The North America Polyurethane Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 5,163.6 kilo tonnes, showcasing a growth of 3.0% (2019-2022).
Rigid foam-based polyurethane is a versatile material with a broad spectrum of applications, prized for its unique combination of properties. Widely utilized in construction, it serves as an excellent thermal insulator in roofing, walls, and flooring, contributing to energy efficiency. Therefore, the Canada market consumed 622.8 kilo tonnes in 2022.
The US market dominated the North America Polyurethane Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $13,478.9 million by 2030. The Canada market is experiencing a CAGR of 6% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.1% during (2023 - 2030).
The growth of the medical device sector translates into higher demand for polyurethane in production. For instance, according to data released by the People's Republic of China's State Council, as of the end of August 2020, China was home to 26,456 makers of medical devices, a 40 percent increase from the previous year.
Moreover, this has been widely adopted across various industries due to its adaptable qualities, affordability, and appropriateness for various uses. Polyurethane offers unique properties, including flexibility, durability, chemical resistance, and thermal insulation.
Polyurethane foam insulation is commonly used in renewable energy infrastructure, including solar panels, wind turbine blades, and energy storage systems, to minimize heat loss and enhance overall system efficiency. As per the data released in 2023 by the International Trade Administration (ITA), Mexico aims to achieve 35% clean energy by 2024, including power regeneration from renewable sources, as per the Energy Transition Law (Ley de Transición Energética) and General Climate Change Law (Ley General de Cambio Climático). Thus, the market will grow in North America due to rising investments in the aerospace industry and the rise of the renewable energy sector in the region.
Free Valuable Insights: The Polyurethane Market is Predict to reach USD 102.3 Billion by 2030, at a CAGR of 4.3%
Based on Raw Material, the market is segmented into Polyols, Toluene Di-isocyanate, Methylene Diphenyl Di-isocyanate, and Others. Based on Application, the market is segmented into Construction, Furniture & Interiors, Electronics & Appliances, Footwear, Automotive, Packaging, and Others. Based on Product, the market is segmented into Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Raw Material (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion,2019-2030)
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