The North America Polyurethane Market size was valued at USD 17.01 Billion in 2022 and is expected to surpass USD 26.39 Billion by 2031, expanding at a CAGR of 5% during the forecast period, 2023 – 2031. The growth of market is attributed to growing use of durable plastics in construction sector.
Polyurethane works effectively in building materials which considerably generate higher demand for insulating material to regulate ventilation, heating, and air conditioning (HVAC) and combats and secure the energy that previously gets lost due to inefficient insulation.
Growing demand for the product from sectors such as packaging, automotive, and construction in the U.S. is estimated to drive the market during the projected period. Parts of North America especially United States observed an expansion in construction segment due to positive market fundamentals for real estate accompanied by increasing investments from state and federal for the development of institutional buildings and public works.
For refurbishing and development of roads, hospital buildings, and other infrastructure U.S government has announced USD 2 trillion of investment in March 2020, which is anticipated to stimulate the market within the country. However, growing environmental concern and stringent regulation against emission of carbon is expected to restrain the market growth during the forecast period.
Many developed economies such as the UK, Germany, Canada, and US have started following the regulation and have reduced the carbon emission.
Furthermore, with COVID-19 outbreak the production all around the globe has halted their manufacturing activities, thus impacting the whole market and activities associated with the sector.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing usage of durable plastic in construction activities is expected to drive the market during the forecast period.
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R&D and technological advancement towards development of bio-based polyurethane is estimated to create lucrative opportunities for the key players of the market in the coming years.
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Growing demand for building insulation in light of sustainability is anticipated to propel the market during the projected period.
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Increasing investment in development of smart energy efficient residential and commercial buildings is estimated to spur the market in the coming years.
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Growing environmental concern and strict rules formulated by legal bodies towards the emission of carbon possess a challenge that can impede the growth of the market during the projected period.
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Rising competition from polystyrene and polypropylene foam act as factor that can hinder the growth of the market during the forecast period.
Scope of North America Polyurethane Market
The report on North America polyurethane market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Polyurethane Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Foams [Flexible Foam, Rigid Foam], Elastomers, Coatings, Adhesives, Sealants, and Binders), End-users (Building & Construction, Furniture & Interiors, Automotive & Transportation, Electronics & Appliances, Packaging, and Others)
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Geographical Scope
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Canada, Mexico, United States, and Rest of North America.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dow; LANXESS; Covestro AG; Huntsman International LLC; BASF SE.
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North America Polyurethane Market Segment Insights
The foam segment is expected to hold major share of the market
Based on application, the market is segregated into foams, elastomers, coatings, adhesives, sealants, and binders. The foam segment is further bifurcated into flexible foam and rigid foam. The foam segment is expected to hold major share of the market in the coming years due to the type of PU such as rigid foam is considered as one of the most energy efficient and versatile insulator, along with it is used for different applications such as reducing the noise and maintain the temperature also construction industry uses polyurethane for many unique applications which escalate the demand for the product.
The building and construction segment is estimated to account large share of the market
On the basis on end-users, the market is categorized into building and construction, furniture & interiors, automotive & transportation, electronics & appliances, packaging, and others. The building and construction segment is estimated to account large share of the market owing to beneficial characteristics of polyurethane such as chemical inertness, bacterial & pest resistant, lightness, and more. With the rising urbanization as well as globalization in developing economies such as China and India, along with increasing infrastructure development in parts of Middle East is anticipated to stimulate the segments.
The North America is estimated to dominated the market
In terms of geographies, the market is fragmented into Canada, Mexico, United States, and Rest of North America. North America is estimated to dominate the market during the projected period due to increasing building and construction activities. Favorable government policies and regulations, surging demand for rigid foam towards environment concern, are some of the factors driving the segment.
Segments
The North America polyurethane market has been segregated on the basis of
Applications
- Foams
- Elastomers
- Coatings
- Adhesives, Sealants, and Binders
End-users
- Building & Construction
- Furniture & Interiors
- Automotive & Transportation
- Electronics & Appliances
- Packaging
- Others
Geographies
- Canada
- Mexico
- United States
- Rest of North America
Key Players
Competitive Landscape
Key players competing in the North America polyurethane market include Dow; LANXESS; Covestro AG; Huntsman International LLC; BASF SE.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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