Thermal Energy Storage Materials Market To Reach $10.36 Billion By 2033

Thermal Energy Storage Materials Market Growth & Trends

The global thermal energy storage materials market size is anticipated to reach USD 10.36 billion by 2033, growing at a CAGR of 7.3% from 2025 to 2033, according to a new report by Grand View Research, Inc. The demand for thermal energy storage materials is steadily increasing due to the global transition toward clean and efficient energy systems. As renewable energy sources like solar and wind become more prevalent, there is a growing need for energy storage solutions that can balance intermittent supply. TES materials play a vital role by capturing and storing excess heat, which can later be used for power generation, district heating, or industrial applications. Rising urbanization, increasing energy costs, and the push for carbon neutrality across industries are further fueling the adoption. The rising integration of thermal energy storage systems in smart grids and green building infrastructures also supports market expansion.

Key drivers include the growing adoption of renewable energy technologies, decarbonization of the industrial sector, and the need for grid stability. TES materials enable efficient load management by storing surplus energy during off-peak hours and releasing it during peak demand, ensuring energy reliability. Advancements in material science, such as high-performance phase change and thermochemical materials, are enhancing energy density and operational efficiency. Additionally, the rising use of TES in CSP plants and industrial waste heat recovery systems is driving market growth. The increasing focus on sustainable power solutions and energy-efficient building systems also contributes to the sector’s expansion.

Governments worldwide are supporting thermal energy storage through funding, incentives, and policy frameworks that aim to promote the integration of renewable energy and industrial efficiency. The European Union’s Green Deal, the U.S. Department of Energy’s ARPA-E program, and India’s National Solar Mission have all accelerated R&D and deployment of TES technologies. Several countries are also encouraging the use of TES systems in district heating networks and renewable-powered industrial facilities. Public-private collaborations are further strengthening innovation ecosystems, while favorable regulations related to energy transition are making TES materials increasingly viable and cost-competitive in the global market.

Recent innovations are focused on improving the performance, recyclability, and thermal conductivity of storage materials. Companies are investing in advanced molten salts, composite phase change materials, and thermochemical systems with minimal degradation. Emerging trends include modular TES systems, integration with hydrogen production, and hybrid storage systems that combine thermal and electrical components for enhanced efficiency. The rise of industrial decarbonization projects and high-temperature heat storage technologies is also reshaping market dynamics. Moreover, collaborations between startups and large energy players are leading to faster commercialization of sustainable TES materials across diverse sectors.

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Thermal Energy Storage Materials Market Report Highlights

• Asia Pacific dominated the global thermal energy storage materials industry with the largest revenue share of 39.6% in 2024, due to extensive renewable projects and strong government initiatives.

• By material type, the sensible heat storage materials segment held the highest revenue share of 51.7% in 2024, due to their simplicity, cost-effectiveness, and scalability.

• By end-use, the power generation segment held the highest revenue share of 33.8% in 2024, primarily due to the integration of storage systems with concentrated solar power plants and grid-scale renewable projects.

Thermal Energy Storage Materials Market Segmentation

Grand View Research has segmented the global thermal energy storage materials market based on material type, end-use, and region:

Thermal Energy Storage Materials Material Type Outlook (Revenue, USD Million, 2021 - 2033)

• Sensible Heat Storage Materials

• Latent Heat Storage Materials

• Thermochemical Storage Materials

Thermal Energy Storage Materials End Use Outlook (Revenue, USD Million, 2021 - 2033)

• Power Generation

• Building & Construction

• Industrial Processes

• Transportation

• Others

Thermal Energy Storage Materials Regional Outlook (Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Central & South America

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Egypt

  • Qatar

  • Kuwait

List of Key Players in the Thermal Energy Storage Materials Market

• Brenmiller Energy

• Antora Energy

• LUMENION

• Cryogel Thermal Energy Systems

• CALMAC

• DN Tanks

• Heliac

• ENERGYNEST

• MGA Thermal

• Rondo Energy