Market Size of Polyurethane Elastomers Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.49 Billion |
| Market Size (2029) | USD 5.29 Billion |
| CAGR (2024 - 2029) | > 3.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Polyurethane (PU) Elastomers Market Analysis
The Polyurethane Elastomers Market size is estimated at USD 4.49 billion in 2024, and is expected to reach USD 5.29 billion by 2029, growing at a CAGR of greater than 3.30% during the forecast period (2024-2029).
During COVID-19, the reduced economic activity led to decreased demand for products using polyurethane elastomers, such as automotive components, consumer goods, and construction materials. However, the condition has recovered, thereby restoring the growth trajectory of the market, and is expected to grow over the period.
- Polyurethane elastomers (PUEs), rising in demand from the footwear industry for producing insoles, midsoles, or outsoles, are dominating the market owing to the increasing population.
- PUEs are often used in high-performance applications such as automotive parts, medical, and aerospace. However, they have lower durability as they are susceptible to degradation over time due to exposure to heat, UV radiation, chemicals, and other environmental factors, restricting the market.
- 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, and Japan as major countries in consumption.
Polyurethane (PU) Elastomers Industry Segmentation
A polymer becomes an elastomer when it possesses elastic characteristics, much like rubber. Because of their elastic properties, most polyurethane elastomers feature long chains of polymers that respond well to stress and can easily return to their original form without tearing or breaking.
The polyurethane elastomers market report is segmented by type, application, and geography. By type, the market is segmented into thermoplastic and thermoset. By application, the market is segmented into footwear, industrial machinery, automotive and transportation, and others (building & construction, mining equipment, and medical). The report also covers the market size and forecasts for the polyurethane elastomers market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Type | |
| Thermoplastic | |
| Thermoset |
| Application | |
| Footwear | |
| Industrial Machinery | |
| Automotive & Transportation | |
| Others (Building & Construction, Mining Equipment, and Medical) |
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Polyurethane Elastomers Market Size Summary
The polyurethane elastomers market is poised for steady growth, driven by increasing demand from various industries such as footwear, automotive, and consumer goods. These elastomers, known for their rubber-like properties, are extensively used in producing flexible and durable products, particularly in the footwear sector where they are utilized for insoles, midsoles, and outsoles. The market experienced a downturn during the COVID-19 pandemic due to reduced economic activity, but has since rebounded, with the Asia-Pacific region leading the charge. Countries like China, India, and Japan are significant consumers, largely due to their robust footwear and automotive industries. The growing population in these regions further fuels the demand for footwear, thereby enhancing the market prospects for polyurethane elastomers.
Despite their advantages, polyurethane elastomers face challenges such as susceptibility to environmental degradation, which can limit their durability. However, the increasing interest in bio-based polyurethane products presents a potential opportunity for market expansion. The market is characterized by its fragmented nature, with key players like Tosoh India Pvt. Ltd., Mitsui Chemicals, Inc., and Huntsman International LLC actively participating. Recent strategic moves, such as SKC's sale of its polyurethane manufacturing division and Covestro AG's new production facility in Shanghai, highlight ongoing investments and developments aimed at strengthening market positions. These factors, combined with government support and the rising demand for high-performance materials, are expected to drive the polyurethane elastomers market forward during the forecast period.
Polyurethane Elastomers Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from Footwear Industry
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1.1.2 Growing Application in Automotive and Consumer Goods Industries
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Lower Durability of Polyurethane Elastomers
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1.2.2 Environmental Concerns Caused by Polyurethane
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Thermoplastic
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2.1.2 Thermoset
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2.2 Application
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2.2.1 Footwear
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2.2.2 Industrial Machinery
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2.2.3 Automotive & Transportation
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2.2.4 Others (Building & Construction, Mining Equipment, and Medical)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Polyurethane Elastomers Market Size FAQs
How big is the Polyurethane Elastomers Market?
The Polyurethane Elastomers Market size is expected to reach USD 4.49 billion in 2024 and grow at a CAGR of greater than 3.30% to reach USD 5.29 billion by 2029.
What is the current Polyurethane Elastomers Market size?
In 2024, the Polyurethane Elastomers Market size is expected to reach USD 4.49 billion.
