Chicago, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The global Industrial PU Elastomer Market is projected to reach USD 10.5 billion by 2026 from USD 7.7 billion in 2021, at a CAGR of 6.3% during the forecast period, as per the recent study by MarketsandMarkets™. This growth can be attributed to the increasing demand for highly efficient and lightweight materials in the transportation industry and stringent emission regulations laid by the governments of various countries. Moreover, automobile manufacturers worldwide prefer elastomers over conventional metals as they increase automobile efficiency by reducing fuel consumption, carbon emissions, and engine size. Similarly, increasing demand for highly efficient, lightweight, and comfortable materials across different end-use industries is also increasing the use of industrial PU elastomers. However, volatile raw material prices are expected to hamper the growth of the industrial PU elastomer market.
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Browse in-depth TOC on “Industrial PU Elastomer Market”.
108 - Market Data Tables
046- Figures
174 - Pages
List of Key Players in Industrial PU Elastomer Market:
- BASF (Germany)
- Dow (US)
- Huntsman (US)
- Covestro (Germany)
- Mitsui Chemicals (Japan)
- Lanxess (Germany)
- The Lubrizol Corporation (US)
- Wanhua (China)
- among others
Drivers, Restraints, and Opportunities in Industrial PU Elastomer Market:
- Driver: Light weighing of different transportation equipment
- Restraint: Higher cost of thermoplastic PU elastomer than conventional materials
- Opportunity: Growing demand for minimally invasive surgical procedures
- Challenge: Volatility in raw material prices
Key Findings of the Study:
- Based on type, thermoset PU elastomer is estimated to be the largest market in the overall industrial PU elastomer market in 2021.
- Based on end-use industry, transportation is expected to be the largest industrial PU elastomer consumer in 2021.
- Based on region, APAC is projected to grow the fastest in the industrial PU elastomer market during the forecast period.
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Thermoset PU elastomer segment dominated the overall market with 62.5% share in 2020 in terms of value. The growth of this segment can be attributed to the low cost and easy availability of thermoset PU elastomers around the world, especially in APAC. On the other hand, the thermoplastic PU elastomer segment is estimated to register the highest CAGR of 6.7% during the forecast period, owing to its exceptional benefits of bridging the gap between flexible rubber and rigid plastics.
The transportation segment, in terms of value, dominated the global industrial PU elastomer market with a share of 32.0% in 2020. The increasing applications of industrial PU elastomers in the transportation industry due to their properties such as excellent resilience, high mechanical strength, heat resistance, lower shrinkage, high filler capacity, improved abrasion resistance, durability and softness, resistance to hydrolysis, high rigidity, and resistance to chemicals is driving the growth of the segment.
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APAC accounted for the largest share amongst other regions in the industrial PU elastomer market in 2020, in terms of value. The rising demand from the industrial, mining and automotive industries is driving the growth of the market in APAC. The transportation and industrial sectors are very prominent in this region because of the availability of raw materials and low labor costs, along with the high demand for transportation equipment. The demand for industrial PU elastomers is expected to grow in this region owing to the expanding industrial and mining sectors, especially in South-East Asian countries.
Lanxess is active in the material science domain and caters to the needs of customers by providing innovative materials. The company is taking initiatives to enhance its operational performance and improve profitability and achieve sustainable development. It focuses on improving performances within existing business by undertaking innovation activities across its segments. It also emphasizes on development of customer-focused solutions that satisfies critical end-use requirements, hence is successful to build long-lasting relations with its customers. Recently, Lanxess has completed the acquisition of Chemtura, a US -based company with a total enterprise value of USD 2.8 billion. The company has integrated Chemtura’s urethanes businesses with its product portfolio. By this acquisition the company is aimed to expand their geographical footprint in the North American region.
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