Global Polyurethane Elastomers Market

Global Polyurethane Elastomers Market Size, Share, Growth Analysis, By Material Type(Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer) - Industry Forecast 2023-2030


Report ID: SQMIG15E2137 | Region: Global | Published Date: February, 2024 | Pages: 242 | Tables: 34 | Figures: 74

Global Polyurethane Elastomers Market Insights

Polyurethane Elastomers Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8.2 billion in 2022 to USD 13.4 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).

Polyurethane elastomers have a wide range of physical property combinations, making it a very versatile material that may be used in a variety of applications such as footwear soles, seals, gaskets, agitators, bearings, pulleys, and belts. The automobile industry is a major consumer of polyurethane elastomers. The growth in the automotive industry in emerging countries is expected to fuel the growth of global market. Also, increasing concerns for safety while driving automobiles and increasing concerns about fuel efficiency is driving the demand for better quality and high-performance plastics. Thus, the increasing need for lightweight vehicles to reduce automobile emissions and improve fuel efficiency is driving the growth of the market.

Growing demand for polyurethane elastomers in the footwear industry across the world as people are moving towards shoes for regular occasions, athletics, and casual purpose, and also demand lightweight, comfortable, and durable foot wares are boosting the growth of global market. Fluctuation in crude oil prices hampers the growth of the global market.

US Polyurethane Elastomers Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 7.7 billion

Largest Segment

Thermoplastic polyurethane elastomer

Fastest Growth

Thermoplastic polyurethane elastomer

Growth Rate

6.3% CAGR

Global polyurethane elastomers market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global polyurethane elastomers market size by material type, 2022-2030 ($ Bn)
Global polyurethane elastomers market size by material type, 2022-2030 (%)

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Global Polyurethane Elastomers Market Segmental Analysis

Polyurethane Elastomers Market is segmented on the basis of material type, end use industry, and region. On the basis of material type, global Polyurethane Elastomers Market is segmented into thermoset polyurethane elastomer and thermoplastic polyurethane elastomer. On the basis of end use industry, global Polyurethane Elastomers Market is segmented into automotive & transportation industry, footwear industry, and building & construction industry. On the basis of region, global Polyurethane Elastomers Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Polyurethane Elastomers Market Analysis by Material Type

On the basis of material type, global polyurethane elastomers market is segmented into, thermoset polyurethane elastomer and thermoplastic polyurethane elastomer. The thermoplastic polyurethane elastomers segment dominated the global market. It has high flexibility, is useful at low temperatures, is elastic in nature, and is resistant to high-energy radiation, all of which drive the demand for thermoplastic polyurethane elastomers. Increasing demand for lightweight materials and high-performance products in the transportation industry along with increasing government regulations in polyurethane elastomers are driving the market growth.

Polyurethane Elastomers Market Analysis by End Use Industry

On the basis of end use industry, global polyurethane elastomers market is segmented into automotive & transportation industry, footwear industry and building & construction industry. The footwear industry segment dominated the global market. Due to its excellent mechanical and physical properties such as high corrosion resistance, durability, softness, high rigidity, and lightweight nature, including all these properties the growth of the footwear industry is increasing. Also, the changing lifestyles and growing economies in different regions are expected to boost the demand for the footwear segment across the world.

Global polyurethane elastomers market size by material type, 2022 (%), 2021 (%)

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Global Polyurethane Elastomers Market Regional Insights

On the basis of region, global polyurethane elastomers market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia-Pacific domianted the global market. Rising expenditure on consumer goods and footwear due to the increase in per capita expenditure of individuals and growing demand for high-performance sports footwear in developing economies is a major factor driving the growth of the footwear industry in the region. China is the largest producer of footwear in the world and is the largest country-level market for polyurethane elastomers in the region.

Europe is expected to be in the second-largest position in the global polyurethane elastomers market, primarily attributed to the region's high product demand automotive industry. The increasing demand for lightweight applications in automobiles is expected to boost growth of the market.

Global polyurethane elastomers market size by geography, 2022-2030, 2023-2030
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Global Polyurethane Elastomers Market Dynamics

Polyurethane Elastomers Market Driver

Increase in automobile production

  • Polyurethane elastomers are primarily used in the automotive industry for the production of tyers and body panels of an automobile. Its properties such as high tensile strength, along with resistance capacity and abrasion make them ideal for use in such automotive applications. An increase in production from the automotive industry is expected to increase the demand for polyurethane elastomers. This is expected to accelerate the growth of the market.

Increasing demand from the construction industry

  • Polyurethane elastomers are commonly used in the construction industry, especially for filling gaps in structures. Polyurethane elastomers are commonly coated in adhesive and sealing materials and are used in building structures for a variety of purposes including roofing membranes, waterproofing, carpets, window and weather seals, wall coverings, and other related uses.

Polyurethane Elastomers Market Restraint

Fluctuating prices of raw materials

  • Some of the raw materials for polyurethane elastomers are obtained from crude oil. The uncertainty of the price of crude oil also increases the price of raw materials required for the production of polyurethane elastomers. Hence, such instability and fluctuating prices of raw materials may hamper the growth of the market.

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Global Polyurethane Elastomers Market Competitive Landscape

Global polyurethane elastomers market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global polyurethane elastomers market.

For example, In January 2021, Lanxess launched new energy-efficient polyurethane elastomers. The new product generates less heat and consumes less energy when it is in use. It is ideal for use in applications such as machinery, testing equipment, and molds, among other items associated with finished rubber products.

