Polyurethane (PU) Market Will Reach Height of USD 19.18 billion By 2024

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.

Polyurethane (PU) Market Will Accomplish Outstanding USD 26.24 billion Figure By 2025

Rigid polyurethanes has also witnessed substantial growth in the last couple of years owing to increasing adoption as a structural material.

The Europe polyurethane (PU) Market size is expected to value at USD 26.24 billion by 2024. The Europe polyurethane (PU) industry is subject to witness a substantial growth due to the stringent laws & regulations in regards to energy efficiency and carbon emission reduction. Rising investment by developed economies across Europe such as UK, Germany, Poland, and Sweden is expected to boost market growth over the forecast period. The Europe polyurethane market is predicted to grow at CAGR of 3.8% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

Polyethylene is largely used to produce polyurethane (PU) foam and structural foam, which is majorly used in various construction activities. Growing popularity of the polyethylene foam is credited to the factors such as lightweight, durability, heat resistance, and a closed-cell material composition. Polyethylene is widely used in the packaging of delicate products, and automobile parts, thus fostering market value, in the recent years.

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Rigid polyurethanes has also witnessed substantial growth in the last couple of years owing to increasing adoption as a structural material. Rigid polyurethanes has also displayed important properties such as toughness, lightweight, and resilience. Rigid polyurethanes also provide protection against chemical reactions and moisture effects thus making it an ideal choice for various application such as building & product insulation.

The Europe polyurethane industry is broadly categorized into six major segments based on the application type such as furniture & bedding, building & construction, electronics & appliances, automotive, footwear, and packaging. The building & construction is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of polyurethane (PU) in the building & construction segment is attributed to the stringent laws & regulations associated with inculcating energy efficient parts. The furniture & bedding segment has also witnessed substantial growth as polyurethane (PU) is considered as the ideal for roofs and walls in new houses.

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The Europe polyurethane (PU) market is divided into developed economies such as UK, Italy, Germany, Poland, and Sweden. Germany has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction industry, and existence of well-established industrial infrastructure. Italy is predicted to hold major market share in the Europe polyurethane (PU) industry with massive growth in forecast period.

Countries such as UK, Sweden and Poland are anticipated to lead the Europe polyurethane market with strong economic growth, well-established socio-economic climate, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the Europe polyurethane (PU) industry are Covestro AG, Huntsman Co., British Vita Ltd., BASF Group SE, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Ellsworth Co., Stepan Co., IMCD N.V., and Archway Sales, Inc.

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