Polyurethane Elastomers Global Market Report 2024

The polyurethane elastomers market size has grown strongly in recent years. It will grow from $18.34 billion in 2023 to $19.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to various factors, including industrial growth and manufacturing expansion, the expansion of the automotive sector, the versatility of polyurethane elastomers in applications, the increase in construction activities, and the growth in consumer goods manufacturing.

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 anticipated growth in the forecast period can be attributed to the ongoing industrialization in developing regions, changing requirements in the automotive industry, increasing construction and infrastructure development, expansion of the electronics and consumer goods markets, and a rise in demand for customized solutions. Significant trends expected in the forecast period include advancements in formulations and technologies, technological innovations in production processes, growing applications in medical devices, increased usage in construction and infrastructure projects, and advancements in processing technologies.

The rising automotive industry is anticipated to drive the growth of the polyurethane elastomers market. This industry encompasses various companies, organizations, and activities involved in the design, development, production, marketing, and sale of motor vehicles. Polyurethane elastomers play a crucial role in the automotive sector, providing a versatile solution with a balance of flexibility, resilience, and chemical resistance. This enhances the performance and longevity of automotive components. For instance, in December 2023, MarkLines Co. Ltd., a U.S.-based provider of online information services to the automotive industry, reported that new vehicle sales in the U.S. reached 1,242,376 units for November 2023, reflecting a 2.6% increase from October 2023 and an 8.8% increase from November 2022. Therefore, the growing automotive industry is a key driver for the polyurethane elastomers market.

The increasing trend in residential and commercial construction is expected to contribute to the growth of the polyurethane elastomers market. Residential and commercial construction involves the creation of buildings and structures for residential and commercial purposes. Polyurethane elastomers are widely used in this sector due to their versatility, durability, lightweight nature, cost-effectiveness, and reduced maintenance requirements. These advantages make them a preferred choice for various construction applications. For example, reports from the United States Census Bureau, a U.S.-based government agency, indicated that the overall value of residential and non-residential constructions in the U.S. increased by over 8% between 2020 and 2021. Furthermore, according to reports by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and it is projected to increase by 42% (or $4.5 trillion) between 2020 and 2030, reaching $15.2 trillion. Therefore, the rising trend in residential and commercial construction is a significant driver for the polyurethane elastomers market.

The availability of alternative options to polyurethane elastomers is expected to pose a challenge to the market. These alternative options include epoxy adhesives, thermoplastic elastomers (TPE), thermoplastic polyurethane (TPU), polyester polyols, polycarbonate polyols, and other elastomers such as silicone, nitrile, and neoprene, which may fulfill specific application requirements. For instance, in April 2021, according to SIMTEC silicon parts, a U.S.-based injection molding company, thermoplastic elastomers and liquid silicone rubber exhibit similar properties and are considered advantageous alternatives to synthetic or natural rubber. Therefore, the presence of alternative options is likely to hinder the growth of the polyurethane elastomers market.

Major companies in the polyurethane elastomers sector are focusing on product innovations. One such innovation is the development of polyurea-based elastomer systems to enhance performance and cater to diverse industrial demands. Polyurea-based elastomer systems are utilized in coatings or linings, forming durable, flexible, and protective layers with applications in industries such as construction, automotive, and marine. For example, in March 2023, Pearl Polyurethane Systems LLC, a UAE-based provider of customized solutions for polyurethane applications, introduced the polyurea-based DuraPearl Elastomer System. This system is predominantly used by spray coating contractors in projects such as waterproofing, joint sealant, truck bed liner, pipeline, and floor coatings. Polyurea-based solutions such as DuraPearl offer the advantage of faster curing times compared to epoxy alternatives, leading to increased productivity for spray coating operators. Additionally, these solutions provide an innovative and durable option for demanding spray coating applications, striking a balance between performance, sustainability, and ease of application.

In January 2023, Mearthane Products Corporation, a U.S.-based manufacturer of polyurethane components, acquired Precision Elastomers Inc. for an undisclosed amount. This strategic acquisition aimed to expand Mearthane Products Corporation's range of thermoset material capabilities by incorporating Precision Elastomers Inc.'s unique precision manufacturing processes and molded silicone technology. Precision Elastomers Inc. is a U.S.-based manufacturer specializing in custom thermoset polyurethane and silicone components.

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.

Asia-Pacific was the largest region in the polyurethane elastomers market in 2023. 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. The countries covered in the Polyurethane Elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Polyurethane elastomers are synthetic materials with elastomeric properties, consisting of diisocyanates, polyols, and sometimes chain extenders. These elastic polymers possess the ability to be stretched and, upon release, return to their original dimensions and shape. They exhibit characteristics such as strength, stiffness, flexibility, toughness, resilience, durability, and longevity. Polyurethane elastomers find applications in various industries, including mining screens, pump impellers, conveyor belts, rollers, and wheels.

The primary types of polyurethane elastomers include thermoplastic elastomers and thermosetting elastomers. Thermoplastic elastomers combine features of both thermoplastics and elastomers, demonstrating elasticity and flexibility when heated and solidifying into a rigid form upon cooling. These materials undergo processing through methods such as injection molding, extrusion, blow molding, and compression molding. They are utilized in diverse applications across industries such as automotive, construction, packaging, furniture and interiors, electronics, appliances, and more.

The polyurethane elastomers market research report is one of a series of new reports that provides polyurethane elastomers market statistics, including polyurethane elastomers industry global market size, regional shares, competitors with a polyurethane elastomers market share, detailed polyurethane elastomers market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane elastomers industry. This polyurethane elastomers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polyurethane elastomers market consists of sales of isocyanates such as toluene diisocyanate (TDI), diphenylmethane diisocyanate (MDI) and polyols including polyester, PPG polyether. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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