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North America Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

North America Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

  • August 2021
  • 118 pages
  • ID: 6134405
  • Format: PDF
  • The Insight Partners

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The North America polyurethane market is expected to grow from US$ 13,150.40 million in 2021 to US$ 22,190.06 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.

The North American region comprises developed economies, including the US and Canada, along with Mexico as a developing nation.The manufacturing companies located in this region are continuously enhancing their overall business processes to cater customers’ demands in the best possible way.

Most of the domestic and international companies have a strong foothold in North American.In North American, the US is a significant market for polyurethane, followed by Canada and Mexico.

This region broadly supports the growth of the polyurethane market through effective manufacture and trade policies.The polyurethane market in this region is growing owing to its increasing demand from the furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and other industries located in North America.

Polyurethanes are used in many applications, including the manufacture of high-resilience foam upholstery, rigid foam insulation panels, microcellular foam seals & gaskets, spray foam, durable elastomeric wheels and tires (roller coaster, escalator, shopping cart, elevator, and skateboard wheels), automotive suspension bushings, electrical potting compounds, high-performance adhesives, surface coatings and sealants, synthetic fibers (Spandex), carpet & other underlays, hard-plastic parts (e.g., for electronic instruments), and hoses. Due to this higher application of polyurethane in several products by the manufacturers, the market is growing in North America.

In North America, the US witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of polyurethane manufacturing activities.Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for polyurethane during the early months of 2020.

Moreover, decline in the overall resin and polymer manufacturing activities has led to discontinuation of polyurethane manufacturing projects, thereby reducing the demand for polyurethane.Similar trend was witnessed in other North America countries, such as Mexico, Canada, Panama, and Costa Rica.

However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on application, the market is segmented into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others.The construction segment is expected to grow at the fastest CAGR during the forecasted period.

Nowadays, home construction demands high-performance materials that are strong, still lightweight, perform well, easily installed, durable, and versatile.Polyurethane conserves natural resources and help preserve the environment by reducing energy usage.

With its insulation properties, excellent strength-to-weight ratio, durability also versatility, polyurethane is often used in building and construction applications.In the roof, reflective plastic coverings on top of the polyurethane foam can bounce sunlight and heat away by helping the house stay cool while reducing energy consumption.

Polyurethane building materials further add design flexibility to new homes and remodeling projects. Foam-core panels deliver a wide variety of colors and profiles for walls and roofs, while foam-cored entry doors along with garage doors are available in different finishes and styles. Polyurethanes also play an important role in modern materials, including composite wood. Polyurethane-based binders are utilized in composite wood products to permanently glue basic materials into oriented strand board, laminated veneer lumber, medium-density fiberboard, long-strand lumber, and even strawboard and particleboard.

The overall North America polyurethane market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the North America polyurethane market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America polyurethane market. A few of the key companies operating in the market are Covestro AG; FXI; the Dow Chemical Company; Lubrizol Corporation; DIC Corporation; BASF SE; Mitsui Chemicals, Inc.; Recticel NV; Huntsman Corporation; and Tosoh Corporation.

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