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The Polyurethane Elastomers Market is influenced by various factors that contribute to its dynamics and growth. Here's a simplified breakdown of these factors in a paragraph-based, pointer format:
Versatility and Wide Range of Applications: One of the primary drivers of the polyurethane elastomers market is the material's versatility and its ability to cater to a wide range of applications across various industries. Polyurethane elastomers exhibit unique properties such as high resilience, flexibility, abrasion resistance, and chemical resistance, making them suitable for diverse applications including automotive, construction, footwear, industrial, and healthcare. The versatility of polyurethane elastomers allows for customization and formulation adjustments to meet specific performance requirements and application needs, driving their adoption in different end-use industries.
Automotive Industry Demand: The automotive industry is a significant consumer of polyurethane elastomers, where they are used in applications such as automotive seating, interior components, suspension systems, gaskets, seals, and tires. Polyurethane elastomers offer advantages such as lightweight, durability, noise reduction, and vibration damping, improving vehicle performance, comfort, and safety. The demand for polyurethane elastomers in the automotive industry is driven by the need for lightweight materials that contribute to fuel efficiency, as well as the requirement for high-performance materials that meet stringent automotive standards and specifications.
Construction Sector Growth: The construction sector is another key market for polyurethane elastomers, where they are used in applications such as sealants, adhesives, coatings, insulation, and structural components. Polyurethane elastomers provide excellent adhesion, weatherability, thermal insulation, and moisture resistance, enhancing the durability, energy efficiency, and sustainability of construction materials and structures. The demand for polyurethane elastomers in the construction sector is driven by urbanization, infrastructure development, and green building initiatives that prioritize energy-efficient and environmentally friendly construction materials.
Footwear Industry Applications: Polyurethane elastomers are extensively used in the footwear industry for the production of shoe soles, midsoles, outsoles, and other footwear components. Polyurethane elastomers offer advantages such as lightweight, cushioning, shock absorption, and flexibility, providing comfort and performance benefits to footwear products. The demand for polyurethane elastomers in the footwear industry is driven by consumer preferences for comfortable and durable footwear, as well as the need for high-performance materials that meet industry standards for footwear manufacturing.
Healthcare and Medical Device Sector: The healthcare and medical device sector is a growing market for polyurethane elastomers, where they are used in applications such as medical tubing, catheters, wound dressings, prosthetics, orthopedic implants, and medical device components. Polyurethane elastomers offer biocompatibility, sterilizability, and mechanical properties that make them suitable for medical and healthcare applications. The demand for polyurethane elastomers in the healthcare sector is driven by aging populations, advancements in medical technology, and the increasing prevalence of chronic diseases that require medical devices and implants.
Raw Material Availability and Pricing: The availability and pricing of raw materials such as isocyanates, polyols, and additives impact market dynamics in the polyurethane elastomers market. Fluctuations in raw material prices, supply chain disruptions, and geopolitical factors can influence production costs and pricing strategies, affecting market competitiveness and profitability for polyurethane elastomers manufacturers and suppliers.
Technological Advancements and Product Innovation: Technological advancements in polyurethane chemistry, formulation development, and manufacturing processes drive innovation in the polyurethane elastomers market. Manufacturers invest in research and development to develop advanced polyurethane elastomers with improved performance attributes such as durability, resilience, flexibility, and sustainability. Innovative polyurethane elastomer technologies such as thermoplastic polyurethane (TPU), thermoplastic polyurethane elastomers (TPUE), and bio-based polyurethane elastomers enable the development of high-performance materials for diverse applications.
Regulatory Compliance and Standards: Regulatory compliance and industry standards governing polyurethane elastomers influence market dynamics in terms of product quality, safety, and performance. Manufacturers and suppliers need to adhere to regulatory requirements and industry standards for polyurethane elastomers to ensure product compliance, reliability, and consumer confidence. Compliance with regulations such as REACH in Europe and regulatory standards set by organizations like ASTM International and ISO is essential for polyurethane elastomers manufacturers to access global markets and meet customer requirements.
Market Competition and Industry Consolidation: The polyurethane elastomers market is characterized by intense competition among key players, driving innovation, pricing strategies, and market consolidation efforts. Established manufacturers leverage mergers, acquisitions, and strategic partnerships to strengthen their market presence, expand product portfolios, and enhance competitive positioning. Market players differentiate their polyurethane elastomers based on performance attributes, formulation expertise, technical support, and customer service to gain a competitive edge in the market.
Global Economic Trends and Market Volatility: Global economic trends, market volatility, currency fluctuations, and geopolitical factors impact market dynamics and investment decisions in the polyurethane elastomers industry. Market players need to monitor and adapt to changing economic conditions and market uncertainties to mitigate risks and capitalize on emerging opportunities in the polyurethane elastomers market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 5.60% (2022-2030 |
Polyurethane Elastomers Market Highlights:
Global Polyurethane Elastomers Market Overview
Polyurethane, one of the most versatile plastic materials, is a polymer composed of organic units joined by carbamide (urethane) link. This link/bond is formed via an addition reaction between an isocyanate group and polyols or a compound possessing active hydrogen, such as a hydroxyl group. Industrial polyurethane elastomers are mostly based on either MDI or toluene diisocyanate (TDI) prepolymers. These prepolymers for elastomers are generally obtained by reacting polyols with diisocyanate monomers. The polyurethane elastomers serve a broad range of applications where flexibility and durability are of utmost importance, owing to their excellent combination of physical properties such as high durability, good impact resistance, minimal transverse expansion, high volume compressibility, and transparency.
