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The polyurethane elastomer market share is expected to increase to USD 5.54 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.82%.
This polyurethane elastomer market research report extensively covers polyurethane elastomer market segmentation by end-user (automotive, building and construction, footwear, electrical and electronics, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The polyurethane elastomer market report also offers information on several market vendors, including American Urethane, Argonics Inc., BASF SE, Cellular Mouldings Ltd., Covestro AG, Dow Inc., DuPont de Nemours Inc., Era Polymers Pty Ltd., Galagher Corp., Herikon B.V., Huntsman Corp., LyondellBasell Industries NV, Manali Petrochemicals Ltd., The Lubrizol Corp., Trelleborg AB, VCM Polyurethanes Pvt. Ltd., Wanhua Chemical Group Co. Ltd., China Petrochemical Corp., LANXESS AG, and Mitsui Chemicals Inc. among others.
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Technavio categorizes the global polyurethane elastomer market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the polyurethane elastomer market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the polyurethane elastomer market encompasses successful business strategies deployed by the key vendors. The polyurethane elastomer market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions and business expansions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The polyurethane elastomer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the polyurethane elastomer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for polyurethane elastomer in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The high demand for polyurethane elastomers owing to their rapid consumption in the building, construction, automobile, footwear, and electronics will facilitate the polyurethane elastomer market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the industrial sector across the region. According to the RICS Global Construction Monitor (RICS), in 2020, nearly 25% of projects around the globe were put on hold due to the implementation of lockdown restrictions to contain the spread of the disease. However, various government initiatives such as mass vaccination drives and other restrictions on public gathering that has resulted in a decrease in the number of COVID-19 cases. It led to the gradual resumption of business activities in the region, which is expected to drive the market in the region during the forecast period.
The increasing consumption of polyurethane elastomers in the automotive industry is notably driving the polyurethane elastomer market growth, although factors such as volatility in prices of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the polyurethane elastomer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Polyurethane Elastomer Market Driver
One of the key factors driving the global polyurethane (PU) elastomer market growth is the increasing consumption of polyurethane elastomers in the automotive industry for coating and manufacturing applications in automotive plastic components. For instance, according to the International Trade Administration (ITA), the Chinese government is expected to increase the sales of automobiles in the country to 35 million units by 2025. Furthermore, according to the IBEF, the Indian government expects the automotive sector to attract USD 8 USD 10 billion in local and foreign investments by the end of 2023. Hence, such factors are expected to drive the growth of the automotive industry, which, in turn, will boost the demand for polyurethane elastomers during the forecast period.
Key Polyurethane Elastomer Market Trend
Burgeoning construction industry is one of the key polyurethane elastomer market trends that is expected to impact the industry positively in the forecast period. Numerous coating materials, such as acrylic, silicone, and epoxy, are used as a surface coating in buildings due to beneficial properties, such as abrasion resistance, chemical resistance, tear strength and temperature compatibility. Thus, the rapid growth of the building and construction sector across the world is driving the demand for polyurethane elastomers. For instance, the Intel Chandler Campus Expansion project with an investment of USD 2 billion involves the expansion of its semiconductor chip production plant at the Ocotillo Campus on 5.3 hectares of land in Arizona, the US. Water Purification Facility project of USD 5 billion in San Diego, California, involves the construction of a water purification plant with a capacity of 83 million gallons per day. Such projects are expected to further support the market growth in the coming years.
Key Polyurethane Elastomer Market Challenge
One of the key challenges to the global PU elastomer market growth is the volatility in prices of raw materials such as crude oil. For instance, the demand for crude oil declined by 2.5 million barrels per day (mb/d) in Q2 2020 due to the implementation of COVID-19-induced nationwide lockdowns across the world. In Q2 2020, the demand for oil declined by around 90,000 barrels a day compared with the corresponding period in 2019. In addition, according to BP statistics, oil prices declined to USD 64.21/bbl in 2019, while they were USD 71.31/bbl in 2018. Furthermore, in February 2022, the price of crude oil crossed USD 100/bbl, primarily to the imminent war between Russia and Ukraine. Thus, such fluctuations in the prices of crude oil will hamper the growth of the market in focus during the forecast period.
This polyurethane elastomer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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The polyurethane elastomer market share growth by the automotive segment will be significant during the forecast period. The significant increase in the adoption of polyurethane elastomer-based plastic components in automobiles, owing to the lightweight and durability of the polyurethane elastomer-made components, will drive the segment growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the polyurethane elastomer market size and actionable market insights on post COVID-19 impact on each segment.
Polyurethane Elastomer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.82% |
Market growth 2022-2026 |
$ 5.54 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.55 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, Canada, Mexico, China, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
American Urethane, Argonics Inc., BASF SE, Cellular Mouldings Ltd., Covestro AG, Dow Inc., DuPont de Nemours Inc., Era Polymers Pty Ltd., Galagher Corp., Herikon B.V., Huntsman Corp., LyondellBasell Industries NV, Manali Petrochemicals Ltd., The Lubrizol Corp., Trelleborg AB, VCM Polyurethanes Pvt. Ltd., Wanhua Chemical Group Co. Ltd., China Petrochemical Corp., LANXESS AG, and Mitsui Chemicals Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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