down and Bottom-Up Approach
Data Triangulation
After determining the overall market size using the market size estimation processes explained above, the market was divided into several segments and subsegments. To complete the overall market engineering process and determine the exact statistics for each market segment and subsegment, data triangulation and market breakdown procedures were employed, as applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the phase change materials industry.
Market Definition
According to the Phase Change Material Industry Association (PCMIA), “Phase change materials are compounds that absorb, store, and release a large amount of heat at a relatively constant temperature by changing their physical state. When a phase change material freezes, it releases a large amount of energy as latent heat, whereas when such material melts, it absorbs a large amount of heat from the environment.” Heat stored in the materials is called latent heat, due to which, phase change materials are also known as latent heat storage materials. Phase change materials absorb and release heat by liquefying and solidifying at set temperatures. The natural latent heat property of phase change materials helps maintain a structure’s temperature and prevent sudden external changes. Fluctuations in ambient temperature recharge advanced phase change materials, making them suitable for everyday applications.
Stakeholders
- Phase change material manufacturers
- Phase change material distributors
- Raw material suppliers
- Government and research organizations
- Investment banks and private equity firms
Report Objectives
- To analyze and forecast the size of the global phase change materials market in terms of value and volume
- To provide detailed information about the important drivers, restraints, challenges, and opportunities influencing the market growth
- To define, describe, and segment the market based on type, application, and region
- To forecast the size of the market segments based on regions such as Asia Pacific, North America, Europe, and the Rest of the World
- To strategically analyze the segmented markets with respect to individual growth trends, prospects, and contributions to the overall market
- To identify and analyze opportunities for stakeholders in the market
- To analyze competitive developments such as expansions, partnerships & collaborations, mergers & acquisitions, agreements, and product launches in the market
- To strategically profile the key companies and comprehensively analyze their core competencies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Get the Full Phase Change Materials Market Report
Full forecast, segment splits, and company analysis for all Phase Change Materials Market.
- China Phase Change Materials Market
- Australia Phase Change Materials Market
- Singapore Phase Change Materials Market
- Germany Phase Change Materials Market
- France Phase Change Materials Market
- UK Phase Change Materials Market
- Netherlands Phase Change Materials Market
- US Phase Change Materials Market
- Rest Of North America Phase Change Materials Market
- Rest Of Europe Phase Change Materials Market
- Italy Phase Change Materials Market
- Spain Phase Change Materials Market
- Rest Of Asia Pacific Phase Change Materials Market
- Canada Phase Change Materials Market
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