Polyurethane Elastomers Market size is poised to reach USD 20 Billion by the end of 2035, growing at a CAGR of 3% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of polyurethane elastomers was USD 2 Billion. The reason behind the growth is impelled by the growing requirement for polyurethane elastomers in the automotive industry. Polyurethane elastomers are highly used in the automotive industry to manufacture doors, window surrounds, acoustic insulation, headrests, seats, trimming, and exterior & interior of automobiles. Furthermore, these elastomers are also used in the tires and wheels of automobiles.
The rising demand for polyurethane elastomers in mining is believed to fuel market growth. For instance, polyurethane elastomers are highly used in the mining sector such as pump impellers, mining screens, conveyors’ belts, and others. It is a highly required product in mining since it can decrease wear and tear, abrasion, and shock.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~3% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 20 Billion |
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Regional Scope |
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End Use Industry (Automotive, Building & Construction, Footwear, Machinery)
The footwear segment is estimated to hold 24% share of the global polyurethane elastomers market in the coming years owing to its numerous favorable properties of polyurethane elastomers when used as a raw material for manufacturing footwear. The composition of polyurethane elastomer is mostly utilized to create flexible high-tensile soles, suppers, and accessories. PU elastomers maintain the aesthetics of the footwear. Also, it prevents the formation of wrinkles and has excellent hydrolysis and abrasion resistance. Utilization of PU elastomers for manufacturing footwear also provides good compression.
In addition, numerous forms of footwear, including boots and shoes for sports and hiking, are made of polyurethane elastomer foams owing to their low weight and excellent dampening properties.
Type (Thermoplastic, Thermoset PU Elastomers)
The thermoset PU elastomers segment is set to garner a notable share in the near future driven by the fact that it has high elasticity compared to other polymer elastomers and it can function quite well in low-temperature with robust flexibility. Elastomers are polymers with weak crosslinks, which exhibit great elasticity at room temperature and can be widely stretched. Moreover, it is a versatile material that can take multiple forms.
Thermoset PU elastomers are highly used in the mining processes such as storage, transportation, and extraction mainly in rollers, mining screens, pump impeller wheels, and others. Furthermore, thermoset PU elastomers are also used as adhesives, mold compounds, insulation, and coatings. Hence, all these factors are anticipated to boost the market growth over the forecast period.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End Use |
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APAC Market Forecast
Polyurethane Elastomers market in Asia Pacific is predicted to account for the largest share of over 32% by the end of 2035 impelled by the increase in spending on consumer goods. For instance, more and more consumers in the region are investing in home furniture and bedding products to upgrade their living spaces which require the usage of polyurethane elastomers since they are Rubber-like materials and can be molded into practically any shape. Furthermore, these materials are also used to create hard foams that offer support and cushioning.
North American Market Statistics
The polyurethane elastomers market in North America is estimated to be the second largest, during the forecast timeframe led by the increasing construction sector. For instance, Canada is one of the wealthiest nations with one of the largest economies in the world, and the foundation of its economy is construction. As a result, the demand for polyurethane elastomers is expected to rise in the region.
Moreover, polyurethane-elastomers are suitable as forms for cement-bound materials including concrete, which is primarily utilized for sealing joints and openings in constructions. Owing to their superior bonding qualities and endurance, they are also frequently employed as sealants and adhesives in construction. According to the estimates, in 2022, the construction market in the United States was estimated to be around USD 1 trillion.
Author Credits: Smruti Ranjan, Rajrani Baghel
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