Advanced phase change materials (PCMs) are compounds that absorb, store, and release a large amount of heat at a relatively constant temperature by changing their physical state. When a PCM freezes, it releases a large amount of energy in the form of latent heat whereas when such material melts, it absorbs a large amount of heat from the environment. The heat stored in the materials is known as latent heat, due to which PCMs are also known as ‘latent heat storage materials.' PCMs absorb and release heat by liquefying and solidifying at set temperatures. The natural latent heat property of PCMs helps in maintaining the structure’s temperature and save it from sudden external changes. PCMs get recharged with the fluctuations in ambient temperatures and are therefore suitable for everyday applications. Note: Core competencies of the companies are covered in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain their position in the market.