The market for Polyurethane Elastomers is expected to grow at a CAGR of more than 3% during the forecast period. Major factors driving the market studied are increasing demand from footwear industry and growing application in automotive and consumer goods industries.Lower durability and environmental concerns caused by polyurethane are expected to hinder the growth of the market studied.
- Footwear industry dominated the market and is expected to grow during the forecast period owing to the increasing population.
- In automobile industry polyurethane elastomers are used in the manufacture of body panels and bumpers increasing the scope for this market in the coming years.
- Increasing demand for bio-based polyurethane products could act as an opportunity for this market in the coming years.
- Asia-Pacific region dominated the market for polyurethane elastomers with India, China, Japan as major countries in consumption.
Key Market Trends
Footwear Industry Representing the Fastest Growing Market
- Polyurethane elastomers are class of the polyurethane group that have the characteristics of rubber.Polyurethane elastomers are formed by combining hard (isocyanate) and elastic (polyol) parts and changing these selections creates the superior quality of the polyurethane elastomers.
- Polyurethane Elastomers are majorly used in footwear industry to produce high tensile and flexible soles using formulations that regulate flexibility ranging from temperatures ’0 degree Celsius to 80 degree Celsius’ thereby producing superior quality and durable products increasing the scope for this market.
- In 2019, the average revenue generated by the shoe industry in the United States per person was USD 277.09 which is about USD 60 higher than the revenue generated in 2018 hence, showing rapid growth in this sector.
- Growing population is aiding the market for footwear industry in countries like China, India, Japan creating a major market for polyurethane elastomers.
Asia-Pacific Region to Dominate the Market
- Asia Pacific region is expected to dominate the market for vinyl ester during the forecast period. In countries like China, India due to the increasing applications in footwear and other consumer goods industries like leather, and automotive, the market for polyurethane elastomers has been increasing.
- The largest producers of polyurethane elastomers are located in Asia-Pacific. Some of the leading companies in the production of polyurethane elastomers are Tosoh Corporation, INOAC CORPORATION, Huntsman Corp, Mitsui Chemicals.Inc, Wanhua Chemical Group Co.Ltd
- The Leather industry in India accounts for around 12.9% of the world’s leather production which constitutes 9% of the world’s footwear production increasing demand for this market in the region.
- Elastomers of polyurethane are also used where high degree of dynamic stress is anticipated. These elastomers are also used as coatings when corrosion resistance is preferred, for inhibiting moisture transmission, preventing abrasion damage.
- The physical properties of polyurethane elastomers like tensile strength, compression strength, and tear strength is increasing its demand in automobile industry.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand polyurethane elastomers during the forecast period.
- The global polyurethane elastomers market is fragmented with players accounting for a marginal share of the market. Few companies include Tosoh Corporation, INOAC CORPORATION, Huntsman Corp, Mitsui Chemicals.Inc,Wanhua Chemical Group Co.Ltd.
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