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Polyurethane Elastomers Market Analysis

Report ID: GMI3899
Published Date: Aug 2023
Report Format: PDF

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Polyurethane Elastomers Market Analysis

Polyurethane Elastomers Market Size, By Type, 2021 - 2032 (USD Billion)

Based on type, the polyurethane elastomers market is segmented as thermoplastic polyurethane, castable polyurethane, polyether-based polyurethane, polyester-based polyurethane, thermoset, others. Thermoplastic Polyurethane held a majority market value of USD 5.1 billion in 2022. These elastomers are known for their excellent abrasion resistance, making them suitable for applications in industries such as mining, construction, and automotive where wear and tear are common.

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Based on processing method, the polyurethane elastomers market is segmented as injection molding, extrusion, blow and compression molding. Injection Molding held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace till 2032. Injection molding allows for the production of intricate and precise components, making it suitable for applications in the automotive, electronics, and medical industries.

Based on application, the polyurethane elastomers market is segmented as lubricants, tires, conveyor belts, fibers, industrial tools, adhesives, others. Lubricants held a dominant market share in 2022 and is anticipated to grow at 5.3% CAGR through 2032. Lubricant manufacturers seek materials that can be customized for specific performance requirements, driving the demand for polyurethane elastomers.

Based on end-use, the polyurethane elastomers market is segmented as footwear, automotive, industrial machinery, medical devices, consumer goods, construction, textiles and apparel, others. Automotive held a dominant market share in 2022 and is anticipated to grow significantly up to 2032. Polyurethane elastomers offer excellent wear and abrasion resistance, making them suitable for automotive components like suspension bushings, engine mounts, and steering components.

U.S. Polyurethane Elastomers Market Size, 2021- 2032 (USD Billion)

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U.S. dominated the North American region with majority market share and a revenue of USD 3.7 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The push for improved fuel efficiency drives the adoption of lightweight materials, including polyurethane elastomers, in automotive components to reduce vehicle weight.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of polyurethane elastomers was worth 19.14 billion in 2023 and will reach USD 30.98 billion by 2032 due to the widespread product usage in applications where materials are subjected to abrasion, impact, and mechanical stress.

Polyurethane elastomers market from the thermoplastic polyurethane segment was valued at USD 5.1 billion in 2022 and will witness significant CAGR from 2023-2032 on account of the excellent abrasion resistance of thermoplastic polyurethane.

The injection molding segment held 40% of the polyurethane elastomer industry share in 2022 and is expected to garner significant CAGR from 2023-2032 owing to the widespread applications in the automotive, electronics, and medical industries.

Covestro AG, BASF SE, Dow Inc., Huntsman Corporation, The Lubrizol Corporation, Wanhua Chemical Group Co., Ltd., Mitsui Chemicals, Inc., LANXESS AG, Chemtura Corporation, and Era Polymers Pty Ltd, are some of the major polyurethane elastomer companies worldwide.