Polyurethane Elastomers Market Set For Growth Driven By Surging Automotive Industry Demand: Powering Innovation and Expansion in the Polyurethane Elastomers Market by 2025

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What Is the Expected CAGR for the Polyurethane Elastomers Market Through 2025?
The market for polyurethane elastomers has experienced robust growth in recent times. The market, which stood at $19.56 billion in 2024, is projected to rise to $20.78 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The historic growth of the market can be credited to an expansion in the industrial and manufacturing sectors, growth in the automotive industry, diverse applications, a rise in construction initiatives, and an increase in the production of consumer goods.

What's the Projected Size of the Global Polyurethane Elastomers Market by 2029?
The market size of polyurethane elastomers is forecasted to witness robust growth in the upcoming years, escalating to $25.61 billion in 2029 with a compound annual growth rate (CAGR) of 5.4%. The predicted growth during the forecast period is attributed to the ongoing industrialization in the developing regions, changes in the automobile industry, increasing construction and infrastructure projects, the expansion of electronics and consumer goods sectors, and the surge in demand for tailor-made solutions. The forecast period also presents major trends including advancements in formulation and technology, progress in production technology, expansion in medical device application, increased contribution to construction and infrastructure, and breakthroughs in processing technologies.

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Top Growth Drivers in the Polyurethane Elastomers Industry: What's Accelerating the Market?
The upward trend in the automotive sector is foreseen to drive the expansion of the market for polyurethane elastomers. The term automotive industry implies a collaboration of firms, agencies, and operations engaged in forming, developing, manufacturing, promoting, and selling motor vehicles. Polyurethane elastomers are utilized in the automotive sector to provide a multifaceted solution that combines flexibility, resiliency, and resistance to chemicals. This enhances the longevity and performance of components. For example, MarkLines Co. Ltd., a US-based online information service provider for the automotive industry, reported in December 2023 that new vehicle sales in the US were 1,242,376 units in November 2023. This represented a 2.6% increase from October 2023 and an 8.8% increase from November 2022. As such, the ascending automotive industry is fueling the growth of the polyurethane elastomers market. In terms of market drivers in the polyurethane elastomers sector, the expansion in residential and commercial construction is prominent. A rise in the construction of both residential and commercial buildings and structures is foreseen to drive the market for polyurethane elastomers. Their versatility, durability, lightness, cost-effectiveness, and decreased maintenance needs make polyurethane elastomers a popular choice in many construction applications. Oxford Economics, a UK-based economics information services firm, reported that global construction output was $10.7 trillion in 2020. Between 2020 and 2030, it is expected to grow by 42% or $4.5 trillion, hitting $15.2 trillion. Thus, the uptick in residential and commercial building construction is propelling the growth of the polyurethane elastomers market.

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What Trends Will Shape the Polyurethane Elastomers Market Through 2029 and Beyond?
Key players in the polyurethane elastomers market are pioneering product advancements, such as polyurea-based elastomer systems, to boost performance and cater to a wide range of industrial requirements. Polyurea-based elastomer systems act as coatings or linings that create strong, flexile, and protected layers with use cases in the construction, automotive, and marine sectors. For example, in March 2023, Pearl Polyurethane Systems LLC, a company based in the UAE that provides custom polyurethane solutions, rolled out the polyurea-based DuraPearl Elastomer System. It is primarily applied by spray coating contractors for waterproofing, joint sealant, truck bed liner, pipeline, and floor coating tasks. Solutions such as DuraPearl, which relies on polyurea-based spray, cure up to six times faster than epoxy counterparts, increasing productivity for spray coating operators. Moreover, it's a novel and long-lasting solution for demanding spray coating uses, providing an equilibrium of efficiency, sustainability, and application simplicity.

What Are the Main Segments in the Polyurethane Elastomers Market?
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

Subsegments:
1) By Thermoplastic Elastomers: Styrenic Block Copolymers (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Vulcanizates (TPV), Polyolefin Elastomers (POE)
2) By Thermosetting Elastomers: High-Density Polyurethane (HDPU), Reaction Injection Molded Polyurethane (RIMPU), Cast Polyurethane Elastomers, Flexible Polyurethane Elastomers

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Which Top Companies are Driving Growth in the Polyurethane Elastomers Market?
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 Moldings Ltd.

Which Regions Will Dominate the Polyurethane Elastomers Market Through 2029?
Asia-Pacific was the largest region in the polyurethane elastomers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polyurethane elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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