Results of an experimental study of laminar forced convection heat transfer in a circular duct with a phase change material emulsion (n-octadecane in water) are presented in this paper. The bulk Stefan numbers considered in this study range up to 3.0 and the concentration of phase change material range up to 30% by volume. The results show that the heat transfer characteristics for phase change material emulsions are similar to those of microencapsulated phase change material suspensions, thus confirming that the microcapsule walls do not affect the heat transfer process significantly.