USD 7.7 billion
Report ID: SQMIG15E2137 | Region: Global | Published Date: February, 2024 | Pages: 242 | Tables: 34 | Figures: 74
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.
Global Market Size
USD 7.7 billion
Thermoplastic polyurethane elastomer
Thermoplastic polyurethane elastomer
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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.
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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.
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Polyurethane Elastomers Market Driver
Increase in automobile production
Increasing demand from the construction industry
Polyurethane Elastomers Market Restraint
Fluctuating prices of raw materials
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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
Polyurethane Elastomers Market Recent Developments
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.
|Market size value in 2021
|USD 7.7 billion
|Market size value in 2030
|USD 13.4 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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