Segmentation Analysis:
The Polyurethane Elastomers Market is segmented by Type, End-Use and Region. By Type, PU elastomers are segmented into thermosetting elastomer (TSE) and thermoplastic elastomer (TPE). The TSE segment is touted to generate higher revenue than its counterpart due to its higher resistance and load-bearing capacity. Demand for lighter components derived from sustainable materials is anticipated to bode well for the segment.
End-Use sectors in the market include electrical & electronics, building & construction, footwear making, automotive, and others. The footwear making application segment is expected to induce demand due to a large consumer base. In addition, comfortable shoes produced in an ergonomic fashion coupled with its various designs is ensured to bode well for the PU Elastomers Market.
The automotive sector can also contribute to overall market demand due to high use of elastomers in the production of suspension bushings, wheels, and other automotive parts. Stringent policies and regulations are anticipated to bode well for the market as PU acts as a replacement for metal. For instance, the Dow Chemical Company produces PU elastomers devoid of mercury for automotive applications.
Competition Outlook:
Reputed market players include The Dow Chemical Company, Covestro AG, The 3M Company, BSW GmbH, and BASF SE. Brand engagement, product development, and mergers and acquisitions are strategies being implemented by these players to increase their market share.
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Industry Overview:
The Global Polyurethane Elastomers Market demand is anticipated to grow at a CAGR close to 5% from 2017 to 2023 (forecast period), according to a new report by Market Research Future (MRFR). Polyurethane (PU) elastomers are plastics with the capability of handling solvents, abrasions, and high loads. Benefits of using PU elastomers are elasticity, clarity, high impact resistance, and durability.
Drivers and Restraints:
Advantages of PU elastomers is anticipated to induce demand from its various end-users. Rise of infrastructural projects globally is anticipated to propel demand for rigid foams, which in turn can drive the Polyurethane Elastomers Market. Demand for products with a long shelf life and superior performance by consumers can influence market volume over the forecast period. Renewable elastomers and volatile prices of raw materials are factors which can pose a challenge to market growth.
Industry News:
Digital technologies are being integrated to alleviate pressure in the production line. For instance, Covestro AG uses software to determine the success of varied formulas. It has created software for its clients to gauge processing conditions according to changing weather conditions.
UW Elast, a German firm, relies on computer-aided design (CAD) to streamline the entire production process. Various tests are designed to test elasticity, hardness, and resistance properties.
Regional Analysis:
Geographically, the Polyurethane Elastomers Market report spans across five regions, namely Europe, North America, Latin America, Middle East & Africa (MEA), and Asia Pacific (APAC).
The APAC market is anticipated to grow at a rapid pace over the forecast period owing to being a major hub of synthetic rubber. Various infrastructural projects and revival of the domestic footwear sector are factors which can create opportunities for the market. The booming automotive sector is also expected to play a major role in the market in the coming years. China and India are expected to contribute to regional revenues owing to growing industries within these nations. Large population, huge economic growth rate, and low manufacturing costs make these countries suitable for expansion.
North America is the second largest market after APAC due to various reconstruction projects in the region. High disposable income levels of consumers and living standards are factors expected to present lucrative opportunities for the market in the coming years.
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