The growth of the market is governed by various factors such as growing demand from consumers
The Polyurethane Elastomers Market is expected to reach USD 22.57 Billion by 2028, according to a new report by Reports and Data. Polyurethane elastomers are synthetic or artificial rubbers that are composed of polymers. The polyurethane elastomers are profoundly divided into thermosetting elastomers and thermoplastic elastomers.
The preponderance of the polyurethane elastomers in the market is based on thermosetting polymers. The beneficial features of polyurethane elastomers are lightweight, high efficiency, and impact resistance. Mostly polyurethane is used in the manufacturing of coaster, gaskets and foam seals, automotive industry, suspense coating, elevator, surface coatings, and building and construction company.
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Top Leading Players in The Global Polyurethane Elastomers Market Are:
BASF SE, DuPont, Mitsui Chemicals, Inc, Bayer CropScience Limited, Covestro AG, Huntsman International LLC, the Dow Chemical Company., Accella Polyurethane Systems, P+S Polyurethan-Elastomere GmbH Co. KG, 3M.
Further key findings from the report suggest:
- The Polyurethane Elastomers Market is estimated to reach USD 22.57 Billion by 2028, at a CAGR of 5.20% during the forecast period.
- The application of these polymers in footwear industry accounted for the largest share of 29.3% of the market in 2018.
- The pigment additives segment is anticipated to witness the highest CAGR of 5.5% during the forecast period.
- The thermoplastic polyurethane elastomers is expected to witness a higher CAGR of 5.6% during the forecast period.
- The unique blend of properties of vulcanized rubber and simple processability of thermoplastic makes thermoplastic elastomers suitable to use in a broad range of applications in end-user industries such as consumer goods, building construction, automotive, medical, and others.
- Thermoplastic elastomers have exceptional physical properties such as chemical inertness, excellent dimensional stability, good vapor and gas transmission properties, and versatility.
- The market in the Asia Pacific region accounted for the largest share of 32.3% of the market in 2018. The largest share is due to the developing automotive industry and growing polymer consumption. Moreover, key players are moving the production base to developing countries like China and India. The decrease of energy costs associated with heating and cooling conditions is further expanded towards the market growth in the region.
- Various players are developing strategies to mark their presence in the industry.
- Mitsui chemicals launched Fortimo and Stabio in 2015, which are utilized in chemical and abrasion segments.
Segments covered in the report:
Additives Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Pigments
- Blowing agents
- Fillers
- Smoke Retardants
- Flame Retardants
Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Thermoset Polyurethane Elastomers
- Thermoplastic Polyurethane Elastomers
Application Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2018-2028)
- Footwear
- Automotive Transportation
- Industrial Machinery
- Building Construction
- Adhesives Sealants
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Polyurethane Elastomers Market Future Growth:
The polyurethane elastomers market is expected to experience significant growth in the future. Polyurethane elastomers are a class of polymers that exhibit excellent mechanical properties such as high elasticity, toughness, and durability. The increasing demand for polyurethane elastomers in various end-use industries is driving the growth of the market.
One of the major drivers for the growth of the polyurethane elastomers market is the growing demand from the automotive industry. Polyurethane elastomers are used in various automotive applications such as suspension systems, engine mounts, and bushings due to their excellent mechanical properties and ability to withstand harsh environmental conditions.
Moreover, the increasing demand for polyurethane elastomers in the construction industry is also driving the growth of the market. Polyurethane elastomers are used in construction applications such as sealants, coatings, and adhesives due to their excellent resistance to weathering, chemicals, and UV radiation.
Additionally, the growing demand for polyurethane elastomers in the footwear industry is expected to drive the growth of the market. Polyurethane elastomers are used in footwear applications such as soles, midsoles, and insoles due to their excellent cushioning and shock-absorbing properties.
The Asia-Pacific region is expected to be the fastest-growing market for polyurethane elastomers due to the increasing demand from the automotive and construction industries in the region. The growing population and rising urbanization are also driving the demand for polyurethane elastomers in the region.
Overall, the polyurethane elastomers market is expected to experience significant growth in the future due to the increasing demand from various end-use industries such as automotive, construction, and footwear.
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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