Product Code: GVR-4-68040-775-2
Thermal Energy Storage Materials Market Summary
The global thermal energy storage materials market size was estimated at USD 5.51 billion in 2024 and is projected to reach USD 10.36 billion by 2033, growing a CAGR of 7.3% from 2025 to 2033. The demand for thermal energy storage materials is rapidly increasing as industries and governments worldwide seek efficient methods to balance energy supply and demand.
With the rising adoption of renewable energy systems, particularly solar and wind, the need for energy storage that can maintain grid stability has surged. Thermal energy storage (TES) materials play a vital role in capturing and reusing waste heat, significantly improving energy efficiency across residential, commercial, and industrial sectors. The shift toward decarbonization and sustainable energy utilization is also fueling demand. In addition, the growing construction of energy-efficient buildings and the expansion of district heating and cooling networks are driving further adoption.
The key drivers for the thermal energy storage materials industry include increasing renewable energy deployment, growing investments in smart grid infrastructure, and rising industrial waste heat recovery applications. The demand for phase change materials (PCMs) and molten salts is expanding due to their ability to store heat for long durations with minimal energy loss. Advancements in thermochemical materials that offer higher storage density and operational efficiency are accelerating market growth. The shift toward electrified heating and cooling, combined with industrial modernization, is further boosting adoption. Moreover, corporate sustainability goals and the growing need for reliable off-grid power solutions have enhanced TES material relevance globally.
The TES materials market is witnessing innovations in composite phase change materials, bio-based PCMs, and nanomaterial-infused storage solutions. Companies are developing modular, compact, and recyclable storage units that enable easy integration with renewable plants and buildings. Molten salts are being improved for higher temperature stability in concentrated solar power (CSP) systems. Digital technologies, including IoT-enabled monitoring and AI-based predictive management, are optimizing TES performance. Furthermore, hybrid systems combining sensible, latent, and thermochemical storage techniques are becoming increasingly popular. The shift toward sustainable and recyclable materials align with the global focus on circular energy economies.
Global Thermal Energy Storage Materials Market Report Segmentation
This report forecasts revenue growth at the global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the thermal energy storage materials market report based on material type, end-use, and region:
- Material Type Outlook (Revenue, USD Million, 2021 - 2033)
- Sensible Heat Storage Materials
- Latent Heat Storage Materials
- Thermochemical Storage Materials
- End-use Outlook (Revenue, USD Million, 2021 - 2033)
- Power Generation
- Building & Construction
- Industrial Processes
- Transportation
- Others
- Regional Outlook (Revenue, USD Million, 2021 - 2033)
- North America
- Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Qatar
- Kuwait
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources
- 1.3.4. Third-Party Perspectives
- 1.3.5. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation and Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Thermal Energy Storage Materials Market Variables, Trends & Scope
- 3.1. Value Chain Analysis
- 3.2. Regulatory Framework
- 3.3. Technology Overview
- 3.4. Market Dynamics
- 3.4.1. Market driver analysis
- 3.4.1.1. Growing construction activities in developing countries
- 3.4.1.2. Increasing adoption of prefabricated construction materials
- 3.4.2. Market restraint analysis
- 3.4.2.1. Need for regular deck maintenance
- 3.4.3. Industry opportunity
- 3.4.4. Market Challenges
- 3.5. Major Deals & Strategic Alliances Analysis
- 3.6. Business Environment Analysis
- 3.6.1. Porter's Analysis
- 3.6.1.1. Supplier Power
- 3.6.1.2. Buyer Power
- 3.6.1.3. Substitution Threat
- 3.6.1.4. Threat from New Entrant
- 3.6.1.5. Competitive Rivalry
- 3.6.2. PESTEL Analysis, by SWOT
- 3.6.2.1. Political Landscape
- 3.6.2.2. Environmental Landscape
- 3.6.2.3. Social Landscape
- 3.6.2.4. Technology Landscape
- 3.6.2.5. Economic Landscape
- 3.6.2.6. Legal Landscape
Chapter 4. Thermal Energy Storage Materials Market: Material Type Estimates & Trend Analysis
- 4.1. Material Type Takeaways
- 4.2. Material Type Market Share Analysis, 2025 - 2033
- 4.3. Thermal Energy Storage Materials Market Estimates & Forecast, By Material Type (USD Million), 2021 - 2033
- 4.4. Sensible Heat Storage Materials
- 4.4.1. Thermal Energy Storage Materials Market Estimates & Forecast, By Sensible Heat Storage Materials, 2021 - 2033 (USD Million)
- 4.5. Latent Heat Storage Materials
- 4.5.1. Thermal Energy Storage Materials Market Estimates & Forecast, By Latent Heat Storage Materials, 2021 - 2033 (USD Million)
- 4.6. Thermochemical Storage Materials
- 4.6.1. Thermal Energy Storage Materials Market Estimates & Forecast, By Thermochemical Storage Materials, 2021 - 2033 (USD Million)
Chapter 5. Thermal Energy Storage Materials Market: End Use Estimates & Trend Analysis
- 5.1. End Use Takeaways
- 5.2. End Use Market Share Analysis, 2025 - 2033
- 5.3. Thermal Energy Storage Materials Market Estimates & Forecast, By End Use (USD Million), 2021 - 2033
- 5.4. Power Generation
- 5.4.1. Thermal Energy Storage Materials Market Estimates & Forecast, For Power Generation, 2021 - 2033 (USD Million)
- 5.5. Building & Construction
- 5.5.1. Thermal Energy Storage Materials Market Estimates & Forecast, For Building & Construction, 2021 - 2033 (USD Million)
- 5.6. Industrial Processes
- 5.6.1. Thermal Energy Storage Materials Market Estimates & Forecast, For Industrial Processes, 2021 - 2033 (USD Million)
- 5.7. Transportation
- 5.7.1. Thermal Energy Storage Materials Market Estimates & Forecast, For Transportation, 2021 - 2033 (USD Million)
- 5.8. Others
- 5.8.1. Thermal Energy Storage Materials Market Estimates & Forecast, For Others, 2021 - 2033 (USD Million)
Chapter 6. Thermal Energy Storage Materials Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Market Share Analysis, 2025 - 2033
- 6.3. North America
- 6.3.1. North America Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3.2. North America Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.3.3. North America Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.3.4. U.S.
- 6.3.4.1. U.S. Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3.4.2. U.S. Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.3.4.3. U.S. Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.3.5. Canada
- 6.3.5.1. Canada Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3.5.2. Canada Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.3.5.3. Canada Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.3.6. Mexico
- 6.3.6.1. Mexico Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.3.6.2. Mexico Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.3.6.3. Mexico Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.4. Europe
- 6.4.1. Europe Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4.2. Europe Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.4.3. Europe Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.4.4. UK
- 6.4.4.1. UK Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4.4.2. UK Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.4.4.3. UK Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.4.5. Germany
- 6.4.5.1 Germany Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4.5.2. Germany Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.4.5.3. Germany Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.4.6. France
- 6.4.6.1. France Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4.6.2. France Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.4.6.3. France Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.4.7. Spain
- 6.4.7.1. Spain Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.4.7.2. Spain Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.4.7.3. Spain Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.5. Asia Pacific
- 6.5.1. Asia Pacific Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5.2. Asia Pacific Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.5.3. Asia Pacific Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.5.4. China
- 6.5.4.1. China Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5.4.2. China Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.5.4.3. China Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.5.5. Japan
- 6.5.5.1. Japan Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5.5.2. Japan Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.5.5.3. Japan Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.5.6. India
- 6.5.6.1. India Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5.6.2. India Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.5.6.3. India Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.5.7. South Korea
- 6.5.7.1. South Korea Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.5.7.2. South Korea Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.5.7.3. South Korea Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.6. Central & South America
- 6.6.1. Central & South America Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.6.2. Central & South America Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.6.3. Central & South America Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7. Middle East & Africa
- 6.7.1. Middle East & Africa Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.2. Middle East & Africa Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.3. Middle East & Africa Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7.4. Saudi Arabia
- 6.7.4.1. Saudi Arabia Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.4.2. Saudi Arabia Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.4.3. Saudi Arabia Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7.5. UAE
- 6.7.5.1. UAE Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.5.2. UAE Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.5.3. UAE Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7.6. Egypt
- 6.7.6.1. Egypt Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.6.2. Egypt Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.6.3. Egypt Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7.7. Kuwait
- 6.7.7.1. Kuwait Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.7.2. Kuwait Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.7.3. Kuwait Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
- 6.7.8. Qatar
- 6.7.8.1. Qatar Thermal Energy Storage Materials Market Estimates & Forecasts, 2021 - 2033 (USD Million)
- 6.7.8.2. Qatar Thermal Energy Storage Materials Market Estimates & Forecasts, By Material Type, 2021 - 2033 (USD Million)
- 6.7.8.3. Qatar Thermal Energy Storage Materials Market Estimates & Forecasts, By End Use, 2021 - 2033 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Competition Categorization
- 7.3. Company Market Positioning
- 7.4. Company Heat Map Analysis, 2024
- 7.5. Strategy Mapping, 2024
- 7.6. Company Listing
- 7.6.1. Brenmiller Energy
- 7.6.1.1. Company Overview
- 7.6.1.2. Financial Performance
- 7.6.1.3. Product Benchmarking
- 7.6.1.4. Strategic Initiatives
- 7.6.2. Antora Energy
- 7.6.2.1. Company Overview
- 7.6.2.2. Financial Performance
- 7.6.2.3. Product Benchmarking
- 7.6.2.4. Strategic Initiatives
- 7.6.3. LUMENION
- 7.6.3.1. Company Overview
- 7.6.3.2. Financial Performance
- 7.6.3.3. Product Benchmarking
- 7.6.3.4. Strategic Initiatives
- 7.6.4. Cryogel Thermal Energy Systems
- 7.6.4.1. Company Overview
- 7.6.4.2. Financial Performance
- 7.6.4.3. Product Benchmarking
- 7.6.4.4. Strategic Initiatives
- 7.6.5. CALMAC
- 7.6.5.1. Company Overview
- 7.6.5.2. Financial Performance
- 7.6.5.3. Product Benchmarking
- 7.6.5.4. Strategic Initiatives
- 7.6.6. DN Tanks
- 7.6.6.1. Company Overview
- 7.6.6.2. Financial Performance
- 7.6.6.3. Product Benchmarking
- 7.6.6.4. Strategic Initiatives
- 7.6.7. Heliac
- 7.6.7.1. Company Overview
- 7.6.7.2. Financial Performance
- 7.6.7.3. Product Benchmarking
- 7.6.7.4. Strategic Initiatives
- 7.6.8. ENERGYNEST
- 7.6.8.1. Company Overview
- 7.6.8.2. Financial Performance
- 7.6.8.3. Product Benchmarking
- 7.6.8.4. Strategic Initiatives
- 7.6.9. MGA Thermal
- 7.6.9.1. Company Overview
- 7.6.9.2. Financial Performance
- 7.6.9.3. Product Benchmarking
- 7.6.9.4. Strategic Initiatives
- 7.6.10. Rondo Energy
- 7.6.10.1. Company Overview
- 7.6.10.2. Financial Performance
- 7.6.10.3. Product Benchmarking
- 7.6.10.4. Strategic Initiatives