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By 2026, North America Phase Change Materials Market Value to Worth $999 Mn
Published Date: 2020-10-30
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According to the Graphical Research new growth forecast report titled North America Phase Change Materials Market share will surpass USD 999 million by 2026. The North America market is projected to observe an escalating demand trend from various end-user industries including construction, packaging, and HVAC. Strong growth in the construction industry, especially in the states of America, is likely to propel the demand for phase change materials. In the construction industry, PCMs are used for space heating/cooling, solar water heating, and waste heat recovery systems. Additionally, the increasing demand for energy-saving & environmental-friendly technology is also one of the major factors driving the overall phase change material industry growth.
Paraffin held the highest share in the overall phase change materials market in 2016. It is majorly used due to its easy availability and cost effective compared to its counterparts. Paraffin is derived from petrochemical products and non-renewable sources, which cause environmental pollution during disposal. Additionally, paraffin has a high heat of fusion and is completely non-corrosive. These are the most commonly used PCMs for electronic thermal management. However, paraffin is made from petroleum products, which increases reliance on crude oil; hence, facing tough competition from salt hydrates and bio-based phase change materials.
Increasing investments for research & development activities and emerging technologies in macro- and microencapsulation are anticipated to create lucrative opportunities for the phase change materials market. Phase change materials are eco-friendly and energy-saving. An upsurge in eco-friendly materials is gaining prominence in the industry. Industry players are focusing on opportunities to provide products with enhanced properties and functionalities, further supporting industry growth.
The building and construction industry is expected to dominate the market. The usage of adequate thermal energy storage systems in the building & construction sector offers high potential in energy conservation. Furthermore, PCM can be incorporated into construction materials by using different methods such as immersion, encapsulation, microencapsulation, direct incorporation, and shape-stabilization. Therefore, rapid growth in the construction industry is likely to support the overall industry.
Many multinational and regional companies have a presence in the industry. Some of the major players operating in the North America phase change materials market are BASF SE, Henkel, Sasol, Entropy Solutions LLC, Outlast Technologies LLC, Microtek Laboratories, Inc., Cryopak, Honeywell International Inc., Rubitherm, Laird PLC, and The Dow Chemical Company among others.
The North America phase change materials market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
Market Share, By Product
- Salt Hydrates
Market Size, By End-user
- Building & Construction
- Electrical & Electronics
- Aerospace & Automotive
The above information is provided on a country basis for the following: