The global Industrial Polyurethane Elastomer Market size was valued at USD 7.7 billion in 2021 and is projected to reach USD 10.5 billion by 2026, growing at 6.3% cagr from 2021 to 2026. Rising demand for industrial PU elastomer can be attributed to the increasing demand for highly efficient and lightweight materials in the transportation industry and stringent emission regulations laid by the governments of various countries. Moreover, automobile manufacturers worldwide prefer elastomers over conventional metals as they increase automobile efficiency by reducing fuel consumption, carbon emissions, and engine size.
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The industrial PU elastomer are used mainly in transportation and industrial sector in the form of different components such as seals, O-rings, gaskets, and many others. They are also used in to manufacture transportation mounts, suspension pads, damper springs, busing, drive belts, bunnage, bed liners, filters, wheels, tires, tire fills, rollers, and many other industrial components.
The demand for industrial PU elastomers is expected to increase at a significant rate during the forecast period owing to their growing use in various industries, such as automotive, aerospace, and marine. Transportation is one of the largest end-use industries of PU elastomers due to its properties such as tear and abrasion resistance, high load-bearing capacity, chemical resistance, and superior dynamic performance. Industrial PU elastomers play a crucial role in reducing the overall weight of transportation equipment, thus enhancing fuel efficiency and limiting the emission of pollutants.
Nowadays, lightweight designs are extensively utilized in a wide range of end-use industries. Light weighing of equipment used in the manufacturing of transportation mediums, such as automobiles and aircraft, helps to reduce emissions, increase energy efficiency, and reduce fuel consumption. Critical requirements for these structural materials include mechanical, physical, and chemical properties, such as high strength, stiffness, low density, high thermal stability, and high corrosion resistance. Advanced materials such as thermoplastic PU elastomer composites, thermoplastic PU elastomer, and thermoset elastomers meet all the critical requirements related to the light weighing of transportation mediums.
The manufacturing of thermoplastic PU elastomer requires considerably high investments, as the process is complex than that of other groups of plastics, such as PE, PVC, natural rubbers, and conventional PU. Products with high temperature functions and a high level of technical expertise are required in the manufacturing of thermoplastic PU elastomers. The high manufacturing cost of industrial PU elastomers has restricted its large-scale usage, mostly in high-end applications. Besides, compounding grades of polyethylene, polypropylene, acrylonitrile butadiene styrene, and PU are being developed that exhibit similar properties as of industrial PU elastomers and are available at a lower price. This is expected to hamper the adoption rate of PU elastomers in some end-use industries, such as transportation, building & construction, and manufacturing. Also, the increasing prices of raw materials are affecting the final prices of PU elastomers, which is consequently expected to restrain their adoption rate and growth of the market.
The medical industry presents enormous growth opportunities for thermoplastic PU elastomer manufacturers. It is used in various medical applications, such as catheters, medical devices, orthodontic products, and wound care products. Safety and comfort are the prime factors considered while selecting materials to manufacture medical products, as some of the medical products are inserted into the human body for treatment purposes. Therefore, materials with flexibility and biocompatibility features make surgical and operating procedures minimally invasive. Thermoplastic PU elastomer possesses excellent chemical and mechanical characteristics and is biocompatible, which are of prime importance in medical applications. In addition, properties such as resistance to wear, low temperature, oil, chemical, and resiliency make thermoplastic PU elastomer an ideal choice than PVC. Thermoplastic PU elastomer is highly responsive to temperature, as it can be rigid at the point of insertion and flexible once inside the body. These properties have increased the use of thermoplastic PU elastomers in medical applications. PVC contains plasticizers, which can lead to safety concerns. Plasticizers have phthalates, which can cause liver issues, cancer, and disruption in the development of the reproductive tract in male infants. PVC also emits harmful chemicals when incinerated and creates environmental problems.
Thermoplastic PU elastomer healthcare grades are currently used to create oxygen masks and medical tubing, high-pressure contrast media tubing, and in a variety of catheters, such as central venous, IV, and intra-aortic balloon catheters. They are also used to create soft and pliable post-surgical appliances, stopcocks, component housings, soft-touch grips, dental ligature retainers, and dental devices.
Price and availability of raw materials are the key factors for PU precursor manufacturers for determining the cost structure of their products. Major raw materials used in the production of PU include MDI, TDI, and polyols. The principal raw materials for PU precursors are crude oil and natural gas. These petroleum-based raw materials are vulnerable to fluctuations in prices.
Volatility in raw material prices has led to instability in the price of thermoplastic PU elastomers. Adipic acid is one of the polyester polyols that is used in the manufacturing of thermoplastic PU elastomers. Globally, a major share of adipic acid goes into the production of nylon. The increased demand for nylon, coupled with changing lifestyles in developing countries such as China and India, has caused an imbalance in the supply of adipic acid. This imbalance has further increased the price of PU elastomers.
MDI is used along with adipic acid and a diol to manufacture PU elastomers. However, the global demand for MDI is very high as it is the highly produced diisocyanate globally. The gap in demand and supply of MDI has caused an increase in the price, further increasing the cost of PU elastomers. However, new plants to manufacture MDI are being set in Asian countries, such as China, India, and Indonesia, for tackling the challenges of the supply–demand gap and increasing cost of MDI.
Thermoset PU elastomer accounted for the largest market share in the global industrial PU elastomer market. Thermoset PU elastomer exhibit high impact strength, excellent resilience, high load-bearing capacity, exceptional resistance to oil and grease, and high abrasion resistance. These properties make them a suitable material for a wide range of industries, including transportation, building & construction, mining equipment, medical, manufacturing, and material handling. These elastomers are consumed in hydraulic and reciprocating seals, gaskets, diaphragms, hoses, conveyor belts, and many other applications.
Industrial PU elastomer are used in manufacturing various automotive component, including cable jackets, gearshift knobs, brake tubes, cup holders, bellows, snow traction devices, slush molding, and bumpers. PU elastomers are replacing conventional metals and rubbers because of their easy processing, high impact strength, low weight, temperature resistance, good abrasion resistance, and cost-effectiveness. Thermoset and thermoplastic elastomers are used in aerospace, automotive, and marine fields to manufacture components such as
APAC is the largest and fastest-growing market for industrial PU elastomers. The APAC region is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. The Rest of APAC includes Singapore, New Zealand, Indonesia, and Malaysia. In the recent years, there has been a shift in the manufacturing facilities of industrial PU elastomers from Europe to APAC, especially China and India, for various applications mainly transportation, mining equipment, and building & construction. This shift is due to the availability of cheap labor, supportive government policies, and availability of natural resources, which have resulted in APAC to be the largest consumer of industrial PU elastomers. In addition, the growth of these applications is largely driven by the growing population, per capita income, and changing lifestyles in the region. The rapidly growing building & construction applications, owing to increased investments by governments and the private sector due to the increasing population, are expected to drive the industrial PU elastomer market. The demand for automobiles is increasing with the growing disposable income of middle-class families. Additionally, the penetration of e-vehicles in the regional market is expected to drive the demand for industrial PU elastomer market in APAC.
The recent COVID-19 pandemic has impacted the global industrial and transportation sectors. The manufacturing and fabrication facilities of the transportation equipment and industrial equipment had been paused due to the unavailability of raw materials, logistics slowdown and reduced workforce. Decline in consumer footfalls in stores and sales of automotives have faced sharp downfall along with shortage of workforce.
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The key players in the industrial PU elastomer market BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Era Polymers (Australia), Notedome (England), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), and Wanhua (China) are some of the key players in the market. These players have established a strong foothold in the market by adopting strategies, such as new product launches, collaborations, expansions, and mergers & acquisitions.
Years considered for the study
Volume (Kiloton) and Value (USD)
Type, End-use Industry, and Region
North America, APAC, Europe, Middle East & Africa, and South America
BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), and Wanhua (China) 25 major players covered.
This research report categorizes the industrial PU elastomer market based on type, end-use industry, and region.
The industrial PU elastomer market has been further analyzed based on key countries in each of these regions.
What is the current size of the global industrial PU elastomer market?
Global industrial PU elastomer market size is estimated to reach USD 10.5 billion by 2026 from USD 7.7 billion in 2021, at a CAGR of 6.3% during the forecast period.
Who are the winners in the global industrial PU elastomer market?
