New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global polyurethane elastomers market size is projected to grow at a CAGR of over ~ 3% from 2023 to 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. The reason behind the growth is impelled by the growing requirement for polyurethane elastomers in the automotive industry. Polyurethane elastomers are highly used in the automotive industry to manufacture doors, window surrounds, acoustic insulation, headrests, seats, trimming, and exterior & interior of automobiles. Furthermore, these elastomers are also used in the tires and wheels of automobiles. The rising demand for polyurethane elastomers in mining is believed to fuel market growth. For instance, polyurethane elastomers are highly used in the mining sector such as pump impellers, mining screens, conveyors’ belts, and others. It is a highly required product in mining since it can decrease wear and tear, abrasion, and shock.
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Polyurethane Elastomers Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The footwear segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Demand for Conveyors Belts across the Globe to Boost Market Growth
Polyurethane elastomers are the most suitable material to make conveyor belts. Moreover, polyurethane adhesives are usually used to seal the ends of conveyor belts and can be utilized in even the most delicate food applications without any problems. Therefore, higher demand for conveyor belts in bottling manufacturing, mining, agriculture, food, and industries is estimated to propel the market growth over the forecast period. The high strength and simplicity of processing polyurethane elastomers make them the material of choice for innumerable medical devices. Polyurethanes elastomers are used in medicine since they are compatible with the human body and are also employed in medical devices such as surgical instruments. The relentless expansion of the automotive industry is a central driver of demand for polyurethane elastomers. These versatile materials are essential in various automotive components, including suspension bushings, seals, gaskets, and tires. As automotive production surges, the demand for polyurethane elastomers follows suit. The global automotive production is projected to reach approximately 85 million units by the year 2025.
Polyurethane Elastomers Market: Regional Overview
The global polyurethane elastomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Construction and Infrastructure Development to Drive the Market Growth in Asia Pacific Region
The polyurethane elastomers market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The construction and infrastructure sectors in Asia-Pacific are experiencing robust growth, driving the demand for polyurethane elastomers in applications such as sealants, insulation materials, and structural components. The substantial investments in infrastructure development translate into sustained demand for these elastomers. Infrastructure investments in Asia-Pacific are projected to reach USD 3.2 trillion by 2026. Polyurethane elastomers are used in the electronics sector for components such as gaskets, seals, and insulation materials. As Asia-Pacific continues to lead in electronics manufacturing, the demand for these elastomers in this sector remains steadfast. The medical industry in Asia-Pacific relies on polyurethane elastomers for applications in medical devices and prosthetics due to their biocompatibility and moldability. With the region's aging population and evolving healthcare needs, the demand for these elastomers is on an upward trajectory.
Growing Energy Efficiency to Propel the Growth in the North America Region
The North America polyurethane elastomers market is estimated to garner the highest CAGR by the end of 2035. polyurethane-elastomers are suitable as forms for cement-bound materials including concrete, which is primarily utilized for sealing joints and openings in constructions. Owing to their superior bonding qualities and endurance, they are also frequently employed as sealants and adhesives in construction. According to the estimates, in 2022, the construction market in the United States was estimated to be around USD 1 trillion. Canada is one of the wealthiest nations with one of the largest economies in the world, and the foundation of its economy is construction. As a result, the demand for polyurethane elastomers market is expected to rise in the region. Sustainability concerns are driving the adoption of eco-friendly and bio-based polyurethane elastomers market in North America. As environmental regulations become more stringent and consumers seek sustainable products, industries transition to eco-conscious elastomers, bolstering market growth. Polyurethane elastomers are integral in energy-efficient insulation materials used in residential and commercial buildings. As the emphasis on energy conservation continues, the demand for these elastomers in construction applications grows.
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Polyurethane Elastomers, Segmentation by End Use Industry
- Automotive
- Building & Construction
- Footwear
- Machinery
Amongst these segments, the footwear segment is anticipated to hold the largest share over the forecast period. There are numerous favorable properties of polyurethane elastomers when used as a raw material for manufacturing footwear. The composition of polyurethane elastomer is mostly utilized to create flexible high-tensile soles, suppers, and accessories. PU elastomers maintain the aesthetics of the footwear. Also, it prevents the formation of wrinkles and has excellent hydrolysis and abrasion resistance. Utilization of PU elastomers for manufacturing footwear also provides good compression. In addition, numerous forms of footwear, including boots and shoes for sports and hiking, are made of polyurethane elastomer foams owing to their low weight and excellent dampening properties. As disposable incomes increase globally, consumers have more purchasing power, enabling them to invest in high-quality footwear. This trend drives demand for premium and designer shoes, fostering growth in the footwear segment. Disposable income worldwide is expected to grow at a rate of 3.5% from 2021 to 2028.
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Polyurethane Elastomers, Segmentation by Type
- Thermoplastic
- Thermoset PU Elastomers
Amongst these segments, the thermoset PU elastomers segment is anticipated to hold a significant share over the forecast period. Thermoset polyurethane elastomers are indispensable in aerospace applications due to their exceptional resistance to extreme temperatures and harsh environments. The constant innovation in aerospace technologies drives the demand for these elastomers in critical applications, including seals, gaskets, and insulation materials. The global aerospace and defense sales are anticipated to reach USD 2.9 trillion by the year 2030. The automotive industry's relentless pursuit of light weighting to improve fuel efficiency and reduce emissions has led to increased use of thermoset polyurethane elastomers in lightweight components. These elastomers offer a perfect balance of strength and weight, making them invaluable in vehicle applications. Thermoset polyurethane elastomers play a pivotal role in enhancing energy efficiency in buildings. They are used as insulation materials, providing superior thermal insulation properties. As energy-efficient construction practices gain traction, the demand for these elastomers’ surges.
Few of the well-known market leaders in the global polyurethane elastomers market that are profiled by Research Nester are Dow Chemical Company, Tosoh Corporation, Argonics, Inc., LANXESS AG, Herikon, Huntsman International LLC., Trelleborg AB, Lubrizol Corporation, Covestro AG and other key market players.
Recent Development in the Market
- BASF SE announced that it has expanded the application range of Ultrasim, which is a computer-aided engineering (CAE) simulation tool, aimed to support the manufacturing process of thermoplastic elastomers.
- Dow Inc. announced that it has partnered with Univar Inc. for the distribution of its broad portfolio range of polyurethane products in North America.
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