What is the global market size of the Polyurethane Elastomers Market?

Global 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 Size, Share, Growth Analysis, By Material Type(Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer) - Industry Forecast 2024-2031

Report ID: SQMIG15E2137 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 34 | Figures: 74

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.

Global Polyurethane Elastomers Market Report Snapshots

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Global Polyurethane Elastomers Market size was valued at USD 8.2 billion in 2022 and is poised to grow from USD 8.72 billion in 2023 to USD 14.21 billion by 2031, growing at a CAGR of 6.30% during the forecast period (2024-2031).

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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Global Polyurethane Elastomers Market Size, Share, Growth Analysis, By Material Type(Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer) - Industry Forecast 2024-2031

Global Polyurethane Elastomers Market Dynamics

Global Polyurethane Elastomers Market Report Snapshots

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What is the global market size of Polyurethane Elastomers Market?

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