Industrial PU Elastomer Market by Type (Thermoset PU Elastomer, and Thermoplastic PU Elastomer), End Use (Automotive & Transportation, Industrial, Medical, Building and Construction, Footwear, Others) Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 8 billion mark in 2022 and is expected to hit US$ 13 billion by 2030, recording a CAGR of 6.0% during the forecast period.

Increasing demand for lightweight materials. 

The industrial PU elastomers market is expected to grow at a significant rate during the forecast period owing to its demand from various industries, such as automotive, aerospace, and marine. PU elastomers are highly preferred in automotive & transportation is one of due to its properties such as tear and abrasion resistance, high load-bearing capacity, chemical resistance, and superior dynamic performance. Industrial PU elastomers play a vital role in reducing the overall weight of transportation equipment. Light weight equipment used in the manufacturing of transportation mediums, such as automobiles and aircraft, helps to reduce emissions, increase energy efficiency, and reduce fuel consumption. Thus, the advanced materials such as thermoplastic elastomer, and thermoset elastomers fulfills the criteria of lightweight and henceforth is used in many end use industries.

Within the report, the market is segmented into type, end use, and geography. Based on type, the market id bifurcated into thermoset PU elastomer, and thermoplastic PU elastomer. By end use, the market is further segmented into automotive & transportation, industrial, medical, building and construction, footwear, others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Expansion of End Use Industry.

The global market for industrial PU elastomers is undergoing strong growth due to the rising demand from automotive & transportation, medical, building and construction, etc. The expansion of these industries due to rising population and urbanization is expected to drive the market over the next few years. Polyurethane elastomers consist of characteristics of rubber and belongs to polyurethane group. Polyurethane elastomers are formed by combining isocyanate and polyol. Isocyanate is hard in nature and polyol has elastic properties which makes the elastomer superior in quality. Polyurethane elastomers are highly used in footwear industry to produce high tensile and flexible products. This, in turn, is driving the market.

APAC is the largest industrial PU elastomers market in the forecast period.

The industrial PU elastomers market in APAC is segmented into China, India, Japan, South Korea, and the Rest of APAC. The region is dominating as well as the fastest growing in the market, driven by high economic growth and huge investments in the automotive, and other manufacturing industries. The largest producers of polyurethane elastomers are in Asia-Pacific. Some of the leading producers of polyurethane elastomers are Tosoh Corporation, INOAC CORPORATION, Huntsman Corp, Mitsui Chemicals.Inc, Wanhua Chemical Group Co.Ltd. China dominates in the automotive industry. The demand for industrial PU elastomers from manufacturing industry, is driving the market in the region.

Recent strategic developments in industrial PU elastomers market

The industrial PU elastomers market has undergone several significant developments, and a few of these have been mentioned below:

• In June 2021, Dow established an integrated MDI distillation and Prepolymers facility in Freeport, Texas, to meet the increasing demand for PU systems and product.
• In January 2021, Lanxess developed a new Adiprene polyurethane elastomer. The 95 Shore A hardness elastomer gives low heat build-up in rollers that move quickly and are highly stressed.

The industrial PU elastomers market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF, Dow, Huntsman, Covestro, and Lanxess are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Industrial PU elastomers related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• Application industry of industrial PU elastomers industry
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Type
  • Thermoset PU Elastomer
  • Thermoplastic PU Elastomer
• End Use:
  • Automotive & Transportation
  • Industrial
  • Medical
  • Building and Construction
  • Footwear
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • BASF
  • Dow
  • Huntsman
  • Covestro
  • Lanxess