The North America Polyols Market would witness market growth of 6.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 2,547.2 Kilo Tonnes, showcasing a growth of 5.1% (2019-2022).
Polyols are a form of organic compound consisting of carbon atoms covalently bonded to other atoms, such as carbon and hydrogen. They belong to the category of sugar alcohols and can be derived from carbohydrates through either natural or industrial processes. Polyols are utilized in numerous industries, such as food, construction, cosmetics, automotive, and industrial sectors. In the industrial sector, polyols are employed in producing polyurethane foams, which are utilized in various products, including mattresses, furniture, insulating materials, and automobile components.
Increasing efforts to conserve energy drive demand for rigid foams with high insulation properties, especially in the building and construction sectors. This is expected to be an essential sales driver during the forecast period. It is projected that the expansion of the construction industry, particularly in Asia Pacific, to accommodate a swiftly expanding population will increase demand for building supplies such as external panels, insulation protection materials, and housing electronics. Additionally, the growing automotive and packaging industries contribute to market expansion.
According to the International Trade Administration (ITA), the Mexican industry for packaging machinery remains dynamic, with a total market share of USD 567 million in 2021. It continues to develop and diversify alongside the Mexican economy. In 2019, the packaging material production sector accounted for 1.7% of Mexico's GDP, 5.8% of the industrial sector's GDP, and 8.5% of the manufacturing sector's GDP. The growth of the packaging industry in Mexico presents opportunities for the polyols market, especially when it comes to providing eco-friendly and innovative materials that meet the evolving demands of the packaging sector. As sustainability, durability, and performance become increasingly crucial in packaging solutions, polyols will likely play a key role in addressing these requirements. Therefore, the market will grow rapidly in the coming years owing to all these factors.
The US market dominated the North America Polyols Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,623.8 million by 2030. The Canada market is exhibiting a CAGR of 8.9% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 7.9% during (2023 - 2030).
Based on End-use, the market is segmented into Building & Construction, Furnishings, Automotive, Packaging, Electronics, and Others. Based on Product, the market is segmented into Polyether, and Polyester. Based on Application, the market is segmented into Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants, Elastomers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Polyols Market is Predict to reach $58.5 Billion by 2030, at a CAGR of 6.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Dow Chemical Company, BASF SE, Vertellus, Huntsman Corporation, Lanxess AG, Mitsui Chemicals, Inc., Stepan Company, Koch Industries, Inc. (Invista BV), Tosoh Corporation, and Shell plc.
By End-use (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Product
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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