Market Size of North America Phase Change Materials Industry
| 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 |
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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.
