North America Polyurethane (PU) Market is expected to reach USD 19.18 billion by 2024. Polyurethane (PU) is a most adaptable plastic material formed by reacting a polyol with a polymeric isocyanate or di-isocyanate in presence of additives and catalyst. It is also termed as polycarbamates. They have high abrasion resistance, low in cost, good low temperature quality, and wide molecular structural variability. North America Polyurethane (PU) Market is estimated to grow at a significant CAGR of 4.2% over the forecast period as the scope and its applications are rising enormously across the globe.
Increasing
anxiety regarding energy efficacy in the region, technological enhancement,
growing customer awareness regarding thermal insulation, rising shift towards
sustainable construction, and presence of major industries in the region are
documented as major factors of North America Polyurethane (PU) Market that are
estimated to enhance the growth in the years to come. However, poor thermal
capability and weather ability and its flammable property may restrain overall
market growth in the coming years. North America Polyurethane (PU) industry is
segmented based on product type, end use, and region
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Polyurethane
elastomers, rigid polyurethane foam, adhesives & sealants, flexible
polyurethane foam, polyurethane coatings, and other product types could be
explored in North America Polyurethane (PU) in the forecast period.
Polyurethane elastomers sector comprises cast polyurethane elastomers, sprayed
polyurethane elastomers, and others.
Rigid
polyurethane foam sector accounted for the substantial market share of North
America Polyurethane (PU) and is estimated to continue its dominance in the
coming years. However, flexible polyurethane board is estimated to have high
demand from end users like transportation, packaging, furniture, bedding,
textiles, and others as they have good handling strength, durability, energy
absorption property, and resiliency.
The
market may be categorized based on end users like packaging, furniture &
bedding, footwear, construction, automotive, electronics & appliances, and
others that could be explored in the forecast period. Construction sector
accounted for the substantial market share of North America Polyurethane (PU)
and is estimated to lead the overall market in the coming years. This may be
because of high spending in the United States, to improve public infrastructure
and existing road. Also, electronics & appliances id estimated to grow at
fastest pace with significant CAGR in the coming years.
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The
United States accounted for the substantial market share of North America
Polyurethane (PU) and is estimated to lead the overall market in the coming
years. The reason behind the overall market could be high demand for PU
products from several end users like automotive, furniture, packaging, and
construction and high consumer disposable income.
Mexico
follow suit and is estimated to have a positive influence on the future growth.
Also, it is estimated to grow at significant CAGR in the coming years. The
aspects that may be ascribed to the growth comprise growing demand for
lightweight and energy-efficient materials.
The
key players of North America Polyurethane (PU) Market are Alchemie Ltd., BASF,
Mitsui Chemicals America, Inc., The Dow Chemical Company, Tosoh America, Inc.,
Bayer Material Science, and Huntsman Corporation. These players are
concentrating on inorganic growth to sustain themselves amongst fierce
competition. As companies all over the world have to believe that alliance with
a market would permit them proportional market existence and authority to
declare the leadership position.
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