Polyurethane Elastomers Market Top Player's Company Profiles

  • BASF SE
  • Covestro AG
  • Huntsman Corporation
  • The Dow Chemical Company
  • Wanhua Chemical Group Co., Ltd.
  • Mitsui Chemicals, Inc.
  • Chemtura Corporation
  • Era Polymers Pty Ltd
  • Lubrizol Corporation
  • Tosoh Corporation
  • Recticel NV/SA
  • Polyone Corporation
  • Trelleborg AB
  • Rogers Corporation
  • Carpenter Technology Corporation
  • Inoac Corporation
  • Foam Supplies, Inc.
  • Dow Corning Corporation
  • Saint-Gobain Performance Plastics Corporation
  • Rogers Foam Corporation

Polyurethane Elastomers Market Recent Developments

  • In November 2021, Covestro AG plans to establish a new polyurethane elastomer systems plant in Shanghai to meet global demand, particularly in the APAC region. The plant will be part of the German supplier's 3.5 billion euro integrated site in Shanghai, which will open in 2023.
  • In November 2021, Evonik maintained its position in the polyurethane (PU) market with the official launch of a state-of-the-art research and laboratory complex at its Essen Goldschmidt location in Germany at the end of October. The new 400-square-meter laboratory will help the group create high-performance specialty PU additives and processing equipment for a wide range of PU applications.

Global Polyurethane Elastomers Key Market Trends

  • Polyurethane Elastomers are majorly used in the footwear industry to produce high tensile and flexible soles using formulations that regulate flexibility ranging from temperatures 0 °c to 80 °c thereby producing superior quality and durable products increasing the scope for this market. Growing demand for polyurethane elastomers in the footwear industry across the world as people are moving towards shoes for regular occasions, athletics, and casual purpose, and also demand for lightweight, comfortable and durable foot wares are key trend for growth of global polyurethane elastomers Market.

Global Polyurethane Elastomers Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our global polyurethane elastomers market analysis, Asia Pacific dominated the global market, mainly because the customer trend in this region is increasing towards the footwear industry. Polyurethane elastomers are widely used in the footwear industry. In Asia Pacific, China is the largest footwear-producing country and the largest footwear market in the region. Due to the increasing use of polyurethane elastomers in the automotive and construction industry, its demand is increasing significantly. Instability and fluctuating prices of raw materials may hamper the growth of the market.

Report Metric Details
Market size value in 2021 USD 7.7 billion
Market size value in 2030 USD 13.4 billion
Growth Rate 6.3%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Material Type
    • Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BASF SE
  • Covestro AG
  • Huntsman Corporation
  • The Dow Chemical Company
  • Wanhua Chemical Group Co., Ltd.
  • Mitsui Chemicals, Inc.
  • Chemtura Corporation
  • Era Polymers Pty Ltd
  • Lubrizol Corporation
  • Tosoh Corporation
  • Recticel NV/SA
  • Polyone Corporation
  • Trelleborg AB
  • Rogers Corporation
  • Carpenter Technology Corporation
  • Inoac Corporation
  • Foam Supplies, Inc.
  • Dow Corning Corporation
  • Saint-Gobain Performance Plastics Corporation
  • Rogers Foam Corporation
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Polyurethane Elastomers Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Polyurethane Elastomers Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Polyurethane Elastomers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polyurethane Elastomers Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Polyurethane Elastomers Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Polyurethane Elastomers Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Polyurethane Elastomers Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8.2 billion in 2022 to USD 13.4 billion by 2030, growing at a CAGR of 6.3% in the forecast period (2023-2030).

Global polyurethane elastomers market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global polyurethane elastomers market. 'BASF SE', 'Covestro AG', 'Huntsman Corporation', 'The Dow Chemical Company', 'Wanhua Chemical Group Co., Ltd.', 'Mitsui Chemicals, Inc.', 'Chemtura Corporation', 'Era Polymers Pty Ltd', 'Lubrizol Corporation', 'Tosoh Corporation', 'Recticel NV/SA', 'Polyone Corporation', 'Trelleborg AB', 'Rogers Corporation', 'Carpenter Technology Corporation', 'Inoac Corporation', 'Foam Supplies, Inc.', 'Dow Corning Corporation', 'Saint-Gobain Performance Plastics Corporation', 'Rogers Foam Corporation'

Polyurethane elastomers are primarily used in the automotive industry for the production of tyers and body panels of an automobile. Its properties such as high tensile strength, along with resistance capacity and abrasion make them ideal for use in such automotive applications. An increase in production from the automotive industry is expected to increase the demand for polyurethane elastomers. This is expected to accelerate the growth of the market.

Polyurethane Elastomers are majorly used in the footwear industry to produce high tensile and flexible soles using formulations that regulate flexibility ranging from temperatures 0 °c to 80 °c thereby producing superior quality and durable products increasing the scope for this market. Growing demand for polyurethane elastomers in the footwear industry across the world as people are moving towards shoes for regular occasions, athletics, and casual purpose, and also demand for lightweight, comfortable and durable foot wares are key trend for growth of global polyurethane elastomers Market.

On the basis of region, global polyurethane elastomers market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia-Pacific domianted the global market. Rising expenditure on consumer goods and footwear due to the increase in per capita expenditure of individuals and growing demand for high-performance sports footwear in developing economies is a major factor driving the growth of the footwear industry in the region. China is the largest producer of footwear in the world and is the largest country-level market for polyurethane elastomers in the region.

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