Press release
Polyurethane Elastomers Market Size, Share, Trends, Opportunities And Forecast 2033
Polyurethane Elastomers Market
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.
Market Overview -
Polyurethane elastomers refers to a synthetic materials with elastomeric properties that are based on diisocyanates, polyols, and in some cases, chain extenders. They are a type of elastic polymer that can be stretched and when released, it will rebound to its original dimension and shape. This can be strong, stiff, flexible, tough, resilient, durable, and long-lasting. They are used in various applications, such as mining screens, pump impellers, conveyor belts, rollers, and wheels.
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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.
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.
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Key Segments -
The polyurethane elastomers market covered in this report is segmented -
1) By Type: Thermoplastic Elastomers, Thermosetting Elastomers
2) By Processing: Injection Molding, Extrusion, Blow and Compression Molding
3) By Application: Automotive, Construction, Packaging Industry, Furniture And Interiors, Electronics And Appliances, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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