The polyurethane elastomers market was valued USD 13 billion in 2018 and is likely to expand at a 6% CAGR between 2020-2027, reveals the new Market Research Future (MRFR) report. Polyurethane elastomers, simply put, are synthetic rubbers based on polymers. They are either thermoplastic based or thermoset based. Owing to its excellent properties like chemical resistance, huge variety, aging resistance, durability, flexibility, weathering ozone resistance, and heat resistance, it has wide applications in building and construction, footwear, and automotive and transportation industries.
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Numerous factors are adding to the polyurethane elastomers market demand. Such factors, as revealed by the latest MRFR report, include high demand in the footwear industry, the resurgence of the footwear industry worldwide, increasing active lifestyle and fitness consciousness, demand for lighter vehicles, and increasing awareness about fuel efficiency.
On the contrary, fluctuations in crude oil prices and hazardous impact on the environment human health are factors that may limit the polyurethane elastomers market growth over the forecast period.
The Market Research Future Report provides an inclusive segmental analysis of the polyurethane elastomers market based on end use and product type.
By product type, the polyurethane elastomers market is segmented into thermosetting elastomer (TSE) and thermoplastic elastomer (TPE). Of these, the thermosetting elastomer will lead the market over the forecast period for its wide applications in footwear and building construction industry.
By end user, the polyurethane elastomers market is segmented into electrical and electronics, footwear making, building and construction, automobile, and others. Of these, the automobile industry will dominate the market over the forecast period for its increasing use to manufacture automotive suspension bushings, wheels, and other automotive products.
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By region, the global polyurethane elastomers market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. Factors adding to the growth of the polyurethane elastomers market in the region include increased expenditure on footwear and consumer goods for an increase in consumers' per capita expenditure and burgeoning demand for high-performance sports footwear, especially in developing economies. China is a key contributor in the region as it is the largest country-level polyurethane elastomers market, along with being the largest footwear producer worldwide. Besides, the rapidly growing construction and automotive industries are also adding market growth. The automotive industry in Thailand, South Korea, Japan, China, and India are likely to be the key consumers of polyurethane elastomers in the region in the upcoming years.
The polyurethane elastomers market in Europe is likely to hold the second-largest share during the forecast period. Factors adding to the growth of the polyurethane elastomers market in the region include growing demand from the automotive industry, stringent environmental regulations regarding emissions from cars, and reshoring of the footwear production industry in Central and Western Europe.
The polyurethane elastomers market in North America is predicted to have healthy growth over the forecast period for the growth in reconstruction activities.
The polyurethane elastomers market in the MEA is likely to have steady growth over the forecast period for the region’s expanding automotive sector.
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Leading players profiled in the global polyurethane elastomers market report include P+S Polyurethan-Elastomere GmbH Co. KG (Germany), Accella Polyurethane Systems (U.S.), KINGFA SCI. TECH. CO., LTD. (China), 3M (U.S.), Lyondellbasell Industries N.V. (Netherlands), DuPont (U.S.), The Dow Chemical Company (U.S.), Bsw Gmbh (Germany), Bayer MaterialScience (Germany), and BASF SE (Germany). Industry players have incorporated strategies such as mergers, collaborations, acquisitions, product development, and partnerships to create a niche in the market.
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