It’s being expected that by 2029, the Industrial PU Elastomer market cap will hit USD 12.55 billion at a CAGR growth of about 6.3%.
Polyurethane is a versatile polymer that may be utilised to make a variety of Polyurethane (PU) elastomers. Polyurethane, a strong, durable alternative to rubber, plastic, and, in many situations, metal, offers extra performance benefits for more demanding applications, resulting in consistent, stable outcomes. Polyurethane elastomers are made by combining rigid (isocyanate) and flexible (polyol) components in various combinations, with certain combinations creating better polyurethane elastomers. PU elastomer coatings are high-quality materials.
In the transportation business, there is a growing demand for highly efficient and lightweight materials, as well as strict emission standards imposed by various governments. Furthermore, elastomers are preferred by automobile manufacturers throughout the world over traditional metals because they improve vehicle economy by lowering fuel consumption, carbon emissions, and engine size. The rising demand for conventional and metal material replacement in end-use industries such as manufacturing, medical, mining equipment, automotive, building & construction, material handling, as well as, electronics is expected to benefit the industrial PU elastomer market.
Nonetheless, the target industry is projected to benefit from the developing market for industrial PU elastomers, which would provide attractive growth prospects. Major companies in the worldwide business, including as BASF, Dow, Huntsman, Covestro, and Era Polymers, are concentrating on developing strategies to gain a competitive advantage in the near future. Major actions taken by the leading players in the global industrial PU elastomer market include mergers and acquisitions, product launches, and facility expansion. For example, BASF and Meiban cooperated in 2020 to introduced the Elastollan soft touch feel thermoplastic PU series, which opens up new design options.
Industrial Pu Elastomer Market Scope
|Revenue forecast in 2029
|USD 12.55 billion
|CAGR of 6.3% during 2019-2029
|By Type, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|BASF, Dow, Huntsman, Covestro, Era Polymers, Notedome, Mitsui Chemicals, Lanxess, The Lubrizol Corporation, and Wanhua
Type Overview (USD Billion)
- Thermoset PU Elastomer
- Thermoplastic PU Elastomer
End-use Industry Overview (USD Billion)
- Mining Equipment
- Building & Construction
Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Industrial PU Elastomer market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Industrial PU Elastomer market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Industrial PU Elastomer industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Industrial PU Elastomer market. The report will benefit every stakeholder involved in the Industrial PU Elastomer market.
- Managers within the Industrial PU Elastomer industry looking to publish recent and forecasted statistics about the global Industrial PU Elastomer market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Industrial PU Elastomer market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The worldwide industry is competitive, with the sector's top regional competitors. BASF, Dow, Huntsman, Covestro, Era Polymers, Notedome, Mitsui Chemicals, Lanxess, The Lubrizol Corporation, and Wanhua are all major participants in the worldwide sector. Reputable companies are currently offering new industrial PU elastomer solutions. Furthermore, in order to remain competitive on the worldwide market, both well-known and new firms approach the sector using complex and distinctive approaches.
Growing application in various industries such as aerospace, automotive, and marine, demand for industrial PU elastomers is predicted to grow at a substantial rate over the forecast period. Manufacturers of thermoplastic PU elastomers have a lot of room to develop in the medical business. Catheters, medical devices, orthodontic items, and wound care products are just a few examples of where it's utilised in medicine. Industrial PU elastomers' high manufacturing costs have limited its use on a broad scale, primarily in high-end applications. This is likely to stifle the target industry's growth in the near future.
In terms of value, Asia Pacific held the largest share of the industrial PU elastomer market over other regions. The transportation and industrial sectors are extremely significant in this region due to the quantity of raw materials and low labour costs, as well as the great demand for transportation equipment. Industrial and mining industries are expected to grow in importance, particularly in Southeast Asian nations, driving demand for industrial PU elastomers.
On the basis of type, the global industrial pu elastomers market is split into two categories: thermoset PU elastomer and thermoplastic PU elastomer. Among these two varieties, the thermoset PU elastomer has the largest market share in the global industrial PU elastomer market. Thermoset PU elastomer is a type of elastomer with exceptional features such as strong resilience, remarkable grease and oil resistance, high impact strength, high load-bearing capacity, and so on. Huge investment in various projects by governments and the business sector throughout the world is a significant element driving up demand for thermoset PU elastomer. This is major factor boosting growth and demand for the segment.
In 2020, Asia Pacific will be one of the most important markets for Industrial PU Elastomer. Throughout the forecast period, the Asia Pacific region is likely to experience a significant increase in industrial PU elastomer, particularly in growing nations like India and China. Increased demand for PU elastomers in the transportation and construction sectors in Asia Pacific countries is credited with the industry's rise. Furthermore, APAC has been the largest user of industrial PU elastomers due to favorable government laws and natural resource availability. Due to the replacement of traditional materials with industrial PU elastomers in different sectors throughout the region, the North American industrial PU elastomer market is expected to hold a considerable market share. Furthermore, throughout the projection period, markets in Latin America, the Middle East, and Africa are likely to grow at a moderate rate.
Due to the presence of several small and medium-sized manufacturers, the worldwide industrial PU elastomer market is fragmented, while at the regional level most major companies in Europe and Asia Pacific are consolidated. The key players of the BASF, Dow, Huntsman, Covestro, Era Polymers, Notedome, Mitsui Chemicals, Lanxess, The Lubrizol Corporation, and Wanhua. Furthermore, the industry is approached by both previously known and new companies using sophisticated and innovative methods to remain competitive on the world market.