North America polyurethane (PU) market is expected to reach USD 19.18 billion by 2024, according to a new report by Grand View Research, Inc. Rising concerns regarding energy efficiency in the region is a key driving factor for industry growth. Growth dynamics of the industry are expected to be heavily influenced by trends in major end-use industries that include automotive, packaging, and construction coupled with the shift towards lightweight products, especially in miniaturized electronic gadgets. Technological advancements along with a shift in preference towards aesthetic, yet environmentally sustainable products are likely to positively influence the market.
Rigid foams were the leading product segment and accounted for over 33% of the overall volume in 2015. The shift towards sustainable construction practices and consumer awareness regarding thermal insulation as a means of energy conservation are expected to be major driving factors for the product’s growth.
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Further key findings from the study suggest:
- North America polyurethane (PU)market demand was 3.61 million tons in 2015 and is expected to reach 5.21 million tons by 2024, growing at a CAGR of 4.2% from 2016 to 2024
- Cast polyurethanes were the highest consumed elastomers with their overall volume estimated at over 130 kilo tons in 2015. Critical applications of these elastomers include prototyping and tooling in the automotive industry.
- Electronics and automotive industries present majority of the growth opportunities for the U.S. market with both the segments expected to collectively account for over 27% of the volume by 2024. Recovery of automotive production landscape as a result of export demand is a major factor for growth.
- U.S. was the leading consumer with market revenue estimated at over USD 9,900 million in 2015. Federal government initiatives to improve the insulation of low-income households to reduce energy demand is a key factor driving rigid foams consumption in the U.S.
- Mexico is a high growth potential market in North America and is expected to register a volumetric growth of over 5.5% from 2016 to 2024. The industry in Mexico is characterized by high requirement for foams & adhesives in construction, automotive, packaging and furniture applications.
- Key players operating in North America PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Tosoh America, Inc., Mitsui Chemicals America, Inc. and Alchemie Ltd.
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