What Has Been The Evolution of the Polyurethane Elastomers Market in Recent Years?
The polyurethane elastomers market has seen considerable growth due to a variety of factors.
• The market size for polyurethane elastomers has witnessed substantial growth in the past few years. It is expected to increase from $19.56 billion in 2024 to $20.78 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%.
The previous growth can be traced back to factors such as expansion in industrial growth and manufacturing, the growth of the automotive sector, the versatile uses of the product, escalated construction activities, and the manufacturing of consumer goods.
What Is the Forecasted Market Size and Growth Rate for The Polyurethane Elastomers Market Size In The Coming Years?
The polyurethane elastomers market is expected to maintain its strong growth trajectory in upcoming years.
• There is a prediction for substantial expansion in the polyurethane elastomers market in the upcoming years, with estimates of its worth reaching $25.61 billion in 2029, marked by a compound annual growth rate (CAGR) of 5.4%.
Factors contributing to this projected growth during the forecasted period include continued industrialization in emerging economies, changes in the automotive industry, increased developments in construction and infrastructure, broadening of electronics and consumer goods market, and a surge in demand for tailor-made solutions. The forecasted period is also expected to display a variety of trends such as improvements in formulations and technologies, innovations in production, expanding utilization in the medical device sector, increased application in construction and infrastructure, and new advancements in processing technologies.
What Factors Are Driving Growth In The Polyurethane Elastomers Market?
The upward curve in the automotive sector is projected to impel the expansion of the polyurethane elastomers industry. The said industry encompasses businesses related to conception, fabrication, advertising, and selling of automobiles. Polyurethane elastomers find extensive recognition in the automotive sector for delivering a balanced solution involving flexibility, durability, and chemical resistance, thereby augmenting the life and functionality of components. For instance, data from MarkLines Co. Ltd., a provider of internet information services for the car industry in the US, declared a surge of 2.6% from October 2023, with a sale of 1,242,376 new vehicles in November 2023 and a jump of 8.8% from November 2022. Consequently, the thriving automobile industry propels the progression of the polyurethane elastomers market. Henceforth, the escalation in residential and commercial construction can potentially stimulate the development of the polyurethane elastomers sector. The respective area concerns the creation of facilities and buildings for residential and commercial utilization. Polyurethane elastomers, being adaptable, robust, lightweight, inexpensive, and low-maintenance, are favored in numerous construction applications. For instance, based on statistics from Oxford Economics, an economic intel provider based in the UK, in 2020, the worldwide construction output summed up to $10.7 trillion and a rise of 42% or $4.5 trillion to a total of USD 15.2 trillion between 2020 and 2030 is being anticipated. As such, the surge in numbers of both commercial and residential buildings stimulates the advancement of the polyurethane elastomers sector.
What Are The Main Segments Of The Global Polyurethane Elastomers Market?
The polyurethane elastomers market covered in this report is segmented –
1) By Type: Thermoplastic Elastomers, Thermosetting Elastomers
2) By Processing: Injection Molding, Extrusion, Blow and Compression Molding
3) By Application: Automotive, Construction, Packaging Industry, Furniture And Interiors, Electronics And Appliances, Other Applications
Subsegments:
1) By Thermoplastic Elastomers: Styrenic Block Copolymers (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Vulcanizates (TPV), Polyolefin Elastomers (POE)
2) By Thermosetting Elastomers: High-Density Polyurethane (HDPU), Reaction Injection Molded Polyurethane (RIMPU), Cast Polyurethane Elastomers, Flexible Polyurethane Elastomers
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How Are New Trends Impacting The Size Of The Polyurethane Elastomers Market?
Key players in the polyurethane elastomers market are spearheading product advancements like polyurea-based elastomer systems. These innovative systems are designed to improve performance and cater to various industrial needs. Polyurea-based elastomer systems, acting as coatings or linings, provide flexible, robust, and protective layers with usage across construction, automotive, and marine sectors. For example, Pearl Polyurethane Systems LLC, a UAE-based company offering tailored polyurethane solutions, introduced the DuraPearl Elastomer System in March 2023. Spray coating contractors chiefly incorporate this system in their operations for waterproofing, sealing joints, line truck beds, pipeline, and floor coating projects. Polyurea-based spray solutions such as DuraPearl not only assure a curing process six times quicker than epoxy alternatives but also enhance operator productivity and speed up throughput. The system innovatively guarantees a balance of performance, sustainability, and user-friendly application while facing demanding spray coating applications.
Who Are the Key Players In The Polyurethane Elastomers Market?
Major companies operating in the polyurethane elastomers market report are:
• BASF SE
• Dow Inc.
• Lyondellbasell
• Saint-Gobain Performance Plastics Corporation
• 3M
• Wanhua Chemical Group Co. Ltd.
• Covestro AG
• Mitsui Chemicals Inc.
• DuPont
• LANXESS AG
• Huntsman Corporation
• Tosoh Corporation
• The Lubrizol Corporation
• Polyone Corporation (Avient Corporation)
• Trelleborg AB
• Stepan Company
• Carpenter Technology Corporation
• Rogers Corporation
• INOAC CORPORATION
• The Vita Group
• Kingfa Science And Technology
• Rogers Foam Corporation
• RECKLI
• Polytek Development Corp.
• Argonics Inc.
• Bayer Materialscience LLC
• Renosol Corporation
• Marchem
• VCM Polyurethanes Pvt. Ltd.
• Cellular Moldings Ltd.
What Is The Most Dominant Region In The Polyurethane Elastomers Market?
Asia-Pacific was the largest region in the polyurethane elastomers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polyurethane elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
