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Polyurethane Elastomers Market size has been witnessing a positive growth trend strengthened by increasing demand from footwear manufacturing industry mainly in the emerging economies. Polyurethane elastomers are produced by the reaction hydroxy group in polyols with isocyanates. They are classified as a material or class of polyurethane having properties similar to rubber. The material exhibit qualities like plasticity, resistance, elasticity and resistance to solvents and abrasion.Volatile raw material prices coupled with presence of renewable elastomers in the market are likely to hinder the overall polyurethane elastomer market growth in the forecast timespan. Raw materials include MDI, 1,4 Butanediol and TDI which all are derived from crude oil. As crude oil is subjected to a high price volatility due to geopolitical issues and government policies, the raw material prices are not fixed for the product. However, rising product demand from automotive, footwear, building & construction and electronics industry will generate ample opportunities for the overall market growth in the forecast time period.
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On the basis of product type, global polyurethane elastomers market is segmented into thermosetting elastomers and thermoplastic elastomers. Thermosetting elastomers are set permanently after heating which is a key factor likely to drive the product demand and thus overall polyurethane market size in the coming years. Adding further, thermoplastic elastomers are cost effective and efficient marking their presence in number of end user industries which is also attributed to their unique characteristics like excellent resistance to fire, high durability, clarity and soft touch.
On the basis of end user segments, the market is categorized into automotive, footwear, building & construction, electronics and others. Automotive and footwear segment accounted to be the largest end user segment of the market in 2018. Polyurethane elastomers are mainly used in automobile suspension bushings, manufacturing of wheels and in many other automobile parts.
Positive growth indicators in Asia Pacific automotive industry is attributed to easy loan approval process and rising consumer disposable income which will drive product demand and thus result in achieving promising gains to the overall polyurethane elastomers market size by 2025. In shoe making, the product is used as a replacement for rubber, whereas in the electronics industry, product is used in the formation of high resilience foams, insulation panels, etc.
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Asia Pacific registered itself as the largest market for polyurethane elastomers market which is majorly driven by growing end-user industries such as building & construction, automotive, electronics, etc. Rising product demand in China is strongly influenced by rising footwear manufacturing industry which is due to the availability of cost effective labor in these countries.
Furthermore, growing investment in research & development in electronics sector in the region by the key players to develop advanced technologies will drive the electronics industry growth and will fuel the polyurethane elastomers market size in the coming years.
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Europe is another region which possess a high growth potential owing to positive growth indicators from shoe industry. Also, automotive sector in Germany is among the largest in terms of manufacturing, which will boost product demand and thus result in driving the global polyurethane elastomer market size in the forecast timeframe.
The overall polyurethane elastomers market share is highly competitive due to the presence of several large scale players in the market Some of the major market players are BASF, The Dow Chemical Company, DuPont, Huntsman International, Covestro and VCM Polyurethanes.
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Name: Arun Hedge
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/polyurethane-elastomers-market
Release ID: 88910884
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