South America Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Rigid Foam, Flexible Foam, Coatings Adhesives and Sealants, Elastomers, and Others) and Application (Furniture and Interiors, Construction, Electronics

South America Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Rigid Foam, Flexible Foam, Coatings Adhesives and Sealants, Elastomers, and Others) and Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others)

The South America polyurethane market is expected to grow from US$ 3,592.25 million in 2021 to US$ 5,798.03 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

South America region includes countries such as Brazil, Argentina, and the rest of South America. The continuous technological and industrial developments have positively impacted the economic growth of countries such as Brazil and Argentina. The use of the polyurethane process is rising with the growing awareness for environmental sustainability. Moreover, the constant research & development activities by the key players to develop environment friendly products are supposed to provide a developing opportunity for the market players during the forecast period. Flexible foamers are known as consolidating, also becoming more competitive, and new companies are arising in some Latin American countries, including Peru and Paraguay. Overall, stability in interest rates, as well as longer financial installments in the most prominent flexible foam producing countries, have allowed for continued expansion in the furniture & bedding sectors. Specialized foams, such as holding fire retardants, are not in great demand. South America remains one of the most traditional regions of the world, and implementation of innovative applications tends to lag behind. However, increasing awareness on energy efficiency, followed by more stringent local legislation, will contribute to an increasing demand for polyurethane insulation systems; however, these will further face competition from other less expensive also readily available insulating materials.

In South America, Brazil witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of polyurethane manufacturing activities. Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for polyurethane during the early months of 2020. Moreover, decline in the overall resin and polymer manufacturing activities has led to discontinuation of polyurethane manufacturing projects, thereby reducing the demand for polyurethane. Similar trend was witnessed in other South America countries, such as Argentina, Colombia, Peru, Chile, and Ecuador. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on application, the market is segmented into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others. The construction segment is expected to grow at the fastest CAGR during the forecasted period. Nowadays, home construction demands high-performance materials that are strong, still lightweight, perform well, easily installed, durable, and versatile. Polyurethane conserves natural resources and help preserve the environment by reducing energy usage. With its insulation properties, excellent strength-to-weight ratio, durability also versatility, polyurethane is often used in building and construction applications. In the roof, reflective plastic coverings on top of the polyurethane foam can bounce sunlight and heat away by helping the house stay cool while reducing energy consumption. Polyurethane building materials further add design flexibility to new homes and remodeling projects. Foam-core panels deliver a wide variety of colors and profiles for walls and roofs, while foam-cored entry doors along with garage doors are available in different finishes and styles. Polyurethanes also play an important role in modern materials, including composite wood. Polyurethane-based binders are utilized in composite wood products to permanently glue basic materials into oriented strand board, laminated veneer lumber, medium-density fiberboard, long-strand lumber, and even strawboard and particleboard.

The overall South America polyurethane market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South America polyurethane market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South America polyurethane market. A few of the key companies operating in the market are Covestro AG; the Dow Chemical Company; Lubrizol Corporation; DIC Corporation; BASF SE; Mitsui Chemicals, Inc.; Recticel NV; Huntsman Corporation; and Tosoh Corporation.

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