Industrial PU Elastomer Market – Global Industry Analysis by Type, Application, Region and Forecast (2023-2029)

The Industrial PU Elastomer Market is expected to grow by US$ 11.87 Billion by 2029, thanks to growth in the Type and Application segment. The report analyzes market dynamics by region and end-user industries.
Industrial PU Elastomer Market Overview:
The Industrial PU Elastomer Market was valued at US$ 7.73 Bn. in 2022, and it is expected to grow at US$ 11.87 Bn. by 2029 with a CAGR of 6.3% during the forecast period.

Polyurethane (PU) elastomers are synthetics having elastic properties manufactured by reacting polymeric materials. They are based on diisocyanates, polyols, and in some cases chain extenders. These elastomers are made by combining hard (isocyanate) and flexible (polyol) components, with different selections resulting in better polyurethane elastomers. PU elastomers are first-class materials used for coatings.To know about the Research Methodology :- Request Free Sample Report
COVID–19 Influence on Industrial PU Elastomer Market:
Unlike other industries, the medical and healthcare industry had a positive impact on the pandemic. Medical devices like thermal scanners, ventilators, diagnostic devices, and patient care items were in huge demand as the COVID-19 patients across the globe were rising. Pu elastomer is used for the production of this medical equipment. Thus, the pandemic surged the demand for PU elastomers and led to the growth of the market.

The pandemic harmed the transportation industry. As transportation mounts, suspension pads, damper springs, busing, drive belts, bunnage, bed liners, filters, wheels, tires, tire fills, rollers, and various components are all made from PU elastomers. The manufacturing and fabrication of aeronautical, automotive, and marine components had been halted in major economies like China, Germany, the US, and many others leading to a shortage of raw materials, a slowdown in logistics, and a reduction in manpower. As a result, there has been a sharp drop in consumer presence in stores and automotive sales.
Industrial PU Elastomer Market Dynamics:
With the qualities such as tear and corrosion resistance, high load-bearing capacity, chemically inert, and excellent dynamic performance, transportation is one of the main end-use industries for PU elastomers. Industrial PU elastomers are important in reducing the overall weight of transportation equipment, which improves fuel efficiency and reduces pollution emissions. Thus, the popularity of lightweight designs of the equipment used in the production of transportation components are expected to drive the demand for PU elastomers as well as the market growth during the forecast period.

Thermoplastic PU elastomer is a high-temperature operating elastomer that requires highly qualified technical expertise during its manufacturing process. Since the process is more complicated than that of other types of plastics, such as PE, PVC, natural rubbers, and conventional PU, the manufacturing of this specific elastomer involves a huge investment. Furthermore, compounding grades of polyethylene, polypropylene, acrylonitrile butadiene styrene and PU are being produced that have qualities similar to industrial PU elastomers but are less expensive. Thus, the high manufacturing cost and constantly increasing prices of its raw material are the factors expected to limit the use of industrial PU elastomer in some of the industries like automotive, transportation, aerospace, marine, and others.

Thermoplastic PU elastomer has good chemical and mechanical properties, as well as being biocompatible, all of which are essential in medical applications. Furthermore, features such as wear resistance, low temperature, oil, chemical resistance, and resilience make thermoplastic PU elastomer an excellent alternative to PVC. Plasticizers are found in PVC, which might provide a safety risk. Plasticizers contain phthalates, which can cause liver problems, cancer, and reproductive tract abnormalities in male infants. When PVC is burned, it emits hazardous compounds and causes environmental issues. Since some medical equipment is introduced into the human body for treatment purposes, safety and comfort are important considerations when selecting materials for medical devices. Catheters, medical devices, orthodontic devices, and wound care products are examples of their use in healthcare. As the demand for minimum encroaching surgery is increasing, it is also providing lucrative growth opportunities in front of industrial PU elastomer manufacturers.

Crude oil, natural gas, TDI, MDI, and polyols are the primary raw materials needed to manufacture thermoplastic PU elastomer. These petroleum-based basic materials are sensitive to price fluctuations. For PU manufacturers, the price and availability of raw materials are the most important factors in defining the cost structure of their products. The price of thermoplastic PU elastomers has been volatile due to raw material price volatility.

Adipic acid is a polyester polyol used in the production of thermoplastic PU elastomers. A significant amount of adipic acid is used in the manufacture of nylon around the world. Increased nylon demand, combined with changing lifestyles in developing nations like China and India, has resulted in an adipic acid supply imbalance. Thus, the price of PU elastomers has risen much more as a result of this imbalance. So, maintaining the economic price of the product is a challenging task for the PU elastomer manufacturers.
Industrial PU Elastomer Market Segment Analysis:
Based on Type, the Industrial PU Elastomer Market is segmented into two types as follows, Thermoplastic PU Elastomer and Thermoset PU Elastomer.