The polyurethane elastomers are broadly classified as thermosetting and thermoplastic elastomers, wherein most of the polyurethane elastomers in the market are based on thermosetting polymers. The primary application served by these elastomers are-manufacture of footwears, automotive suspension bushings, high resilience foam and insulation panels, wheels of a roller coaster, gaskets and foam seals, elevator, surface coatings, sealants, and hoses. In the footwear applications, polyurethane elastomers offer lightweight, high durability owing to the excellent hydrolysis and abrasion resistance, and good compression preventing the formation of wrinkles and maintaining aesthetics.
The global polyurethane elastomers market was valued at around USD 13 billion in 2018 and is projected to register a CAGR of about 5.60% during the review period, from 2024-2032. High demand for polyurethane elastomers in the footwear industry, coupled with the resurgence of the global footwear industry, is expected to be one of the prominent growth drivers of the global market. Increasing active and fitness conscious among the consumers has given rise to the athleisure movement. The active consumers are gravitating towards shoes that fit for every occasion, that is, both athletic and casual for their daily activities. This is likely to drive demand for lightweight, comfortable & durable, and attractive shoes. With the increase in prominence for casual sports footwear, the need for reliable materials is expected to grow significantly and hence for polyurethane elastomers. The growth of the footwear industry in 2018 was majorly driven by an increase in consumption in the critical Asian manufacturing countries, increased export flows to the developed economies, and the increase in the average export prices of footwear.
The automotive industry is the other major consumer of polyurethane elastomers, wherein the elastomers are used to manufacture exterior & interior components and vibration control components, for lightweighting. Increasing consciousness about safety during the operation of automobiles and rising concerns for fuel efficiency are the key factors favoring demand for high-performance plastics in the automotive industry. The increasing need for lighter vehicles for reducing the CO2 emissions and improving the fuel efficiency of conventional fuel cars, the demand for polyurethane elastomers is expected to increase in the years to follow.
The fluctuations in crude oil prices are anticipated to be a critical challenge for the manufacturers operating in the global market growth during the review period. Nevertheless, the growing popularity of bio-based polyurethane elastomers is likely to propel the growth of the global market in the years to follow.
Key Players
Tosoh Corporation (Japan), Dow (US), BASF SE (Germany), Covestro AG (Germany), Huntsman International LLC (US), LANXESS (Germany), The Lubrizol Corporation (US), Trelleborg (Sweden), Herikon (The Netherlands), Argonics, Inc (US), and VCM Polyurethanes Pvt. Ltd (India) are some of the key players operating in the global polyurethane elastomers market.
Global Polyurethane Elastomers Market Share, by End-Use Industry, 2018 (%) 
Source: MRFR Analysis
Regional Analysis
The global polyurethane elastomers market has been segmented into five key regions, namely Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2018, Asia-Pacific held a market share of over 50% of the global market and was projected to be the leading regional market in the years to follow. Increased spending on consumer goods and footwear owing to the increase in per capita expenditure of the individuals and rising demand for high-performance sports footwear in the developing economies, is the key factor boosting the growth of the footwear industry in the region. China is the largest producer of footwear globally, was the largest country-level market for polyurethane elastomers in the region. Moreover, expanding the automotive and construction industries in the region is further expected to propel the growth of the regional market. The automotive industry in the economies of India, China, Japan, South Korea, and Thailand are expected to be the primary consumers of the polyurethane elastomers in the regional market in the years to follow.
Europe is expected to be the second-largest regional market, which is primarily attributed to the high product demand automotive industry in the region. Stringent environmental regulations about the emissions from automobiles are expected to boost demand for polyurethane elastomers in the lightweighting applications in this industry. Moreover, the reshoring of the footwear production industry, particularly in Western & Central Europe is likely to drive regional market growth.
The regional market in the Middle East & Africa is expected to be the other fast-growing regional market on account of the expanding automotive sector in the region.
Market Segmentation
The global polyurethane elastomers market has been segmented on the basis of type, end-use industry, and region.
Based on type, the global polyurethane elastomers market has been classified as thermoset PU elastomers and thermoplastic PU elastomers.
By end-use industry, the global polyurethane elastomers market has been divided into footwear, automotive, machinery, building & construction, medical, and others.
The global polyurethane elastomers market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Recent Development
October 2023: a Seoul private equity firm, Glenwood Private Equity, acquired 100% of SKC’s shares in SK pucore, a producer of poliurethanes. Accordingly, the petrochemical subsidiary of SKC was sold to another private equity firm at KRW 410.3 billion (USD 304.1 million) with an aim to focus on semiconductor and EV battery materials that will drive the PU elastomers market.
August 2023: Covestro AG has started manufacturing polyurethane elastomer systems in its new plant in Shanghai. The investment is undisclosed (in the double-digit EUR Million range). This is part of a series investments in elastomers raw materials made by the company over the past years with plants located in Thailand and Spain.
July 2023: Nordmann announced selling polyurethane elastomers produced by Era Polymers from Australia across Germany, Belgium, Holland, Italy, Finland, Sweden and Switzerland. The latter is specialized in developing and producing prepolymer systems for polyurethane elastomers production for the automotive sector, which has spread over six production sites where its capacity reaches more than 400 thousand tons per year.
In November 2021, Covestro AG intends to build a new plant for PU elastomer systems in Shanghai to meet growing global demand, especially coming from the APAC region. The German supplier’s facility will be part of the integrated site worth EUR 3.5 billion euros located in Shanghai, due to become operational at the beginning of the year two thousand twenty-three.
Intended Audience
- Polyurethane elastomers manufacturers
- Traders and distributors of polyurethane elastomers
- Research and development institutes
- Potential investors
- End users
- Nationalized laboratories
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