Market Trends of North America Phase Change Materials Industry
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.
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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.
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