Westford, USA, July 24, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, polyurethane elastomers have emerged as a highly versatile and desirable material due to their ability to exhibit a wide range of physical properties. This versatility makes them suitable for diverse applications, ranging from footwear soles, seals, and gaskets to essential components such as agitators, bearings, pulleys, and belts. The polyurethane elastomers market is a significant consumer of polyurethane elastomers, capitalizing on their exceptional performance characteristics.
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- Pages - 242
- Tables - 34
- Figures – 74
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The global polyurethane elastomers market is experiencing significant growth, primarily driven by the increasing demand in the footwear industry worldwide. As more and more people embrace footwear for regular occasions, athletics, and casual purposes, the need for comfortable, lightweight, and durable shoes has intensified. Polyurethane elastomers are increasingly becoming the material of choice for meeting these requirements with their versatile properties.
Prominent Players in the 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
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Footwear Segment is Expected to Grow the Market Due to its Physical Properties
The global market for polyurethane elastomers is witnessing a dominant presence in the footwear segment, which can be attributed to many compelling reasons. One of the key factors driving this dominance is the material's exceptional mechanical and physical properties. Polyurethane elastomers exhibit remarkable corrosion resistance, ensuring the longevity and durability of footwear products.
The markets in Asia-Pacific have emerged as the dominant force in the global polyurethane elastomers market, owing to a myriad of compelling factors. The region's rising expenditure on consumer goods and footwear is a key driver behind this dominance.
Thermoplastic Polyurethane (TPU) Elastomers Segment is Expected to Dominate the Market Due to High Flexibility
The global polyurethane elastomers market has been prominently led by the thermoplastic polyurethane (TPU) elastomers segment, and its dominance can be attributed to a host of exceptional qualities. TPU elastomers boast high flexibility, making them incredibly versatile for various applications.
Regional markets in Europe are projected to hold the second-largest position in the global polyurethane elastomers market, with its prominence primarily driven by the region's thriving automotive industry. The automotive sector in Europe has demonstrated a substantial demand for polyurethane elastomers owing to the rising trend towards lightweight applications.
A comprehensive analysis of the major players in the polyurethane elastomers market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Polyurethane Elastomers Market
- Covestro AG, a leading German supplier of polyurethane elastomers, recently announced its strategic plan to establish a new plant dedicated to polyurethane elastomer systems in Shanghai. This decision responds to the increasing global demand for these versatile materials, particularly in the Asia-Pacific (APAC). The new plant will be integral to Covestro's expansive 3.5 billion euro integrated site in Shanghai, scheduled to commence operations in 2023.
- Evonik, another prominent polyurethane elastomers market, recently reinforced its standing by inaugurating a cutting-edge research and laboratory complex at its Essen Goldschmidt location in Germany. The advanced 400-square-meter laboratory will be a crucial hub for Evonik's research and development efforts in high-performance speciality PU additives and processing equipment.
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Key Questions Answered in Polyurethane Elastomers Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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