Dublin, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The "North America Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application" report has been added to ResearchAndMarkets.com's offering.
According to the study, the market is expected to reach US$ 22,190.06 million by 2028 from US$ 13,150.40 million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021 to 2028.
Rising demand for durable and lightweight materials from several End-use industries is a major factor driving the growth of the North America polyurethane market. However, the imposition of strict regulations on raw material used in polyurethane manufacturing and volatility of raw material prices hinder the growth of North America polyurethane market.
In case of COVID-19, in North America, especially the US, witnessed an unprecedented rise in number of coronavirus 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. A similar trend was witnessed in other North America countries, i.e. 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.
Market Dynamics
- Drivers
- Rising Demand for Durable and Lightweight Materials from Several End-use Industries
- Restraints
- Imposition of Strict Regulations on Raw Material Used in Polyurethane Manufacturing
- Volatility of Raw Material Prices
- Opportunities
- Increased Support by Governments for Infrastructure Development and Rising Use of PU as Insulation Material
- Future Trends
- Growing Demand for Low VOC, Green, and Sustainable Polyurethane
Segment Highlights
The market for North America polyurethane is segmented into product, application and country.
- Based on product, the market is segmented into rigid foam, flexible foam, coatings adhesives and sealants, elastomers, and others. In 2020, the flexible foam segment held the largest share in North America polyurethane market.
- Based on application, the North America polyurethane is divided into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others. The construction segment is expected to be the fastest growing segment over the forecast period.
- Based on country, the North America polyurethane market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America polyurethane market. Furthermore, in this present scenario of COVID 19 pandemic, the North America polyurethane market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for polyurethane.
Competitive Landscape and Company Profiles
Covestro AG, FXI, The Dow Chemical Company, Lubrizol Corporation, DIC Corporation, BASF SE, Mitsui Chemicals, Inc. Recticel NV, Huntsman Corporation, and Tosoh Corporation are some of the leading companies in the North America polyurethane market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
For more information about this report visit https://www.researchandmarkets.com/r/a2m42k
