Global Polyurethane Elastomers Market Size, Share, Opportunities, And Trends By Type (Thermoplastic, Thermoset), By Application (Automotive, Footwear, Construction, Electronics, Industrial Machinery, Others), And By Geography - Forecasts From 2024 To 2029

  • Published : Jul 2024
  • Report Code : KSI061616996
  • Pages : 148

The global polyurethane elastomers market is anticipated to grow at a CAGR of 6.34% during the forecast period (2024-2029).

Polyurethane is a polymer that has the urethane grouping (-NH-CO-O-) within it. Polyurethane can be described as the result of a chemical reaction between two substances known as isocyanate, and polyol. Following the reaction, isocyanate is safe to handle. Polyurethane properties vary based on the isocyanate and polyol types used. Polyurethane is most widely utilized as rigid foam insulation panels in automobiles and buildings, cellular foam in furniture and mattresses, and microcellular foam in shoe soles.

Polyurethane elastomers are recognized for their exceptional durability and have thus begun to be used in the production of a variety of automotive and equipment components. Polyurethane elastomers are commonly used to make fenders, fascia, trims, interior and external vertical panels, doors, chassis fairings, and window surrounds. They are also widely used as a component material in tires and wheels. A manufactured item that comprises elastomers is referred to be elastomeric.

Polyurethane elastomers (PU) are part of the polyurethane group, hence castable polyurethane elastomers account for a minor portion of worldwide polyurethane production and consumption. PU elastomers are created by mixing hard (isocyanate) and elastic (polyol) components and modifying these selections results in superior polyurethane elastomers.

VCM, for instance, produces internationally acknowledged quality polyurethane elastomer systems in a wide range of hardnesses from shore A10 to shore D80. Polyurethane elastomers are highly valued for their durability, extended service life, abrasion resistance, and impact resistance. They may further be customized to match the needs of the client.

GLOBAL POLYURETHANE ELASTOMERS MARKET DRIVERS:

  • The rise of the automotive sector has a substantial influence on the polyurethane elastomers market due to its various uses and specialized qualities that fulfill automotive standards. Owing to this, polyurethane elastomers are appreciated for their high resistance, sheer strength, and ability to operate under harsh conditions, and they can be used for a very large number of components of automobiles. These materials are mainly used in sealing applications, automotive gaskets, shock absorber bushings, and interior parts like armrests and dashboards. Along with the constantly developing global automotive industry through greater automotive production; advanced technology and consumers’ demand for comfort and safety; the need for polyurethane elastomers also increases.

Consequently, German manufacturers of automobiles produced over 15. 6 million units as per the GTAI (Germany Trade & Invest) in 2021. More than 3.1 million passenger cars and 3,51,000 units come from commercial automobiles assembled in Germany’s manufacturing industries in the year 2021 to show that Germany is the largest automotive manufacturing industry in Europe. Nonetheless, in fiscal year 2024, India comprised the production of 2,84,34,742 units of passenger vehicles, CVs, three-wheelers, two-wheelers & Quadricycle, as per the India Brand Equity Fund.

Moreover, guidelines that compel manufacturers to be more considerate of emission and safety enhance the usage of polyurethane elastomers since they offer automotive solutions that meet set standards despite their high-performance fixations. All in all, the automotive industry is the major factor for the growth of the polyurethane elastomers market and subsequently the promotion of new technologies as well as the expansion of the application range in the automobile industry chain.

  • The players across the polyurethane elastomers marketplace are constantly innovating and improving their technological foundations and product profiles which results in changing the material characteristics, manufacturing capabilities, and usage scope. Processing formulas and techniques enhance the polyurethane elastomer's applicability, adaptability, and hardness across several industries such as the automotive industry, construction, footwear, and electronics industries. For example, Ingevity has introduced its novel Capa S polyol technology targeting the soft thermoplastic polyurethane (TPU) market. The Capa S portfolio, which uses polyol technology to produce soft TPUs without the use of plasticizers, is intended for use in wearable devices such as smartwatches, fitness and GPS trackers, as well as automobile dashboards, seating, and door panels that are repeatedly exposed to heat, cold, moisture, and ultraviolet rays.

Covestro has developed a sustainable cast elastomer solution to help the offshore industry decrease its environmental effect and carbon footprint. The polyurethane elastomers are based on cardyon brand polyols, which include CO2 and provide comparable performance to matching petrochemical-based elastomers. Along with this, Elastollan is the trademark name for BASF's thermoplastic polyurethane (TPU). Over the previous few decades, the multiple benefits of Elastollan in all of its forms - aromatic or aliphatic, extremely soft or glass fiber-reinforced, flame retardant, or highly transparent - have been proved across all industries.

Furthermore, these innovations enable manufacturers to provide customized solutions that address specific industry demands, hence promoting market expansion, encouraging competitive advantage, and motivating further innovation in the polyurethane elastomers sector worldwide.

GLOBAL POLYURETHANE ELASTOMERS MARKET SEGMENT ANALYSIS:

  • Based on the application, the footwear industry is one of the most rapidly developing segments.

