The North America polyols market size is projected to reach USD 6.6 billion by 2025, expanding at a CAGR of 5.6%, according to a new report by Grand View Research, Inc. Rising demand for insulation from various end-use industries such as automotive, construction, and home appliances is expected to drive consumption.
The rigid foam application segment accounted for a significant volume share in 2018. The organic compound is used to make rigid foam that offers sound insulation properties, mechanical strength, and thermal resistance. Such rigid foams can survive extreme weather conditions. In addition, it is used to formulate polyurethane adhesives and sealants. Such adhesives and sealants are used in automotive interiors, footwear, construction, and textile lamination applications.
North America is the largest consumer of trim foam, accounting for over 50% of the global market share. The rise in usage of bio-based and green polyols in manufacturing of trim foams is expected to play a major role in driving future consumption. With the green revolution and companies switching to environmentally friendly alternatives, manufacturers have also been investing in the development of bio-based and natural oil-based polyols. The trade tensions between China and U.S. have altered the scenario of polyols in North America and manufacturers have been focusing on production capacity expansions to cater to the growing product demand.
The U.S. is the largest consumer of the product owing to rising demand for polyurethane systems in the construction and automotive industries. The furniture and bedding industry, which is a major consumer of PU foam, has been growing steadily owing to a positive uptick in the housing sector. The implementation of stringent green building regulations, with an enhanced focus on materials, is expected to positively impact the market. The demand for green and bio-based polyols is expected to grow rapidly over the forecast period.
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Further key findings from the report suggest:
- Flexible foam will emerge as the fastest growing application with a CAGR of 5.1% in terms of volume during the forecast period. This is owing to rising usage of PU insulation for energy conservation in buildings, refrigerators, water heaters, and automobiles
- The coatings application accounted for 11.0% of the market volume in 2018. Coatings are widely utilized in hardwood, construction, and automotive applications to improve surface appearance and durability
- Polyester polyols are expected to witness a volume-based CAGR of 4.6% over the forecast period due to rising application in the insulation industry
- Mexico is anticipated to exhibit a CAGR of 7.4%, in terms of revenue, owing to rising use of the product in the plastic and automobile industries in the country
- Key participants in the North America polyols market include Vertellus Specialties, Inc.; Stepan Company; Invista B.V; Mitsui Chemicals, Inc.; DowDuPont Inc.; and BASF SE.
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Grand View Research has segmented the North America polyols market on the basis of product, application, and country:
North America Polyols Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Polyether Polyols
- Polyester Polyols
North America Polyols Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Rigid Foam
- Flexible Foam
- Adhesives & Sealants
North America Polyols Country Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North East
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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