In 2022, the thermoset PU elastomer segment led the market by accounting xx% of the overall market share, owing to given the low cost and widespread availability of thermoset PU elastomers around the world, particularly in Asia Pacific. High impact strength, good resilience, high load-bearing capacity, remarkable resistance to oil and grease, and high corrosion resistance are all features of the Thermoset PU elastomer making them a suitable material for various industries like mining equipment, medical, manufacturing, transportation, building & construction, and material handling.

The thermoplastic PU elastomer segment, on the other hand, is expected to grow at a faster rate of xx% over the forecast period, thanks to its remarkable benefits in filling the gap between elastic rubber and rigid plastics.

Based on Application, the Industrial PU Elastomer Market is segmented into six types as follows, Transportation (Automotive, Marine, Aerospace), Industrial (Material Handling, Manufacturing), Mining Equipment, Construction and Building, Medical and Healthcare, and Others.

The transportation segment is expected to dominate the global market over the forecast period. Outstanding properties such as excellent resilience, high mechanical strength, heat resistance, lower shrinkage, high filler capacity, improved abrasion resistance, durability and softness, resistance to hydrolysis, high rigidity, and chemical resistance, industrial PU elastomers are expected to see increased use in the transportation industry.
Regional Insights:
In 2022, Asia Pacific was the dominant and largest market for industrial PU elastomer accounting xx% of the overall market share. The industrial sector and transportation sector are very predominant in this region thanks to the cheap labor costs, availability of raw materials, supportive government policies, and high demand for transportation equipment. Other factors like the innovation of e-vehicles, growing construction, and building activities, growing population, and rising per capita income are expected to drive the demand for the market in this region during the forecast period.
Recent Advancements:
In June 2021, to meet the growing demand for PU systems and products, Dow built an integrated MDI distillation and Prepolymers facility in Freeport, Texas. The MDI facility is expected to be operational in 2023, after which the company's PU assets at the La Porte site in the United States will be shut down.

In December 2021, BASF and Meiban cooperated to develop the Elastollan soft-touch feel thermoplastic PU series, which leads to new design possibilities.

In May 2021, Covestro and Teknor Apex, a global plastics compounder, teamed up to create a compounding industrial thermoplastic PU elastomer. The collaboration wanted to provide clients with customized items, both old and new.

In August 2021, Lanxess launched Adiprene Green, a new product of MDI polyether prepolymers made from bio-based raw materials. The characteristics of Adiprene Green are similar to those of the company's fossil-based polyether elastomers.

The objective of the report is to present a comprehensive analysis of the Industrial PU Elastomer Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Industrial PU Elastomer Market dynamics, structure by analyzing the market segments and project the Industrial PU Elastomer Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Industrial PU Elastomer Market make the report investor’s guide.
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Global Industrial PU Elastomer Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 7.73 Bn.


Forecast Period 2023 to 2029 CAGR:
6.3%
Market Size in 2029:
US $ 11.87 Bn.


 Segments Covered:
by Type
Thermoplastic PU Elastomer
Thermoset PU Elastomer


by Application
Transportation
Automotive
Marine
Aerospace
Industrial
Material Handling
Manufacturing
Mining Equipment
Construction and Building
Medical and Healthcare
Others



By Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Industrial PU Elastomer Market Key Players
1. Huntsman
2. Covestro
3. Era Polymers
4. Mitsui Chemicals
5. Notedome
6. Lanxess
7. The Lubrizol Corporation
8. Wanhua Chemical Company
9. BASF SE
10. Inoac Corporation
11. Headway Group
12. Chemtura Corporation
13. Trelleborg
14. Tosoh
15. Others
Frequently Asked Questions:
1. What is the forecast period considered for the Industrial PU Elastomer market report?
Ans. The forecast period for the Industrial PU Elastomer market is 2023-2029.

2. Which key factors are hindering the growth of the Industrial PU Elastomer market?
Ans. The high manufacturing cost and increasing raw materials prices are the key factors expected to hinder the growth of the Industrial PU Elastomer market during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Industrial PU Elastomer market for the next 6 years?
Ans. The Industrial PU Elastomer Market is expected to grow at a CAGR of 6.3% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Industrial PU Elastomer market?
Ans. The popularity of lightweight designs of the equipment used in the production of transportation components is expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered for the Industrial PU Elastomer market report?
Ans. Huntsman, Covestro, Era Polymers, Mitsui Chemicals, Notedome, Lanxess, The Lubrizol Corporation, Wanhua Chemical Company, BASF SE, Inoac Corporation, Headway Group, Chemtura Corporation, Trelleborg, Tosoh, and Others.