Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The waterborne coatings market is witnessing several noteworthy trends and developments that are influencing its growth trajectory:
Shift towards Environmentally Friendly Solutions: There is a growing global emphasis on environmental sustainability and reducing the carbon footprint of industries. Waterborne coatings, which contain water as a solvent instead of traditional volatile organic compounds (VOCs), are gaining popularity as environmentally friendly alternatives. The shift towards waterborne coatings is driven by regulatory pressures, consumer preferences for eco-friendly products, and the need for sustainable manufacturing practices. Manufacturers are increasingly investing in research and development to develop waterborne coatings with low VOC content and improved environmental performance.
Rising Demand from Construction and Building Industry: The construction and building industry is a major consumer of waterborne coatings for applications such as architectural coatings, decorative paints, and protective coatings. Waterborne coatings offer advantages such as low odor, easy cleanup, and quick drying, making them suitable for interior and exterior applications in residential, commercial, and industrial buildings. The growing construction activities worldwide, driven by urbanization, infrastructure development, and renovation projects, are driving the demand for waterborne coatings in the construction and building industry.
Growing Automotive Production and Adoption of Waterborne Coatings: The automotive industry is another significant consumer of waterborne coatings for applications such as automotive paints, coatings for plastic parts, and corrosion protection coatings. Waterborne coatings offer advantages such as excellent color retention, adhesion, and durability, making them suitable for automotive OEM and refinish applications. With the growing automotive production and increasing consumer demand for environmentally friendly vehicles, the adoption of waterborne coatings in the automotive industry is on the rise.
Technological Advancements in Coating Formulations: Technological advancements in coating formulations have led to the development of waterborne coatings with improved performance characteristics. Advanced polymer chemistries, additives, and curing technologies enable manufacturers to produce waterborne coatings with enhanced properties such as scratch resistance, chemical resistance, and weatherability. These technological advancements are driving innovation in the waterborne coatings market, enabling manufacturers to meet the evolving performance requirements of end-users in various industries.
Preference for Low VOC and Low Odor Coatings: Consumers and regulatory authorities are increasingly demanding coatings with low VOC content and low odor for improved indoor air quality and occupant health. Waterborne coatings offer advantages such as low VOC emissions and minimal odor during application, making them suitable for indoor applications such as residential painting, furniture coatings, and interior architectural coatings. The preference for low VOC and low odor coatings is driving the adoption of waterborne coatings in the coatings industry.
Focus on Performance and Durability: End-users in industries such as construction, automotive, and industrial coatings are increasingly focusing on coatings that offer superior performance, durability, and long-term protection. Waterborne coatings, with their ability to provide excellent adhesion, corrosion resistance, and weatherability, are meeting the performance requirements of end-users in these industries. Manufacturers are developing waterborne coatings with advanced formulations and additives to enhance performance and durability, thereby meeting the growing demand for high-performance coatings in the market.
Expansion of Infrastructure and Industrial Sectors: The expansion of infrastructure and industrial sectors, including power generation, oil and gas, and manufacturing industries, is driving the demand for protective coatings and industrial maintenance coatings. Waterborne coatings are preferred for their ability to provide corrosion protection, chemical resistance, and durability in harsh industrial environments. The growing investment in infrastructure projects and industrial facilities is fueling the demand for waterborne coatings in the infrastructure and industrial sectors.
Regulatory Compliance and Sustainability Certifications: Compliance with regulatory requirements and sustainability certifications is essential in the waterborne coatings market. Waterborne coatings must meet regulatory standards for VOC emissions, hazardous substances, and environmental impact set by authorities such as the Environmental Protection Agency (EPA) and the European Union (EU). Adherence to sustainability certifications such as LEED (Leadership in Energy and Environmental Design) ensures the environmental performance and sustainability of waterborne coatings, enhancing their market acceptance among environmentally conscious consumers and end-users.
In summary, the waterborne coatings market is influenced by various trends including a shift towards environmentally friendly solutions, rising demand from the construction and building industry, growing automotive production and adoption of waterborne coatings, technological advancements in coating formulations, preference for low VOC and low odor coatings, focus on performance and durability, expansion of infrastructure and industrial sectors, and regulatory compliance and sustainability certifications. These trends are expected to continue driving the growth and development of the waterborne coatings market in the foreseeable future.
