Growth of construction and automotive industries in the region are expected to have a positive impact on the market.
San Francisco, California (PRWEB) December 17, 2014
The North American PU market is expected to reach USD 14.46 billion by 2020, according to a new study by Grand View Research, Inc. The growing importance of energy efficiency on account of rising energy costs and greenhouse emissions coupled with growing demand for lightweight, high performance materials from the automotive industry in order to improve fuel efficiency are expected to remain key drivers for the regional PU market. Volatile raw material prices on account of tight supplies of particularly TDI are expected to remain a key challenge for market participants. Rapid development of bio-based PU expected to provide growth opportunities to key companies operating in the regional market.
Browse full research report on North America Polyurethane (PU) Market at http://www.grandviewresearch.com/industry-analysis/north-america-polyurethane-market
Rigid foam was the largest product segment in the regional market and accounted for 33.6% of total market volume in 2013. Rigid foams are widely used in the construction industry and for insulation purposes across various industries. Rising concerns energy prices have increased the importance of energy conservation. Rigid foams are used as insulation material to reduce thermal energy losses and increase energy efficiency of buildings. Rigid foam is also expected to be the fastest growing product segment at an estimated CAGR of 4.3% from 2014 to 2020. Growth of the construction industry and government initiatives to improve energy efficiency of residential infrastructure is expected drive its demand over the forecast period.
Further key findings from the study suggest:
- The North America PU demand was 3,339.7 kilotons in 2013 and is expected to reach 4,415.9 kilotons by 2020, growing at a CAGR of 4.1% from 2014 to 2020.
- Construction emerged as the leading end-use industry for PU in the region. The segment accounted for 33.7% of total market volume in 2013. Increasing construction spending in Mexico owing in order to meet infrastructure needs for residential and industrial purposes is expected to fuel PU demand in the construction industry. Growth of the construction industry in the U.S. post economic recession on account of positive outlook on GDP growth and low interest rates is expected to further drive PU demand in construction applications.
- The electronics &amp;amp;amp; appliance is expected to be the fastest growing end-use industry at an estimated CAGR of 5.4% from 2014 to 2020. Increasing demand for PU in electronic packaging and encapsulation applications, particularly in Mexico is expected to drive PU demand in this industry. Increasing electronics consumption in Mexico on account of rising income levels is expected to further drive its growth over the next six years.
- The U.S. emerged as the leading nation consuming PU in the region and accounted for 82.9% of total market volume in 2013. Increasing construction spending in order to improve existing infrastructure coupled with low interest levels have fueled the housing market in the region. This trend, coupled with the growing importance of energy efficiency is expected to have a positive impact on the construction industry, which in turn is expected to drive PU demand for insulation applications. Mexico is expected to witness the highest growth rate over the forecast period. The nation is expected to grow at an estimated CAGR of 5.7% from 2014 to 2020.
- The North America PU market is highly concentrated with top four companies accounting for more than 70% of the market in 2013. Some major companies operating in the market include Foamex Innovations, Huntsman Corp., BASF, Bayer Material Science, Woodbridge Foam Corp. And Dow Chemical Co.
More information on North America Polyurethane (PU) Market at http://www.grandviewresearch.com/industry-analysis/north-america-polyurethane-market
For the purpose of this study, Grand View Research has segmented the polyurethane market on the basis of product, end-use and region:
North America Polyurethane (PU) Market Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Rigid Foam
- Flexible Foam
- Adhesives &amp;amp;amp; Sealants
North America Polyurethane (PU) End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Furniture &amp;amp;amp; Interiors
- Electronics &amp;amp;amp; Appliances
North America Polyurethane (PU) Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
About Grand View Research
Grand View Research, Inc. Is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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