Polyurethane elastomers are widely utilized in footwear as outsoles, midsoles, and insoles, offering excellent cushioning and stress absorption positively impacting the footwear industry. Their lightweight design improves overall comfort and performance, appealing to customers in a variety of footwear categories such as sports, casual, and specialty shoes.

India is the world's second-largest footwear manufacturer after China, accounting for 13% of the total footwear output of 16 billion pairs. India produces 2 billion pairs of various types of footwear, with about equal percentages of leather and non-leather footwear. After China and the United States, India is the world's third-largest consumer of footwear, with almost 1.66 pairs consumed, compared to an average of 3.0 pairs globally.

Besides this, In 2021, as per the USITC, the United States' general imports of footwear items climbed by $6.5 billion to $27.2 billion. The surge in imports was fueled by increased U.S. consumer demand for footwear, as well as footwear businesses' capacity to locate alternate sources for suppliers who were unable to meet demand. In 2021, the United States' major footwear suppliers were China ($11.5 billion), Vietnam ($7.5 billion), and Italy ($2.1 billion).

Furthermore, the industry's emphasis on sustainability favors polyurethane elastomers because of their environmentally benign compositions and recyclability. This expansion is being driven by design and material innovation to fulfill the growing worldwide demand for comfortable, high-performance footwear.

  • Asia Pacific's polyurethane elastomers market is anticipated to grow significantly.

Several important drivers are propelling the Asia-Pacific polyurethane elastomer market. Rapid industrialization, notably in China and India, is creating enormous demand in a variety of industries, including automotive, construction, and electronics. Another growing component that is driving the polyurethane elastomers market at a higher rate is the electronics industry. In the year 2023, India's electronics sector was estimated at $155 billion, with local manufacturers accounting for 65% as stated by Invest India.  Moreover, according to the data of Shanghai Municipal People’s Government, the retail sales of China’s consumer electronics were at US$305 billion in the year 2023 with a 4% growth rate and in the year 2024, the rate rose to 5%.

The region's growing middle-class population and rising disposable incomes are driving up consumer spending on durable products like footwear and car components, which heavily rely on polyurethane elastomers for their durability and performance. Agra, Uttar Pradesh, has emerged as India's largest footwear hub. Von Wellx, a German shoe maker that recently moved its manufacturing facilities from China, opened a facility in Agra in 2021. The business has cooperated with an Indian company, Latric Industries Group, on this. Alongside this, Virola Shoes Pvt. Ltd., a renowned export firm in Agra, produces footwear for Alberto Toressi, a well-known European brand. The brand incorporates stress-free technology in its shoes, ensuring that they are not only fashionable but also comfortable. They have patented technology that they apply in all of their soles to keep the shoe lightweight and durable.

Furthermore, the shift to sustainable materials and stringent regulatory standards is encouraging the use of polyurethane elastomers due to their recyclability and environmental benefits, establishing Asia Pacific as a key hub for market expansion and innovation in the polyurethane elastomers sector.

Global Polyurethane Elastomers Market Key Developments:

  • In August 2023, Covestro began production at its new polyurethane elastomer systems unit at its integrated site in Shanghai, China. The investment is in the double-digit million Euro level. The new production in Shanghai assists in fulfilling the region's ever-increasing demand for the material, which is used in renewable energy applications such as offshore cable protection and silicon wafer-cutting rollers for solar panels.
  • In July 2023, Nordmann, a multinational chemical distributor, announced a new and exclusive relationship with Era Polymers (Sydney, Australia) for the distribution of polyurethane elastomers in Belgium, Finland, Germany, Italy, the Netherlands, Sweden, and Switzerland.

The global polyurethane elastomers market is segmented and analyzed as follows:

  • By Type
    • Thermoplastic
    • Thermoset
  • By Application
    • Automotive
    • Footwear
    • Construction
    • Electronics
    • Industrial Machinery
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Middle East and Africa
      • Saudi Arabia
      • United Arab Emirates
      • Rest of Middle East and Africa
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Growing Demand in Electrical and Electronics

4.1.2. Advancements in Technology

4.2. Market Restraints

4.2.1. High Initial Cost

4.2.2. Availability of Substitutes

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL POLYURETHANE ELASTOMERS MARKET BY TYPE

5.1. Thermoplastic

5.2. Thermoset

6. GLOBAL POLYURETHANE ELASTOMERS MARKET BY APPLICATION

6.1. Introduction

6.2. Automotive

6.3. Footwear

6.4. Construction

6.5. Electronics

6.6. Industrial Machinery

6.7. Others

7. GLOBAL POLYURETHANE ELASTOMERS MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES 

9.1. Huntsman Corporation

9.2. Dow

9.3. DIC Corporation

9.4. Ingevity

9.5. INOAC

9.6. Laxness

9.7. Covestro

9.8. Nordmann Global

9.9. TSE Industries

9.10. Tosoh Europe

9.11. Stepan

9.12. Ravelast Polymers


Huntsman Corporation

Dow

DIC Corporation

Ingevity

INOAC

Laxness

Covestro

Nordmann Global

TSE Industries

Tosoh Europe

Stepan

Ravelast Polymers


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