Growing Demand for Polyurethane Elastomer by Automotive Segment set to propel the growth of the Global Polyurethane Elastomer Market

Pune, India, October 11, 2017, /MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Polyurethane Elastomer Market

Market Overview:

Polyurethane is a polymeric material synthesized by joining number of organic units by urethane linkage. Polyurethane Elastomer is a synthetic rubber based on polymers. The Polyurethane Elastomers are either thermoset based or thermoplastic based, wherein majority of the Polyurethane Elastomers in the market are based on thermosetting polymers. The product have various advantages such as high durability, impact resistance, soft touch, and clarity. The major applications of polyurethane elastomer can be found in the manufacturing of number of products such as high resilience foam and insulation panels, gaskets and foam seals, wheels of roller coaster, elevator, shopping carts, automotive suspension bushings, surface coatings, sealants, and hoses. The major end users of Polyurethane Elastomer are automotive industry, building & construction industry, and footwear making industry. Infrastructural expansion is widely undertaken by both the developing and developed countries, which is poised to witness maximum demand for Polyurethane Elastomer in the construction industry. The developing counties namely India, Indonesia, and Myanmar are heavily depending upon their rubber making industries for employment generation, which is one of the major drivers of the regional polyurethane elastomer market. In the Global Elastomer Market, polyurethane elastomer holds a significant share. The demand for Polyurethane Elastomer Market is estimated to grow at a CAGR of ~5% to reach about USD 95 billion by the end of 2023.

Competitive Analysis:

Key players in the Global Polyurethane Elastomer Market are BASF SE (Germany), Bayer Materialscience (Germany), Bsw Gmbh (Germany), The Dow Chemical Company (U.S.), DuPont (U.S.), Lyondellbasell Industries N.V. (Netherlands), 3M (U.S.), KINGFA SCI. &TECH. CO., LTD. (China), Accella Polyurethane Systems (U.S.), and P+S Polyurethan-Elastomere GmbH & Co. KG (Germany), among others.

Market Segmentation:

The Global Polyurethane Elastomer Market is segmented on the basis of product type, end-use industries, and region. On the basis of product type, the market is divided into Thermoplastic Elastomer (TPE), and thermosetting elastomer (TSE). The Polyurethane Elastomers available in the market are majorly based on TSE due to its vast applications in building and construction industry, and footwear industry. On the other hand, Thermoplastic-Based Polyurethane Elastomers are commercially suitable for a small range of application.

On the basis of end-user, the market is divided into automobile, building & construction, footwear making, electrical & electronics, and others. Among these, the automobile industry is projected to consume a major share of the total demand for Polyurethane Elastomer. Automotive industry accounts for over 30% share of the total demand for Polyurethane Elastomer. Increasing standard of living in developing countries of Asia Pacific and Latin America is responsible for incentivizing to spend on luxury, which is driving the demand for automotive products in this region. Furthermore, the building & construction industry spread all over the world is steadily driving the demand for Polyurethane Elastomer. The developing countries in Asia Pacific and Latin America are rapidly undertaking the infrastructural projects and it is estimated to propel the growth of the Global Polyurethane Elastomer Market. Owing to the durability and flexibility of the Polyurethane Elastomer, it is the most preferred material in the making of footwear. The footwear making industry is expected to witness a rise due to high demand for light weight and durable sports shoes, which is anticipated to continue over the forecast period. Moreover, the removal of restriction over the use of polyurethane in medical equipment and edible food coating by the U.S. Foods and Drugs Administration (FDA) has opened the doors for this material in healthcare and food industry.

Regional Analysis:

The Global Polyurethane Elastomer is divided into Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America. Asia Pacific, North America and Europe are the leading markets. Among them, Asia Pacific holds the major share in terms of market size. It accounts for over 48% share of the Global Polyurethane Elastomer Market. China and India are the leaders in the regional market owing to increasing construction activities and reviving footwear making industry in these countries. North America is a significant region in the Global Polyurethane Elastomer Market after Asia Pacific. Reconstruction projects undertaken by countries namely the U.S. and Canada will boost the growth of the regional Polyurethane Elastomer Market. Additionally, the aircraft industry in the U.S also fuels the demand for the Polyurethane Elastomer. Europe is a substantial region in the Global Polyurethane Elastomer Market. Demand of Polyurethane Elastomer in automobile industry for making the interior of luxury cars is propelling the growth of regional Polyurethane Elastomer Market. The countries namely Germany, Italy, and France are the major contributors due to the established automobile industry. Other regions in the Global Polyurethane Elastomer Market are the Middle East & Africa and Latin America, wherein the Middle East & Africa is comparatively growing at higher pace. The vast investment potential and availability of raw material is estimated to push the growth of the market in this region. Latin America is expected to join the hand with the leading regions in coming years.

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