Industrial PU Elastomer Market Analysis By Type (thermoplastic polyurethane (TPU), polyurethane foam (PU foam), and polyurethane adhesive (PU adhesive)), By End-use industry (automotive, construction, electronics, footwear, and medical), By Hardness (soft, medium, and hard), By Application (gaskets, seals, coatings, adhesives, and insulation) & Forecast 2024-2035
- PUBLISHED ON
- 4/14/2023
- NO OF PAGES
- 287
- CATEGORY
- Chemicals & Materials
The global industrial PU elastomer market size was valued at around USD 7.5 billion in 2021 and expected to grow at a CAGR of 6.5% during the forecast period.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the global industrial PU elastomer market. On the one hand, the demand for polyurethane elastomers in several end-use industries, such as automotive, construction, and electronics, has decreased due to the pandemic's economic impact. On the other hand, the increased demand for medical and personal protective equipment has led to a surge in demand for PU elastomers used in manufacturing these products.
The automotive industry, which is a major consumer of industrial PU elastomers, witnessed a significant decline in demand due to the pandemic's impact on consumer spending and supply chain disruptions. The construction industry, which is another major consumer of PU elastomers, also experienced a slowdown due to reduced construction activity and supply chain disruptions.
However, the medical industry, which uses PU elastomers in the production of various medical devices, such as catheters, wound dressings, and surgical gloves, witnessed a surge in demand due to the COVID-19 pandemic. The increased demand for personal protective equipment, such as face masks and gloves, also led to a surge in demand for PU elastomers used in their manufacturing.
Overall, the COVID-19 pandemic has had a mixed impact on the global industrial PU elastomer market, with both opportunities and challenges affecting the market's growth. However, as the world recovers from the pandemic, the demand for industrial PU elastomers is expected to increase in the coming years, driven by the increasing demand from various end-use industries.
Market Dynamics:
Drivers:
Increasing demand from the automotive industry: The automotive industry is a major consumer of industrial PU elastomers, with these materials being used in applications such as suspension systems, engine mounts, and seals. The growth of the automotive industry, especially in emerging economies, is expected to drive the demand for PU elastomers.
Growing construction industry: The construction industry is another major consumer of industrial PU elastomers, with these materials being used in applications such as sealants, adhesives, and coatings. The growth of the construction industry, especially in developing countries, is expected to drive the demand for PU elastomers.
High demand for medical devices: The medical industry is a significant consumer of PU elastomers, with these materials being used in applications such as catheters, wound dressings, and surgical gloves. The high demand for medical devices, especially in emerging economies, is expected to drive the demand for PU elastomers.
Increasing demand from the electronics industry: The electronics industry is another major consumer of industrial PU elastomers, with these materials being used in applications such as potting and encapsulation. The growth of the electronics industry, especially in developing countries, is expected to drive the demand for PU elastomers.
Rising demand for polyurethane-based coatings: PU elastomers are widely used in the production of polyurethane-based coatings, which are used in various industries, such as construction, automotive, and furniture. The rising demand for these coatings is expected to drive the demand for PU elastomers.
Restraints:
Volatility in raw material prices: The prices of raw materials used in the production of industrial PU elastomers, such as isocyanates and polyols, are subject to market fluctuations, which can impact the profitability of manufacturers and increase the cost of the final product.
Stringent regulations: The production and use of industrial PU elastomers are subject to stringent regulations, especially in developed economies, which can increase the cost of production and limit the availability of certain types of elastomers.
Competition from other materials: Industrial PU elastomers face competition from other materials such as rubber and silicone, which can limit their adoption in certain applications.
Regional Analysis:
North America: North America is a mature market for industrial PU elastomers, with the US being the largest consumer of these materials in the region. The growth of the automotive and construction industries is expected to drive the demand for PU elastomers in the region.
Europe: Europe is another mature market for industrial PU elastomers, with Germany being the largest consumer of these materials in the region. The increasing demand for high-performance materials and growing applications in the automotive, construction, and medical industries are expected to drive the demand for PU elastomers in the region.
Asia-Pacific: Asia-Pacific is the fastest-growing market for industrial PU elastomers, driven by the growth of end-use industries such as automotive, construction, and electronics. China is the largest consumer of PU elastomers in the region, followed by India and Japan.
Middle East and Africa: The Middle East and Africa region is expected to see moderate growth in the demand for industrial PU elastomers, driven by the growth of the construction and automotive industries in countries such as the UAE and South Africa.
Latin America: Latin America is a growing market for industrial PU elastomers, driven by the growth of the construction and automotive industries in countries such as Brazil and Mexico.
Market Segmentation:
Type: The market can be segmented based on the type of PU elastomer, such as thermoplastic polyurethane (TPU), polyurethane foam (PU foam), and polyurethane adhesive (PU adhesive).
End-use industry: The market can be segmented based on the end-use industry, such as automotive, construction, electronics, footwear, and medical.
Hardness: The market can be segmented based on the hardness of the PU elastomer, such as soft, medium, and hard.
Application: The market can be segmented based on the application, such as gaskets, seals, coatings, adhesives, and insulation.
Region: The market can be segmented based on the geographic regions, such as North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The global industrial PU elastomer market is highly competitive with the presence of several global and regional players.
Some of the key players operating in the market include:
BASF SE
Covestro AG
Huntsman Corporation
The Dow Chemical Company
Wanhua Chemical Group Co., Ltd.
LANXESS AG
Mitsui Chemicals, Inc.
Era Polymers Pty Ltd.
Coim Group
Lubrizol Corporation
These companies are focusing on research and development activities to introduce new and innovative products to cater to the increasing demand from various end-use industries. Additionally, strategic collaborations, partnerships, and acquisitions are being undertaken by these companies to expand their market presence and strengthen their position in the global market.
The market is also witnessing the entry of new players, which is intensifying the competition further. To remain competitive, companies are adopting various strategies such as cost optimization, product differentiation, and diversification of product portfolios.
Overall, the global industrial PU elastomer market is highly competitive with several players vying for market share. The market is expected to witness further consolidation in the coming years as companies focus on expanding their market presence and strengthening their product portfolios through strategic collaborations and acquisitions.
Historic Year: 2016-2022
Forecast: 2024-2035
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