The global polyurethane elastomers market is expected to exhibit a strong 6% CAGR over the forecast period from 2020 to 2027, according to the latest research report from Market Research Future (MRFR). The global polyurethane elastomers market is mainly driven by the growing demand for polyurethane elastomers in footwear, automotive, construction, and industrial devices and machinery. The growing footwear industry is likely to be a major driver for the global polyurethane elastomers market over the forecast period. Footwear are not just for foot protection any more, but also serve an aesthetic purpose in how a person is perceived by his peers. This has driven significant product expansion in the footwear industry, with many leading players joining the bandwagon of creating lightweight, durable footwear that can stand the test of time while providing simplicity and comfort to the user. The use of polyurethane elastomers has thus increased in footwear, as polyurethane offers a solid, tear-proof build and long-term durability. This is likely to be a major driver for the global polyurethane elastomers market over the forecast period.
The growing use of polyurethane in automotive interior components is also likely to be a major driver for the global polyurethane elastomers market size. Automotive interiors need substances that can cushion relatively hard blows and present a durable, stain-free front. Polyurethane elastomers are the perfect material on both counts, as they present a strong, durable exterior as well as a certain sponginess that allows it absorb minor blows. Polyurethane is also easily cleanable, which also makes it useful for automotive interior applications, where spills and other stains may need to be cleaned up periodically.
For similar reasons, the use of polyurethane elastomers in industrial machines and devices is also increasing. As polyurethane presents a strong front and is highly robust and durable, it makes for the perfect material for handles and other components of industrial machinery. This is also likely to remain a key end use for the polyurethane elastomers market over the forecast period.
Leading players in the global polyurethane elastomers market include VCM Polyurethanes Pvt. Ltd., Argonics Inc., Herikon, Trelleborg, The Lubrizol Corporation, LANXESS, Huntsman International LLC, Covestro AG, BASF SE, Dow, and Tosoh Corporation.
In October 2020, Covestro conferred its yearly global science awards in the Covestro Science Celebration at K 2020.The award was given to a researcher looking to develop faster methods of production for custom polymer formulations. Industrial backing to the research sector is likely to remain an important driver for the polyurethane elastomers market, as the market still witnesses a significant degree of innovation and research projects hold an important role in the market.
The global polyurethane elastomers market has been segmented on the basis of type, end-use industry, and region.
Based on type, the global polyurethane elastomers market has been classified as thermoset PU elastomers and thermoplastic PU elastomers.
By end-use industry, the global polyurethane elastomers market has been divided into footwear, automotive, machinery, building construction, medical, and others. Footwear is the largest revenue generator in the global polyurethane elastomers market and is likely to expand at a healthy CAGR over the forecast period to remain the leading end use segment over the forecast period. The footwear segment accounted for a strong 37% share in the global polyurethane elastomers market in 2018, followed by the automotive and machinery segments. These two segments are also likely to be highly important to the global polyurethane elastomers market over the forecast period.
Asia Pacific is the leading revenue generator in the global polyurethane elastomers market and accounted for more than 50% of the global market in 2018. Increasing spending on consumer goods, including footwear, is a major driver for the polyurethane elastomers market in Asia Pacific. The rising demand for high-performance sports footwear is likely to be a major driver for the polyurethane elastomers market revenue in Asia Pacific, as sports footwear uses a high amount of polyurethane.
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