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North America Phase Change Materials Market Market Size (2024 - 2029)

The North America Phase Change Materials Market is projected to experience significant growth over the forecast period, driven by an increasing emphasis on sustainability and energy efficiency in building design, as well as rising demand from the electronics industry. Despite challenges posed by the hazardous nature of some phase change materials, the market is recovering post-pandemic due to renewed interest in their temperature regulation and energy consumption benefits. Opportunities for market expansion are also anticipated through the development of phase change thermal interface materials and increased awareness of bio-based options. The United States is expected to lead the market during this period.

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Market Size of North America Phase Change Materials Industry

North America Phase Change Materials Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 383.88 Million
Market Size (2029) USD 613.48 Million
CAGR (2024 - 2029) 9.00 %
Market Concentration Medium

Major Players

North America Phase Change Materials Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Phase Change Materials Market Analysis

The North America Phase Change Materials Market size is estimated at USD 383.88 million in 2024, and is expected to reach USD 613.48 million by 2029, growing at a CAGR of 9% during the forecast period (2024-2029).

The phase change materials market was disrupted due to COVID-19 in North America. Lockdowns, restrictions, and disruptions in transportation networks led to challenges in the supply chain. This affected the availability of raw materials and components for PCM manufacturing. Post-pandemic, there was a renewed emphasis on sustainable practices and energy efficiency in building design. PCMs, known for their ability to regulate temperature and reduce energy consumption in HVAC systems, gained renewed attention, driving market recovery.

Increasing focus on sustainability and energy conservation in building and construction and growing demand from the electronics industry are expected to drive the phase change materials market in North America.

However, the hazardous nature of several phase change materials is expected to restrain the market studied.

The development of phase change thermal interface material and rising awareness of bio-based phase change materials are expected to provide opportunities to market players for the market studied.

The United States is likely to dominate the market during the forecast period.

North America Phase Change Materials Industry Segmentation

A phase change material is a substance that releases/absorbs sufficient energy at phase transition to provide helpful heat/cooling. PCMs can provide district cooling and thermal buffer swings in buildings and store solar thermal energy for short-term or seasonal applications.

North America's phase change materials market is segmented by product type, end-user industry, and geography (United States, Canada, and Mexico). By product type, the market is segmented into organic, inorganic, and bio-based products. End-user industry segmentation includes building and construction, packaging, textiles, electronics, transportation, and other end-user industries (renewable, healthcare). The report also covers the market size and forecasts for the North American phase change materials market in 3 countries across the region.

For each segment, the market sizing and forecasts have been done on the basis of value (USD).

Type
Organic
Inorganic
Bio-based
End-User Industry
Building and Construction
Packaging
Textiles
Electronics
Transportation
Other End-User Industries (Renewables, Healthcare)
Geography
United States
Canada
Mexico
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North America Phase Change Materials Market Size Summary

The North America phase change materials market is poised for significant growth, driven by an increasing emphasis on sustainability and energy efficiency in building designs. The market, which experienced disruptions due to the COVID-19 pandemic, is recovering as PCMs gain attention for their ability to regulate temperature and reduce energy consumption in HVAC systems. The construction industry, particularly in the United States and Canada, is a major driver of this market, with phase change materials being utilized in various applications such as under-floor heating systems, PCM-filled glass windows, and thermally efficient concrete. Despite challenges posed by the hazardous nature of some PCMs, the development of bio-based alternatives and thermal interface materials presents new opportunities for market players.

The demand for phase change materials is expected to rise as the construction sector continues to expand, with increased investments in both residential and non-residential projects across North America. The market is characterized by a moderate pace of growth, supported by the ongoing trend towards green building practices and the optimization of energy systems in buildings. Key players in the market, including Henkel AG & Co. KGaA, Croda International Plc, and Parker Hannifin Corp, are actively innovating and launching new products to meet the growing demand. As the market landscape remains partially fragmented, these companies are well-positioned to capitalize on the opportunities presented by the increasing adoption of phase change materials in various industries.

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North America Phase Change Materials Market Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Focus on Sustainability and Energy Conservation in Building and Construction

      2. 1.1.2 Growing Demand From Electronics Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Market Restraints

      1. 1.2.1 Hazardous Nature of Several Phase Change Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Organic

      2. 2.1.2 Inorganic

      3. 2.1.3 Bio-based

    2. 2.2 End-User Industry

      1. 2.2.1 Building and Construction

      2. 2.2.2 Packaging

      3. 2.2.3 Textiles

      4. 2.2.4 Electronics

      5. 2.2.5 Transportation

      6. 2.2.6 Other End-User Industries (Renewables, Healthcare)

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Phase Change Materials Market Market Size FAQs

The North America Phase Change Materials Market size is expected to reach USD 383.88 million in 2024 and grow at a CAGR of 9% to reach USD 613.48 million by 2029.

In 2024, the North America Phase Change Materials Market size is expected to reach USD 383.88 million.

North America Phase Change Materials Market Report Snapshots

North America Phase Change Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)