Selbyville, Delaware , Sept. 27, 2023 (GLOBE NEWSWIRE) -- Polyurethane Elastomers Market size is estimated to be worth USD 31 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The surging vehicle production and the relentless demand for lightweight materials within the automotive sector will drive the market growth. The rollout of stringent environmental regulations and the increasing consumer preference for eco-friendly, high-performance vehicles has pushed automakers to increasingly turn to polyurethane elastomers. In response, the surge in strategic efforts by numerous industry players to address the rising product demand will augment the industry outlook. For instance, in July 2023, Nordmann, a multinational chemical distributor, collaborated with Era Polymers to distribute polyurethane elastomers throughout key European nations to promote future polyurethane business expansion.Top of Form
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Increasing popularity of polyester-based polyurethane elastomers
Polyester-based polyurethane elastomers market amassed substantial revenue in 2022 and is set to grow at notable CAGR from 2023-2032. The growth is attributed to the rising demand for durable and high-performance coatings, adhesives, and sealants in construction and infrastructure projects. Additionally, the increasing adoption of polyester-based polyurethane elastomers across the textile and footwear industries for coatings, finishes, and fabric laminations to enhance performance and longevity will contribute to the product adoption.
Extrusion processing method to record significant growth
In terms of processing method, the polyurethane elastomers market from the extrusion segment is expected to witness robust expansion between 2023 and 2032. The versatility of polyurethane elastomers has surged their adoption for extrusion processes, as they can be customized to meet specific industry requirements. Additionally, technological advancements have improved the efficiency and precision of extrusion processes, enabling manufacturers to produce high-quality polyurethane elastomer products at competitive prices, fuelling the segment growth.
Footwear end-use segment to depict substantial growth
Polyurethane elastomers market from the footwear segment is set to experience robust growth through 2032 driven by increasing preference by footwear manufacturers to meet the surging consumer requirements for comfortable, durable, and stylish footwear. To cite an instance, in September 2023, Trinseo expanded its growing portfolio of solutions for fashion & footwear with the launch of new transparent thermoplastic elastomer grade for footwear applications. The growing awareness of the importance of foot health and comfort among consumers has also spurred the adoption of polyurethane elastomers in the footwear industry. Moreover, the surging production of eco-friendly and sustainable footwear to match the increasing focus on environmental responsibility will propel the segment growth.
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Asia Pacific to provide potential growth opportunities
Asia Pacific polyurethane elastomers market size is poised to exhibit considerable growth from 2023-2032. The growth is attributed to the rapid industrialization and urbanization especially China and India. With the rising demand for polyurethane elastomers, major companies in the region are concentrating on strengthening their market position by investing in expansion initiatives. For instance, in July 2022, materials company Covestro initiated construction on two new factories in Shanghai to address the increased demand for polyurethane dispersions and elastomers. Moreover, the presence of booming automotive industry is also likely to boost the regional market growth.
Polyurethane Elastomers Market Participants
Some of the top companies operating in the polyurethane elastomers industry are Dow Inc., Covestro AG, The Vita Group BASF SE, LANXESS AG, Huntsman Corporation, The Lubrizol Corporation, Mitsui Chemicals, Inc., Chemtura Corporation, Era Polymers Pty Ltd, Trelleborg AB, Polytek Development Corp., Wanhua Chemical Group Co., Ltd., Huntsman Advanced Materials, and COIM Group, among others. These industry players are focusing on new product launches for scaled revenue sales.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
