Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSSeptember 16, 2020: BASF SE announced that it has expanded the application range of Ultrasim, which is a computer aided engineering (CAE) simulation tool, aimed to support the manufacturing process of thermoplastic elastomers.
May 28, 2019: Dow Inc. announced that it has partnered with Univar Inc. for the distribution of its broad portfolio range of polyurethane products in North America.
Polyurethane (PU) is a type of polymer which is formed in reaction with polyol (-OH) and isocyanate (R-N=C=O). Polyurethane elastomers are a part of the polyurethane group and are formed by combining hard part of isocyanate and elastic part of polyol. The raw materials that are used in the production of polyurethane elastomers can be divided into four parts as mentioned below:
The global polyurethane elastomers market is thriving on the back of the growing applications of polyurethane elastomers across the end user industries, backed by the favorable properties offered by the elastomer, such as enhanced flexibility, durability, load strength, toughness, chemical and abrasion resistance amongst others. According to the trade statistics of the International Trade Centre (ITC), the exports of polyurethanes increased from USD 55.70 billion in the year 2010 to USD 77.46 billion in the year 2018.
Owing to such factors, the global polyurethane elastomers market is anticipated to grow with a notable CAGR during the forecast period, i.e., 2021-2029. The market is segmented by end use industry into automotive, building & construction, footwear, machinery and others. Among these segments, the footwear segment is anticipated to hold the largest market share during the forecast period on account of the numerous favorable properties of polyurethane elastomers when used as a raw material for manufacturing footwear. PU elastomers maintains the aesthetics of the footwear. Also, it prevents the formation of wrinkles, and have excellent hydrolysis and abrasion resistance. Utilization of PU elastomers for manufacturing footwear also provides good compression. Such factors are anticipated to drive the growth of the footwear segment in the global polyurethane elastomers market during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
In the recent years, with the advancements in chemical sciences, the demand for advanced chemicals, which have numerous favorable properties over conventional chemicals, has grown manifold. Amongst many such favorable advanced chemicals, the demand for polyurethane elastomers over the years has also observed significant growth. This growth can be attributed to the excellent properties of polyurethane elastomers, such as aging resistance, chemical resistance, greater flexibility, weathering & ozone resistance, durability, heat resistance and others. Owing to such superior properties of polyurethane elastomers over standard elastomers, manufacturers in the end user industries are increasingly preferring for such advanced chemicals, which is anticipated to drive the market growth during the forecast period.
Thermoset PU elastomers form a major share of the polyurethane elastomers and are used widely across end user industries owing to their properties of heat resistance and high structural integrity. These elastomers can be formulated from soft and malleable to tough and hard, and hence numerous formulas and combinations can be created for these types of elastomers. Moreover, these elastomers have more load-bearing capacity at a given hardness, are resistant to abrasion and impact, have wide resilience range, are suitable for high-flex applications, are flexible at low temperatures and are even stable up to 120˚C (248˚F). Owing to such factors, they are used in specific applications, such as footwear, automotive & transportation and building & construction.
To give shape to end use products manufactured from polyurethane elastomers, hot wire cutting method is used. During this process, vapors from the hot wire cutting can be irritating and hence in acute conditions, results in coughing. The emitted vapor is also known to contain trace amounts of toluene diisocyanate (TDI) or diphenylmethane diisocyanate (MDI), which is harmful for the human health. In chronic conditions, studies showed that inhalation or overexposure to dusts may cause inflammation of the lungs, fibrosis and airway obstruction. Such factors are anticipated to hamper the growth of the global polyurethane elastomers market.
Our in-depth analysis of the global polyurethane elastomers market includes the following segments:
On the basis of regional analysis, the global polyurethane elastomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Among these regions, the market in Asia Pacific is anticipated to hold the largest market share on account of the increase in spending on consumer goods, coupled with the growing demand for high-performance sports footwear in the region. Moreover, with the presence of nations such as China, which is known to be the leading exporter of footwear in the world, the demand for polyurethane elastomers amongst the footwear manufacturers in the region is significantly high, which is anticipated to drive the market growth. In other statistics by the International Trade Centre (ITC), China registered the leading exporter of footwear globally by registering a value of USD 478.04 billion in the year 2019 from a value of USD 356.33 billion in the year 2010.
The global polyurethane elastomers market is further classified on the basis of regions as follows:
FREQUENTLY ASKED QUESTIONS
Growing demand for polyurethane elastomers over conventional elastomers from end user industries is one of the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
The major players in the market are BASF SE, Dow Inc., Tosoh Corporation, Argonics, Inc., LANXESS, Herikon, Huntsman International LLC, Trelleborg, The Lubrizol Corporation and Covestro AG.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The polyurethane elastomer market is majorly segmented by type, end use industry and by region.
The footwear segment, which is a sub-segment of the end use industry segment, is anticipated to hold the largest market share during the forecast period.
Concerns for the health hazards associated with the manufacturing of polyurethane elastomers is one of the major factors estimated to act as barriers to the growth of the market.
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