Polyurethane is a polymer composed of organic units joined by urethane link. Polyurethanes are made from the exothermic reactions between alcohols with two or more reactive hydroxyl groups per molecule and isocyanate that have more than one reactive isocyanate per molecule. Polyurethane Elastomers are an artificial or synthetic rubbers based on polymers. The polyurethane elastomers are broadly classified as thermosetting elastomers and thermoplastic elastomer. Majority of the polyurethane elastomers in the market are based on thermosetting polymers. On the other hand, thermoplastic based Polyurethane Elastomers are available in relatively lesser amount, which are suitable for a small range of application. The advantageous properties exhibited by Polyurethane Elastomer include high durability, impact resistance, soft touch, and clarity. The major uses of Polyurethane Elastomer can be found in the manufacturing of various products such as high resilience foam and insulation panels, gaskets and foam seals, wheels of roller coaster, elevator, shopping carts, automotive suspension bushings, surface coatings, sealants, and hoses. Automotive industry, building & construction industry, and footwear making industry are the major end user industries of the Polyurethane Elastomer.
As Polyurethane Elastomer is one of the key components of polyurethane, trends in production and supply of polyurethane is significant for Polyurethane Elastomer Market. The global factors influencing the market of Polyurethane are bound to affect the market of Polyurethane Elastomer equally. As Polyurethane products are used in almost all emerging industries such as automotive, construction and electrical, the demand for Polyurethane Elastomer is steadily heading north. In the past few years, global market for Polyurethane is growing at a high pace due to its greater adaptability and recyclability, which is in favor of sustainability principle. The Global Elastomer Market, wherein Polyurethane Elastomer holds significant share, is expected to grow at a considerable CAGR of ~5% during the forecast period, which is projected to fuel demand for Polyurethane Elastomer in the coming years. The construction activity around the world is driving the demand for the rigid foams, which is expected to help Polyurethane Elastomer Market to grow further. Growing demand for durable and impact resistant materials in automotive and electronic applications would be the key driver of the Polyurethane Elastomer Market during the review period. However, some concerns, which needed to be addressed such as strong competition from green or biodegradable elastomers, volatility in the prices of raw materials of Polyurethane Elastomers, and increasing research in the field of development of ecofriendly and innovative products by leading players. Lastly, the potential health hazards of Polyurethane Elastomer may hamper growth of the market over the corresponding period. Nevertheless, the cost-effectiveness of the Polyurethane would keep the demand for polyurethane elastomer up and help to propel the market growth during the forecast period.
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In terms of markets size, the major regions in the Global Polyurethane Elastomer Market are Asia Pacific, North America, and Europe. Other regions include the Middle East & Africa, and Latin America. Asia Pacific is the largest and the fastest growing market for synthetic rubber and it holds over 45% share of the Global Polyurethane Elastomer Market. The region has undertaken expansion of its infrastructural projects and mulling to revive the footwear making industry, which is anticipated to propel the demand for Polyurethane Elastomer in this region. The constant rise of both construction and automotive industry in this region is projected to continue fetching major share of the Polyurethane Elastomer demand in this region. North America is closely following Asia Pacific to be the second most significant region in the Global Polyurethane Elastomer Market. Growing reconstruction activities and increasing demand from automotive industry are driving the growth of the regional Polyurethane Elastomer Market. In the transportation sector, aircraft and automotive industry are the two dominant segments consuming major share of the total demand for Polyurethane Elastomer. Europe is another substantial market in the global polyurethane elastomer market. The demand for the material from this region is majorly pulled by automobile industry for making interiors of luxury cars. Other regions in the Global Polyurethane Elastomer Market are the Middle East & Africa and Latin America. Among them the market of Polyurethane Elastomer in the Middle East & Africa is estimated to grow at a considerable CAGR owing to high investment potential and raw material availability. Latin America hold the least share of the Global Polyurethane Elastomer Market, which is expected to witness a significant change in the coming years.
The Global Polyurethane Elastomer Market is segmented on the basis of product type, end use, and region. Based on the product type, the market is segmented into thermoplastic elastomer (TPE) and thermosetting elastomer (TSE). On the basis of end use, the market is segmented into automobile, building & construction, footwear making, electrical & electronics, and others. Geographically, the Global Polyurethane Elastomer Market is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Among them, Asia Pacific is estimated to grow at the highest CAGR during the given period.
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Key Points from Table of Contents:
11. Company Profiles
11.1 BASF SE
11.1.1 Company Overview
11.1.2 Product Type/Business Segment Overview
11.1.3 Financial Updates
11.1.4 Key Developments
11.2 Bayer Materialscience
11.2.1 Company Overview
11.2.2 Product Type/Business Segment Overview
11.2.3 Financial Updates
11.2.4 Key Developments
11.3 Bsw Gmbh
11.3.1 Company Overview
11.3.2 Product Type/Business Segment Overview
11.3.3 Financial Updates
11.3.4 Key Developments
11.4 The Dow Chemical Company
11.4.1 Company Overview
11.4.2 Product Type/Business Segment Overview
11.4.3 Financial Updates
11.4.4 Key Developments
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