Polyurethane Elastomers Market Global Production, Growth, Share, Demand and Applications Forecast to 2023
Demand for Polyurethane Elastomer is expected to surge in the foreseeable future. Polyurethane Elastomer is a sought-after material in wide variety of end-use industries. It is extensively used in shoe sole making, rubber product, tires, etc. Also, construction application of Polyurethane Elastomers is wide-ranging. Market Research Future (MRFR) in its latest report reveals that the Global Polyurethane Elastomers Market will demonstrate a compound annual growth rate (CAGR) of 5% during the forecast period (2016-2023).
Polyurethane Elastomers are usually grouped under thermoplastic elastomer and thermosetting elastomers. The latter is relatively more popular owing to its broader application base and widespread availability. Polyurethane Elastomer has several innate characteristics such as impact resistance, high durability, clarity and soft touch. The material is used in manufacturing a large variety of commercial items. A significant chuck of the Polyurethane Elastomers supplied globally is consumed by the footwear making industry, building & construction industry and automotive industry. Increased construction activities in fast-developing countries is providing an impetus to the Global Polyurethane Elastomers Market. This trend is likely to continue over the next several years.
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Despite an impressive market performance, suppliers need to remain cautious of setbacks arising mainly from the growing scepticism around environmental viability of Polyurethane Elastomers. Increased investment towards R&D activities to develop eco-friendly alternatives threatens the market prospects to certain extent. Polyurethane Elastomers are also found to have potential health hazards, which is hampering the product marketability. In addition, price volatility remains the other major concern for market players.
Some of the notable companies operating in the Global Polyurethane Elastomers Market include Bayer Materialscience (Germany), The Dow Chemical Company (U.S.), Lyondellbasell Industries N.V. (Netherlands), Accella Polyurethane Systems (U.S.), BASF SE (Germany), 3M (U.S.), P+S Polyurethan-Elastomere GmbH & Co. KG (Germany), Bsw Gmbh (Germany), KINGFA SCI. &TECH. CO., LTD. (China) and DuPont (U.S.).
The Segmental Analysis of the Global Polyurethane Elastomers Market is based on End Use and Product Type.
By End Use, the market has been segmented into electrical & electronics, building & construction, footwear making, automobile and others.
On the basis of Product Type, the market has been segmented into thermosetting elastomer (TSE) and thermoplastic elastomer (TPE).
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Global Polyurethane Elastomers Market: Regional Segmentation
The market has been covered across key regions such as North America, Europe and Asia Pacific (APAC), Latin America (LatAm) and the Middle East & Africa (MEA). Asia Pacific dominates the Global Polyurethane Elastomers. The size of the region and the ongoing economic boom make APAC a highly attractive market for Polyurethane Elastomers. Currently, APAC represents more than one-third market share. In addition, the APAC Polyurethane Elastomers Market is likely to demonstrate the highest growth during the forecast period. The infrastructural development work has been rampant in many APAC countries, which include India, China, Vietnam, Singapore, Taiwan, among others. Further, impressive growth of end use industries is also influencing the market growth in the region.
North America represents the second most significant share of the Global Polyurethane Elastomers Market in terms of revenue. Efforts by the Trump regime to boost domestic manufacturing sectors is one of the major factors expected to drive Polyurethane Elastomers demand in the North America. Market growth is expected to remain steady and will mainly depend on the performance end-use industries.
Europe is another important market for Polyurethane Elastomer. Sectors such as automotive, textile, shoe making continues to drive the demand for the material in Europe. During the forecast period, the region will continue to make healthy contribution to the Global Polyurethane Elastomers Market.
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