North America Phase Change Materials Market Size
| 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
*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 Market Trends
Building and Construction Industry to Dominate the Market
- The rising emphasis on green building and energy conservation boosted the demand for highly effective and novel construction materials. As a result, phase change materials are employed in several applications, such as under-floor electric heating systems, PCM-filled glass windows, and thermally efficient concrete.
- Thermal comfort in buildings is where PCM is primarily used. PCM can regulate temperature and reduce heat gain or loss via building walls. The market for phase change materials is growing due to the growing usage of these materials in building products, including wallboards, roofing, concrete, and polymers like polyolefin elastomers and polypropylene to increase thermal efficiency.
- According to Statistics Canada, in November 2023, the value of building construction increased by 1.7% to USD 19.8 billion. The housing sector grew by 2.2% to USD 13.7 billion, while investments in the nonresidential sector increased by 0.1% to USD 6.1 billion in 2023.
- According to StatCan and Canada Mortgage and Housing Corporation, in Canada, there was a lower number of new home-building projects in 2022 compared with the previous year. Overall, there has been an increase in the number of housing starts since 2013.
- Moreover, according to the US Census Bureau, the value of total new infrastructure construction in the U.S. increased from USD 299.94 billion in 2017 to USD 365.59 billion in 2023.
- With all the above factors, the demand for phase change material is expected to increase in the forecasted period in North America.
The United States to Dominate the Market
- Phase change materials have extensive applications in the construction industry for thermal energy storage and regulation, contributing to energy-efficient and sustainable building designs.
- Phase change materials optimize heating, ventilation, and air conditioning systems, leading to more efficient energy utilization in buildings.
- The emphasis on sustainable and green building practices in North America has driven the adoption of phase change materials as part of energy-efficient solutions to meet environmental standards.
- According to the U.S. Census Bureau, residential construction spending in the United States increased in early 2022 to USD 939.17 billion.
- The construction spending in the United States in the private sector continued to grow in 2022 and reached USD 1,429.2 billion.
- Moreover, in the coming years, according to the forecast, the value of US construction projects will continue to grow. Building costs in most of the United States' largest cities increased between 2016 and 2022, with some cases increasing by almost 50 percent during this period.
- According to the Bureau of Economic Analysis (BEA), the value added to gross domestic products by the construction industry in the United States increased from USD 695.32 billion in 2015 to USD 1,007.01 billion in 2022.
- With all the above factors, the demand for phase change material is expected to increase at a moderate pace in the forecasted period in the United States.
North America Phase Change Materials Industry Overview
North America's phase change materials market is partially fragmented in nature. The major players (not in any particular order) include Henkel AG & Co.KGaA, Croda International Plc, Cryopak, Parker Hannifin Corp, and Pluss Advanced Technologies, among others.
North America Phase Change Materials Market Leaders
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Croda International Plc
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Cryopak
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Henkel AG & Co. KGaA
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Parker Hannifin Corp
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Pluss Advanced Technologies
*Disclaimer: Major Players sorted in no particular order
North America Phase Change Materials Market News
May 2023: Henkel launched phase change material - Bergquist Hi Flow THF 5000UT. This material provides low thermal impedance at both ultra-low and higher pressure. It is used to avoid stress-induced defects in certain devices that include large, thin, delicate die.
March 2023: BioLife Solutions Launches Ultraguard™ -70°C Phase Change Material (PCM) Accessory to Provide Backup Cooling in ULT Freezers and Dry Ice Alternative for Benchtop Biologic Material Storage.
North America Phase Change Materials Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Increasing Focus on Sustainability and Energy Conservation in Building and Construction
- 4.1.2 Growing Demand From Electronics Industry
- 4.1.3 Other Drivers
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4.2 Market Restraints
- 4.2.1 Hazardous Nature of Several Phase Change Materials
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Type
- 5.1.1 Organic
- 5.1.2 Inorganic
- 5.1.3 Bio-based
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5.2 End-User Industry
- 5.2.1 Building and Construction
- 5.2.2 Packaging
- 5.2.3 Textiles
- 5.2.4 Electronics
- 5.2.5 Transportation
- 5.2.6 Other End-User Industries (Renewables, Healthcare)
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5.3 Geography
- 5.3.1 United States
- 5.3.2 Canada
- 5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
- 6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Andores New Energy CO., Ltd
- 6.4.2 BioLife Solutions Inc.,
- 6.4.3 Croda International Plc
- 6.4.4 Cryopak
- 6.4.5 Henkel AG & Co. KGaA
- 6.4.6 Honeywell International Inc.
- 6.4.7 Kelheim Fibres GmbH
- 6.4.8 Laird Technologies, Inc.
- 6.4.9 Parker Hannifin Corp
- 6.4.10 Pluss Advanced Technologies
- 6.4.11 PureTemp LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development of Phase Change Thermal Interface Material
- 7.2 Rising Awareness of Bio-based Phase Change Materials
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 |
North America Phase Change Materials Market Research FAQs
How big is the North America Phase Change Materials Market?
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.
What is the current North America Phase Change Materials Market size?
In 2024, the North America Phase Change Materials Market size is expected to reach USD 383.88 million.
Who are the key players in North America Phase Change Materials Market?
Croda International Plc, Cryopak, Henkel AG & Co. KGaA, Parker Hannifin Corp and Pluss Advanced Technologies are the major companies operating in the North America Phase Change Materials Market.
What years does this North America Phase Change Materials Market cover, and what was the market size in 2023?
In 2023, the North America Phase Change Materials Market size was estimated at USD 349.33 million. The report covers the North America Phase Change Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Phase Change Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Phase Change Materials Industry Report
Statistics for the 2024 North America Phase Change Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Phase Change Materials analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