User
Write 600 simple words on Market Trends of Polyurethane Elastomers Market in paragraph form in pointer format.
ChatGPT
The polyurethane elastomers market is undergoing significant trends and developments that are shaping its growth trajectory:
Expanding Automotive Industry: The automotive industry is a major consumer of polyurethane elastomers for various applications such as automotive seals, gaskets, suspension bushings, and interior components. With the increasing demand for lightweight, fuel-efficient vehicles, polyurethane elastomers are favored for their lightweight properties, durability, and excellent mechanical properties. The expanding automotive industry, driven by factors such as rising vehicle production, technological advancements, and consumer demand for comfort and safety features, is driving the growth of the polyurethane elastomers market.
Growing Construction Sector: The construction sector is a significant end-user of polyurethane elastomers for applications such as sealants, adhesives, coatings, and concrete additives. Polyurethane elastomers offer advantages such as weather resistance, chemical resistance, and flexibility, making them suitable for construction applications in various climatic conditions. The growing construction activities worldwide, driven by urbanization, infrastructure development, and government investments in housing and commercial projects, are driving the demand for polyurethane elastomers in the construction sector.
Rising Demand for Flexible Foam: Flexible foam is one of the major applications of polyurethane elastomers, used in mattresses, furniture cushions, automotive seating, and upholstery. The increasing demand for comfortable and ergonomic seating solutions in automotive and furniture industries is driving the demand for flexible foam made from polyurethane elastomers. Additionally, the growing demand for high-quality bedding and furniture products in residential and commercial sectors is fueling the growth of the polyurethane elastomers market.
Preference for High-Performance Materials: End-users in industries such as automotive, construction, and consumer goods are increasingly demanding high-performance materials with superior mechanical properties and durability. Polyurethane elastomers offer advantages such as high tensile strength, abrasion resistance, tear resistance, and elasticity, making them suitable for demanding applications in various industries. Manufacturers are developing innovative polyurethane elastomers with enhanced performance characteristics to meet the evolving needs of end-users for high-performance materials.
Technological Advancements in Material Science: Technological advancements in material science and polymer chemistry have led to the development of advanced polyurethane elastomers with improved properties and performance characteristics. Advanced manufacturing techniques, such as reactive extrusion, microcellular foam technology, and nanotechnology, enable manufacturers to produce polyurethane elastomers with precise control over material properties and microstructure. These technological advancements are driving innovation in the polyurethane elastomers market, leading to the development of new applications and formulations.
Growing Demand for Energy-Efficient Insulation Materials: Polyurethane elastomers are widely used as insulation materials in buildings, refrigeration systems, and appliances due to their excellent thermal insulation properties. With increasing focus on energy efficiency and sustainability, there is a growing demand for polyurethane elastomers as insulation materials in various applications. Polyurethane elastomers offer advantages such as low thermal conductivity, moisture resistance, and long-term performance, making them ideal for energy-efficient insulation solutions.
Regulatory Compliance and Environmental Sustainability: Compliance with regulatory requirements and environmental sustainability considerations are essential factors influencing the polyurethane elastomers market. Polyurethane elastomers must comply with regulatory standards for chemical composition, safety, and environmental impact set by authorities such as the Environmental Protection Agency (EPA) and the European Chemicals Agency (ECHA). Additionally, there is a growing emphasis on using environmentally sustainable raw materials and manufacturing processes in the production of polyurethane elastomers to minimize environmental impact and meet sustainability goals.
Focus on Product Innovation and Customization: Manufacturers in the polyurethane elastomers market are focusing on product innovation and customization to meet the diverse needs of end-users in various industries. Customized formulations of polyurethane elastomers with specific performance characteristics are developed to address the unique requirements of different applications. Additionally, manufacturers are investing in research and development to explore new applications and markets for polyurethane elastomers, driving innovation and growth in the market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | High demand for polyurethane elastomers in the footwear industry |
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
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
