PUBLISHER: Grand View Research | PRODUCT CODE: 1446511
PUBLISHER: Grand View Research | PRODUCT CODE: 1446511
The North America polyurethane processing machinery market size is anticipated to reach USD 725.5 million by 2030. It is expected to expand at a CAGR of 3.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing health consciousness and rising spending on healthcare services in the U.S. and Canada are driving market growth over the forecast period.
The polyurethane processing machinery sector in North America is expected to witness lucrative growth, mainly due to the growing demand in the U.S. market. According to the 2023 report of the U.S. Centers for Medicare & Medicaid Services, healthcare spending in the country grew by 4.1% in 2022, totaling USD 4.5 trillion. This was equivalent to healthcare spending of USD 13,493 per person in the U.S. in 2022. The rising health consciousness and the increasing tendency of patients to seek proper medical treatment owing to the availability of modern medicines are anticipated to positively affect market growth over the forecast period.
The increasing population in North America, led by the increase in the U.S., is also expected to create new opportunities in the construction industry. Construction and renovation of public and private properties are flourishing in this region. Further, government spending on public buildings to provide improved infrastructure to meet the growing needs of the increasing population is also expected to surge the demand for polyurethane insulation. According to Statistics Canada, new construction, including all dwelling types and housing types, in 2022 exhibited a growth of 4.0% compared to 2021 in terms of value.
Moreover, technological advancements in polyurethane processing machinery are also expected to shape market growth significantly. Industry 4.0 is transforming the manufacturing industry by integrating different digital technologies. In the U.S. & Canada, this trend involves using IoT sensors, data analytics, and automation to create smart and highly connected machinery.
Manufacturers of polyurethane processing machinery adopt various vital strategies such as partnership, collaboration, product innovation, and expansion. These strategies help manufacturers cater to a broader group of consumers by expanding to new geographic locations or introducing new technology for specific applications. For instance, in February 2021, Graco Inc. unveiled the Voltex Dynamic Mix Valve, which specially crafted for dispensing two-component foaming urethanes and silicones. This valve ensures consistent and uniform blending of challenging-to-dispense chemicals, making it suitable for various applications. The technology becomes particularly valuable in emerging electric vehicle (EV) battery sector applications, such as foam encapsulation.