Polyurethane Elastomers Market Worth 16.63 Billion USD by 2022
PUNE, India, March 19, 2018 /PRNewswire/ --
The report "Polyurethane Elastomers Market by Type (Thermoset Polyurethane Elastomers and TPU Elastomers), Application (Footwear, Automotive & Transportation, Industrial Machinery, Building & Construction), and Region - Global Forecast to 2022" published by MarketsandMarketstm, the global PU elastomers market is estimated to grow from USD 12.47 Billion in 2017 to USD 16.63 Billion by 2022, at a CAGR of 5.9% from 2017 to 2022. Globally, people are opting for products that deliver outstanding performance and have a long life. PU elastomers are used as a replacement for standard elastomers, metals, and rubbers because of their unique set of properties such as heat resistance, weathering resistance, ozone resistance, chemical resistance, oil & gas resistance, aging resistance, flexibility, durability, and huge variety. These factors ultimately increase the demand for PU elastomers globally.
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Footwear application is estimated to lead the PU elastomers market during the forecast period.
PU elastomers are majorly used in footwear application for the perfect combination of ergonomics, microclimate, and sensation to deliver the most comfortable experience to consumers. High abrasion resistance, light weight, and excellent long-term mechanical properties are preferable for hardwearing shoe soles in footwear applications. In addition, the growth in demand for PU elastomers is in response to their physical properties, such as enhanced resiliency, high mechanical strength, heat resistance, lower shrinkage, high filler capacity, improved abrasion resistance, durability, softness, resistance to hydrolysis, high rigidity, and resistance to chemicals. The low-density compact PU elastomers are used especially for mid-soles and outer soles.
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Thermoset PU elastomers segment is expected to lead the PU elastomers market during the forecast period.
Thermoset polyurethane elastomers have a higher structural integrity and heat resistance as compared to TPU. Thermoset polyurethane elastomers are renowned for their high impact strength, high resilience, greater load bearing capacity, excellent resistance to oil and grease, and high abrasion resistance. Owing to these properties, they provide the opportunity to be used as per the requirement of specific applications such as automotive & transportation, footwear, and building & construction.
APAC is the largest and the fastest-growing market for PU elastomers.
APAC is estimated to be the largest and fastest-growing market for PU elastomers. China is estimated to be the largest market for PU elastomers, whereas, India is estimated to be the fastest-growing market for PU elastomers in the APAC region. Low manufacturing costs, high economic growth rate, and large population with growing middle-class lifestyles are the major factors that have led to the growth of the PU elastomers market in this region. Owing to these, the demand for PU elastomers from the footwear and automotive & transportation applications is expected to grow in this region.
Major players in the global Polyurethane Elastomers Market are BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals, (Japan), Chemtura Corporation (US), Lubrizol Corporation (US), P+S Polyurethan-Elastomere (Germany), Tosoh (Japan), and Wanhua Chemical (China).
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