Home > Chemicals & Materials > Polymers > Industrial Polymers > Polyurethane Elastomers Market
Polyurethane Elastomers Market Size
Polyurethane Elastomers Market was valued at USD 19.14 billion in 2023 and is anticipated to grow at a CAGR of 5.5% from 2024 to 2032. Polyurethane elastomers offer exceptional durability and wear resistance, making them ideal for applications where materials are subjected to abrasion, impact, and mechanical stress. The ability to formulate polyurethane elastomers with a wide range of mechanical properties allows for customization to meet specific application requirements.
Polyurethane elastomers exhibit excellent flexibility and elasticity over a broad temperature range, making them suitable for applications requiring repeated bending and stretching. Polyurethane elastomers can be engineered to exhibit varying levels of hardness, from very soft to very hard, addressing a diverse set of end-use needs.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 19.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.5% |
| 2032 Value Projection: | USD 30.98 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 246 |
| Segments covered: | Type, Processing Method, Application, End-use, Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
The cost of polyurethane raw materials, such as isocyanates and polyols, can be subject to fluctuations in global supply and demand, affecting production costs and profit margins. Polyurethane production involves isocyanates, which can pose environmental and health risks. Stricter regulations and demand for eco-friendly alternatives create challenges for the industry. Polyurethane elastomers face competition from other elastomers and advanced materials. Thus, the risks associated with Polyurethane elastomers may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Reduced economic activity during lockdowns led to decreased demand for products using polyurethane elastomers, such as automotive components, consumer goods, and construction materials. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Polyurethane Elastomers Market Trends
The industry was witnessing a growing emphasis on sustainability, with a focus on developing bio-based or recycled polyurethane elastomers to reduce environmental impact. Researchers and manufacturers were exploring advanced formulations of polyurethane elastomers with enhanced properties, such as improved durability, wear resistance, and chemical stability. Demand for polyurethane elastomers customized to specific application requirements was rising, driving the development of tailor-made formulations.
Polyurethane Elastomers Market Analysis
Based on type, the polyurethane elastomers market is segmented as thermoplastic polyurethane, castable polyurethane, polyether-based polyurethane, polyester-based polyurethane, thermoset, others. Thermoplastic Polyurethane held a majority market value of USD 5.1 billion in 2022. These elastomers are known for their excellent abrasion resistance, making them suitable for applications in industries such as mining, construction, and automotive where wear and tear are common.
Based on processing method, the polyurethane elastomers market is segmented as injection molding, extrusion, blow and compression molding. Injection Molding held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace till 2032. Injection molding allows for the production of intricate and precise components, making it suitable for applications in the automotive, electronics, and medical industries.
Based on application, the polyurethane elastomers market is segmented as lubricants, tires, conveyor belts, fibers, industrial tools, adhesives, others. Lubricants held a dominant market share in 2022 and is anticipated to grow at 5.3% CAGR through 2032. Lubricant manufacturers seek materials that can be customized for specific performance requirements, driving the demand for polyurethane elastomers.
Based on end-use, the polyurethane elastomers market is segmented as footwear, automotive, industrial machinery, medical devices, consumer goods, construction, textiles and apparel, others. Automotive held a dominant market share in 2022 and is anticipated to grow significantly up to 2032. Polyurethane elastomers offer excellent wear and abrasion resistance, making them suitable for automotive components like suspension bushings, engine mounts, and steering components.
U.S. dominated the North American region with majority market share and a revenue of USD 3.7 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The push for improved fuel efficiency drives the adoption of lightweight materials, including polyurethane elastomers, in automotive components to reduce vehicle weight.
Polyurethane Elastomers Market Share
Some of the major business players operating in the Polyurethane elastomers market are
- Covestro AG
- BASF SE
- Dow Inc
- Huntsman Corporation
- The Lubrizol Corporation
- Wanhua Chemical Group Co., Ltd.
- Mitsui Chemicals, Inc.
- LANXESS AG
- Chemtura Corporation
- Era Polymers Pty Ltd
- Trelleborg AB
- Polytek Development Corp.
- Huntsman Advanced Materials
- COIM Group
- The Vita Group
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Polyurethane Elastomers Industry News:
- In January 2021, Lanxess developed a new Adiprene polyurethane elastomer. The 95 Shore A hardness elastomer gives low heat build-up in rollers that move quickly and are highly stressed.
Polyurethane elastomers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
By Type
- Thermoplastic Polyurethane
- Castable Polyurethane
- Polyether-based Polyurethane
- Polyester-based Polyurethane
- Thermoset
- Others
By Processing Method
- Injection Molding
- Extrusion
- Blow and Compression Molding
By Application
- Lubricants
- Tires
- Conveyor Belts
- Fibers
- Industrial Tools
- Adhesives
- Others
By End-use
- Footwear
- Automotive
- Industrial Machinery
- Medical Devices
- Consumer Goods
- Construction
- Textiles and Apparel
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
Frequently Asked Questions (FAQ) :