North America Polyurethane Market To Witness Enhanced Demand In Construction And Automotive Applications Till 2020: Grand View Research, Inc.

San Francisco, March 03, 2016 (GLOBE NEWSWIRE) --

The North America polyurethane market is projected to attain USD 14.46 billion by 2020.The market had a demand of 3,241.3 kilotons (KT) in 2012. This can be attributed to the development of construction and automotive industries. Rising energy costs and greenhouse gas emissions have prompted companies to improve energy efficiency in households and industrial buildings.

Polyurethane (PU) is used in automobiles to reduce its weight and reduce fuel emissions. Auto manufacturers have followed the trend by creating their components from polyurethane (PU) and other plastics. This trend coupled with increasing automotive production will drive regional growth over the next 6 years.

Fluctuating prices of toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) and other raw materials used for manufacturing PU will pose a challenge for the market. Companies need to delve into R&D to develop bio-based PU is expected to reduce dependence on raw materials and create new opportunities.

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Rigid foam, plastic foam, coatings, elastomers, and adhesives & sealants are products manufactured in the North America polyurethane market. Rigid foam was the largest product, accounting for one third of the market volume in 2013. It is expected a 4.3% CAGR from 2014 to 2020 (forecast period). Increased construction activities to improve public infrastructure will spur market growth over the forecast period. Flexible foams are used in furniture, bedding, upholstery, and automotive applications. Changing lifestyle in Mexico is predicted to boost flexible foam demand over the next 6 years.

End-users include footwear, packaging, automotive, furniture & interior, electronics and appliances, and construction. Construction was the largest end-user of the North America polyurethane market, accounting over 33% market volume in 2013. This is attributed to increased construction spending in Mexico and US. Electronics and appliances are the fastest growing end-user, growing at a 5.4% CAGR during the forecast period.

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Regions known for manufacturing PU in North America are US, Mexico, and Canada. US led the market, accounting for 83% volume in 2013. Increased budget to improve public and transportation infrastructure and conserving energy is driving PU demand in this region. Mexico will experience a growth rate of 5.7% over the next 6 years.

Companies like Dow Chemical Company, Huntsman Corporation, BASF, and Bayer Material Science hold major shares in the North America polyurethane market in 2013. Manufacturers are researching to develop bio-based PU to maintain their hold on the market.

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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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Source:Grand View Research