The Industrial polyurethane elastomers market has witnessed decent growth in the past few years. 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.
PUNE, India , Sept. 6, 2022 /PRNewswire/ -- The Industrial Polyurethane Elastomers Market is valued at USD 7.24 billion in 2021 and is estimated to achieve a market size of USD 12.55 billion by 2029; growing at a CAGR of 6.3%.
Industrial polyurethane elastomers are created by combining rigid and flexible components in various combinations, with some combinations producing better polyurethane elastomers than others. High-quality materials are PU elastomer coatings. Polymeric materials with elastomeric properties based on polyols, di-isocyanates, and extenders are known as industrial PU elastomers.
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Demand for industrial PU elastomers is expected to increase at a significant pace during the forecast period due to the rise in usage of these elastomers in various industries such as automotive, aerospace, and marine. Transportation is one of the key end-use industries of PU elastomers due to the latter's properties such as tear and abrasion resistance, high load-bearing capacity, chemical resistance, and superior dynamic performance. High cost of industrial PU elastomer is negatively affecting the industrial PU elastomer market
In January 2021 , Lanxess developed a new Adiprene Industrial PU Elastomer. The 95 Shore A hardness elastomer gives low heat build-up in rollers that move quickly and are highly stressed.
In June 2021 , Dow established an integrated MDI distillation and Prepolymers facility in Freeport, Texas , to address the increasing demand for PU systems and products. The MDI facility is expected to be operational in 2023, post which, the company will shut down its PU assets at the La Porte site, US.
In December 2020 , BASF collaborated with Meiban, to create the Elastollan soft touch feel thermoplastic PU series that enables new design possibilities.
In May 2020 , Covestro and global plastics compounder Teknor Apex collaborated for developing compounding industrial thermoplastic PU elastomer. The collaboration was aimed at providing customized products to its existing and new customers.
Thermoset PU elastomer accounted for the largest share in the industrial PU elastomer market
The overall market was dominated by the thermoset PU elastomer segment. The low cost and easy availability of thermoset PU elastomers around the world, particularly in APAC, has contributed to the growth of this segment. The thermoplastic PU elastomer segment, on the other hand, is expected to grow at the fastest rate during the forecast period due to its exceptional benefits in bridging the gap between flexible rubber and rigid plastics.
APAC is the largest and fastest-growing amongst other regions in the industrial PU elastomer market
APAC was the largest market for industrial PU elastomer in 2019. 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.
The breakdown of primary interviews has been given below.
By Company Type: Tier 1 – 25%, Tier 2 – 50%, and Tier 3 – 25%
By Designation: C Level Executives – 20%, Director Level – 30%, Others – 50%
By Region: North America – 20%, APAC – 25%, Europe – 30%, Middle East & Africa – 10%, South America -15%.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
BASF, Dow, Huntsman, Covestro, Era Polymers, Notedome, Mitsui Chemicals, Lanxess, The Lubrizol Corporation, and Wanhua.
High demand for polyurethane elastomers in the footwear industry
· Increasing active and fitness conscious among the consumers has given rise to the athleisure movement
· The active consumers are gravitating towards shoes that fit for every occasion
Industrial PU Elastomer Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market. Some Key Players include:
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Key Market Segments: Industrial PU Elastomer Market
Industrial PU Elastomer Market by Type, 2022-2029, (USD Billion)
Industrial PU Elastomer Market by End User Industry, 2022-2029, (USD Billion)
Industrial PU Elastomer Market by Region, 2022-2029, (USD Billion)
Replacement of Conventional Materials with Industrial PU Elastomers in Various Industries
Light Weighing of Different Transportation Equipment
Higher Cost of Thermoplastic PU Elastomer Than Conventional Materials
Hazardous Impact on Human Health and Environment
Growing Demand for Minimally Invasive Surgical Procedures
Emerging Market for Bio-Based Thermoplastic PU Elastomers
Volatility in Raw Material Prices
Top Companies/Applicants of Patents
List of Patents by Dow Global Technologies LLC
List of Patents by BASF
List of Patents by Toyo Tire & Rubber Co.
List of Patents by Nike Inc.
Top 10 Patent Owners (US) in Last 10 Years
Browse More Chemicals & Materials Reports
Thermoplastic elastomers are called thermoplastic rubbers. It is a mixture of polymers that consist of thermoplastic and elastomeric properties.
https://exactitudeconsultancy.com/reports/1584/thermoplastic-elastomers-market
Ultrasoft Thermoplastic Elastomer Market Growth
Ultrasoft thermoplastic elastomers are increasingly being used in a variety of end-use industries due to the high-end qualities they impart into the end products.
https://exactitudeconsultancy.com/reports/5484/ultrasoft-thermoplastic-elastomer-market
Thermoplastic polyurethane is a thermoplastic elastomer that can be processed using conventional methods such as extrusion, injection molding, and compression molding.
https://exactitudeconsultancy.com/reports/3830/thermoplastic-polyurethane-market
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