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Global Polyurethane Elastomers Market Comprehensive Study: Forecasted Market Size And Growth Rate | BASF SE, Dow Inc., Lyondellbasell, Saint-Gobain Performance Plastics Corporation, 3M
Polyurethane Elastomers Market Characteristics
The Business Research Company offers in-depth market insights through Polyurethane Elastomers Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The polyurethane elastomers market size has grown strongly in recent years. It will grow from $18.34 billion in 2023 to $19.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrial growth and manufacturing expansion, automotive sector expansion, versatility in applications, increasing construction activities, consumer goods manufacturing.
The polyurethane elastomers market size is expected to see strong growth in the next few years. It will grow to $24.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to continued industrialization in developing regions, evolving automotive industry requirements, rising construction and infrastructure development, expansion of electronics and consumer goods markets, rise in demand for customized solutions. Major trends in the forecast period include advancements in formulations and technologies, technological advancements in production, growing applications in medical device, increased usage in construction and infrastructure, advancements in processing technologies.
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Market Segmentation:
The main types of polyurethane elastomers are thermoplastic elastomers and thermosetting elastomers. A thermoplastic elastomer is a material that combines the characteristics of both thermoplastics and elastomers, exhibiting elasticity and flexibility when heated and solidifying into a rigid form upon cooling. It is processed with various methods, such as injection molding, extrusion, blow molding, and compression molding, and used in various applications, such as automotive, construction, packaging industry, furniture and interiors, electronics and appliances, and others.
Major Driver - Polyurethane Elastomers Market Set For Growth Driven By Surging Automotive Industry Demand
The rising automotive industry is expected to propel the growth of the polyurethane elastomers market going forward. The automotive industry refers to the collection of companies, organizations, and activities involved in the design, development, production, marketing, and sale of motor vehicles. Polyurethane elastomers used in the automotive industry for to provide a versatile solution, offering a balance of flexibility, resilience, and chemical resistance, enhancing the performance and longevity of components. For instance, in December 2023, according to MarkLines Co. Ltd., a US-based provider of online information services to the automotive industry, US new vehicle sales of 1,242,376 units for November 2023 represented an increase of 2.6% from October 2023 and an increase of 8.8% from November 2022. Therefore, the rising automotive industry is driving the growth of the polyurethane elastomers market.
Competitive Landscape:
Major companies operating in the polyurethane elastomers market report are BASF SE, Dow Inc., Lyondellbasell, Saint-Gobain Performance Plastics Corporation, 3M, Wanhua Chemical Group Co. Ltd., Covestro AG, Mitsui Chemicals Inc., DuPont, LANXESS AG, Huntsman Corporation, Tosoh Corporation, The Lubrizol Corporation, Polyone Corporation (Avient Corporation), Trelleborg AB, Stepan Company, Carpenter Technology Corporation, Rogers Corporation, INOAC CORPORATION, The Vita Group, Kingfa Science And Technology, Rogers Foam Corporation, RECKLI, Polytek Development Corp., Argonics Inc., Bayer Materialscience LLC, Renosol Corporation, Marchem, VCM Polyurethanes Pvt. Ltd., Cellular Mouldings Ltd.
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Top Trend - Innovative Polyurea-Based Elastomer Systems Unveiled by Pearl Polyurethane Systems LLC
Major companies operating in the polyurethane elastomers market are developing product innovations, such as polyurea-based elastomer systems, to enhance performance and meet diverse industrial demands. Polyurea-based elastomer systems are coatings or linings that form durable, flexible, and protective layers with applications in the construction, automotive, and marine industries. For instance, in March 2023, Pearl Polyurethane Systems LLC, a UAE-based provider of customized solutions for polyurethane applications, launched the polyurea-based DuraPearl Elastomer System. This system is integrated mainly by spray coating contractors on waterproofing, joint sealant, truck bed liner, pipeline, and floor coating projects. Polyurea-based spray solutions such as DuraPearl also offer the benefit of being up to six times faster to cure than epoxy alternatives, meaning improved productivity and faster throughput for spray coating operators. Additionally, this is an innovative and durable solution for demanding spray coating applications, offering a balance of performance, sustainability, and ease of application.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Polyurethane Elastomers Market Characteristics
3. Polyurethane Elastomers Market Trends And Strategies
4. Polyurethane Elastomers Market - Macro Economic Scenario
5. Polyurethane Elastomers Market Size And Growth
…..
27. Polyurethane Elastomers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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