Market Overview:
The research activities for developing highly resistant and durable materials that can be used in various industrial sectors have increased significantly in the past few years. Polyurethane Elastomers are such materials that provide a better alternative for rubber, plastic and steel. Market Research Future (MRFR) has recently published a report stating that the Global Polyurethane Elastomer Market is registered to expand steadily at a CAGR of over 5% during the forecast period of 2017-2023.
Industry Updates:
In September 2018, Manali Petrochemicals (India) has announced that it will launch the products of its wholly-owned subsidiary, Notedome (the U.K.). Notedome is a specialist in the manufacturing of high performance polyurethane cast elastomer systems and has been acquired by Manali Petrochemicals in 2016.
In September 2018, the Lubrizol Corporation has announced that its engineered polymers business has selected MSA (Marketing Services of America) as a new distributor of its thermoplastic polyurethane portfolio throughout the Andean countries and will focus all efforts on elastomers applications.
Market Drivers and Restraints:
The qualities of Polyurethane Elastomers such as elasticity, plasticity, resistance to abrasion, solvents, tearing and temperature extremities have created a widespread application avenue for polyurethane elastomers in various industrial sectors. Increasing utilization of polyurethane elastomers in various industries such as electrical and electronics, automotive, building and construction and others are majorly fueling the growth of the Global Polyurethane Elastomers Market.
Proliferation in demand for Polyurethane Elastomers in footwear manufacturing industry is significantly propelling the expansion of the Global Polyurethane Market. Rapid expansion of automotive industry is resulting in the increased demand for Polyurethane Elastomers due to their high durability, which in turn is resulting in the expansion of the Global Polyurethane Market. Increasing demand for products with longer shelf life is also impacting positively on the growth of the Global Polyurethane Elastomers Market.
However, volatile prices of raw materials and availability of renewable elastomers are likely to pose as a threat to the growth of the Global Polyurethane Elastomers Market during the forecast period.
Market Segmentation:
The Global Polyurethane Elastomer Market has been segmented on the basis of Product Type and End Use. Based on Product Type, the Polyurethane Elastomer Market is segmented into thermoplastic elastomer (TPE) and thermosetting elastomer (TSE). Based on End Use, the Polyurethane Elastomer Market is segmented into automobile, building and construction, footwear making, electrical & electronics, and others. The footwear making segment is anticipated to lead in the Global Polyurethane Elastomers Market owing to the high durability, light weight and excellent long-term mechanical properties of Polyurethane Elastomers.
Regional Analysis:
Geographically, the Global Polyurethane Elastomers Market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific and the Middle East and Africa. The Polyurethane Elastomer Market in the Asia Pacific region is projecting dominance over the Global Polyurethane Elastomer Market owing to the rapid infrastructural development and revival of domestic footwear sector. The significantly expanding automotive industry in the emerging economies of India, China and others is fueling the growth of Polyurethane Elastomer Market in this region.
The North America region constitutes the second largest share in the Global Polyurethane Elastomer Market owing to the high demand for polyurethane elastomers in construction and building projects and automotive industry in this region. The Europe region is projecting significant growth in the Global Polyurethane Elastomers Market owing to the increasing use of these elastomers in automobile manufacturing and furniture production in this region. The Middle East and Africa and Latin America regions are anticipated to project steady growth in the Global Polyurethane Elastomers Market during the forecast period.
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