North America Phase Change Materials Market Share was over USD 447 million in 2019 and will grow at a CAGR of more than 17.4% up to 2026.
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Paraffin-based phase change materials are projected to grow considerably owing to their good mass storage density and they melt & solidify reliably with little to no subcooling. Paraffin has melting temperature levels that are suitable for a variety of applications such as high latent heat, are chemically & thermally stable, and have good thermal characteristics. Due to its excellent characteristics, such as thermal & chemical stability, non-corrosive, and low cooling properties, paraffinic hydrocarbons are commonly used in textiles than other PCMs. In addition, paraffin has low water solubility and are therefore widely used in building materials with a melting enthalpy between 150 and 220 KJ/kg.
The market is projected to grow at the fastest pace owing to rapid growth in the construction and aerospace industries. PCM is incorporated in airport runways to prevent damages and decrease the amount of time, money, & resources needed to maintain runways. According to the estimation of Boeing, the demand for new airplanes at the global level is likely to be 39,620 by 2035 with North America having the highest share of around 15,000 airplanes. Strong growth aspects in the aerospace sector will boost the regional phase change materials market size over the forecast timespan. Additionally, the growing packaging industry in the U.S. is set to witness a high demand for phase change materials.
The North America electronic manufacturing service industry is likely to exhibit high demand aspects for the PCM industry during the forecast period. Furthermore, the U.S. pharmaceutical industry is one of the most competitive and critical sectors in the economy. Thus, rising applications of phase change materials in the pharmaceutical and electronics industries are further projected to boost the overall industry growth.
The U.S. is expected to dominate the regional phase change materials market. The growing demand for phase change materials in the aerospace and construction industries is one of the major factors driving the U.S. market. Additionally, the rising automobile industry will have a positive influence on the North America phase change materials demand by 2026, for their crucial role as latent heat accumulators. The emerging automotive production in the U.S. and Canada is likely to propel the overall industry growth.
Major players operating in the industry majorly focus on strategic alliances and product expansion to strengthen their market share and presence. For instance, in March 2019, Microtek Laboratories introduced its new microencapsulated phase change material designed for use in bedding, building materials, and consumer textiles. The new product has been built by using its patented technology, nextek encapsulation. Prominent companies operating in the industry include BASF SE, Henkel, Sasol, Entropy Solutions LLC, Microtek Laboratories, Inc., Outlast Technologies LLC, Cryopak, Honeywell, Rubitherm, Laird PLC, and The Dow Chemical Company among others.