MARKET OUTLOOK
Triton Market Research’s report on the North American phase change materials market, depicts that the industry is expected to flourish at a CAGR of 17.94% over the estimated period 2019-2028.
The United States and Canada together constitute the North American phase change materials market.
North America ranks second among the largest markets for phase change materials. The region is home to several big industry players. The growth of the PCM market in the United States is primarily driven by the favorable initiatives implemented by bodies like the National Renewable Energy Laboratory of the Department of Energy and the Emerging Technologies Coordinating Council. These institutes are trying to help companies incorporate phase change materials in their products. The major applications of PCMs in North America include textiles, building & construction, HVAC and shipping & transportation.
The United States has the most advanced technologies across the globe. PCMs find application majorly in building & construction in the country. The housing sector is anticipated to continue growing, thereby leading to an increased demand for PCMs. Phase change materials are also utilized in the electronics industry in the US. Several patents are filed every year in the country. All these factors indicate the development of the US phase change materials in the upcoming years.
COMPETITIVE OUTLOOK
Some noteworthy firms in the phase change materials market are Climator Sweden AB, Outlast Technologies LLC, Sasol, Henkel AG & Co KGaA, AI Technology Inc, DuPont, Dow and Phase Change.