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Summary: Summary To avoid the leakage of phase change materials (PCM) to its surrounding, microencapsulation of PCM in a polymeric shell is highly desirable. These microcapsules ideally should provide a platform to store and release latent heat of the PCM without undergoing any physicochemical transformation of core (PCM) as well as shell (polymer) materials. Several characteristics such as heat transfer efficiency, thermal conductivity, water dispersibility, and durability of the PCM capsules are dependent on the nature of shell materials. In the present study, a random copolymer of poly (methyl methcrylate‐co‐2‐hydroxyethyl methacrylate) poly (MMA‐co‐HEMA) with an optimum ratio of 75/25 (methyl methacrylate (MMA)/2‐hydroxyethyl methacrylate (HEMA)) was used as shell material to encapsulate paraffin wax (PCM), using emulsion solvent evaporation method. The microcapsules of ~5‐μm size with a shell thickness of ~0.8 μm with high encapsulation efficiency (~92.34%) and thermal storage capability (99.85%) were fabricated. In addition to ease of water dispersibility, PHEMA (poly(2‐hydroxyethyl methacrylate)) containing water absorbable shells also exhibit enhanced thermal conductivity from 0.1 to 0.49 W/(m·K) at 25°C in wet state compared with the dry capsule. The capsules show good durability by displaying no significant change in thermal properties and water dispersibility after running through 500 heating/cooling cycles. To test the feasibility of this novel water dispersible microencapsulated PCM, these were mixed with natural rubber latex at various blend ratios, and their thermal behaviour was evaluated. The obtained rubber composite showed good thermoregulation property with enhanced mechanical strength. [ABSTRACT FROM AUTHOR]