Companies such as BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Era Polymers (Australia), Notedome (England), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), and Wanhua (China) fall under the winner’s category. They have the potential to broaden their product portfolio and compete with other key market players. Such advantages give these companies an edge over other companies.
What is the COVID-19 impact on industrial PU elastomer manufacturers?
Industry experts believe that COVID-19 could affect the end-use industries globally. Decline in vehicle sales, reduced industrial output, reduction in air traffic, downfall of construction activities, increase in requirement of medical devices such as ventilators and accessories, cannulas, catheters, and other disposables are some of the major disruptions caused by the pandemic.
What are some of the drivers in the market?
The increasing requirement of industrial PU elastomer in lightweighing of transportation equipment and rising demand in medical and aerospace applications drive the market. .
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1 INTRODUCTION (Page No. - 17) 1.1 OBJECTIVES OF STUDY 1.2 MARKET DEFINITION 1.3 MARKET SCOPE FIGURE 1 INDUSTRIAL PU ELASTOMER MARKET: SEGMENTATION 1.3.1 REGIONS COVERED 1.3.2 YEARS CONSIDERED FOR STUDY 1.4 CURRENCY 1.5 UNIT CONSIDERED 1.6 STAKEHOLDERS 1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 21) 2.1 RESEARCH DATA FIGURE 2 INDUSTRIAL PU ELASTOMER MARKET: RESEARCH DESIGN 2.1.1 SECONDARY DATA 2.1.1.1 Key data from secondary sources 2.1.2 PRIMARY DATA 2.1.2.1 Key data from primary sources 2.1.2.2 Key industry insights 2.1.2.3 Breakdown of primary interviews 2.2 MARKET SIZE ESTIMATION 2.2.1 BOTTOM-UP APPROACH FIGURE 3 INDUSTRIAL PU ELASTOMER MARKET: BOTTOM-UP APPROACH 2.2.2 TOP-DOWN APPROACH FIGURE 4 INDUSTRIAL PU ELASTOMER MARKET: TOP-DOWN APPROACH 2.3 DATA TRIANGULATION FIGURE 5 INDUSTRIAL PU ELASTOMER MARKET: DATA TRIANGULATION 2.3.1 INDUSTRIAL PU ELASTOMER MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS FIGURE 6 INDUSTRIAL PU ELASTOMER MARKET ANALYSIS THROUGH SECONDARY SOURCES FIGURE 7 INDUSTRIAL PU ELASTOMER MARKET ANALYSIS 2.4 LIMITATIONS 2.5 ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 31) FIGURE 8 THERMOSET PU ELASTOMER SEGMENT TO ACCOUNT FOR LARGER SHARE OF INDUSTRIAL PU ELASTOMER DURING FORCAST PERIOD FIGURE 9 TRANSPORTATION TO BE LARGEST END-USE INDUSTRY OF INDUSTRIAL PU ELASTOMER MARKET DURING FORECAST PERIOD FIGURE 10 APAC ACCOUNTED FOR LARGEST SHARE OF INDUSTRIAL PU ELASTOMER MARKET IN 2020
4 PREMIUM INSIGHTS (Page No. - 34) 4.1 ATTRACTIVE OPPORTUNITIES IN INDUSTRIAL PU ELASTOMER MARKET FIGURE 11 EXPANDING TRANSPORTATION INDUSTRY TO DRIVE GROWTH OF INDUSTRIAL PU ELASTOMER MARKET 4.2 INDUSTRIAL PU ELASTOMER MARKET, BY TYPE FIGURE 12 THERMOSET PU ELASTOMER TO HOLD LARGER SHARE IN TERMS OF VOLUME OF INDUSTRIAL PU ELASTOMER MARKET 4.3 INDUSTRIAL PU ELASTOMER MARKET, BY END-USE INDUSTRY FIGURE 13 TRANSPORTATION TO BE LARGEST END-USE INDUSTRY IN INDUSTRIAL PU ELASTOMER MARKET 4.4 INDUSTRIAL PU ELASTOMER MARKET, BY COUNTRY FIGURE 14 INDIA TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 4.5 INDUSTRIAL PU ELASTOMER MARKET IN APAC, BY END-USE INDUSTRY AND TYPE FIGURE 15 THERMOSET PU ELASTOMER AND TRANSPORTATION SEGMENTS ACCOUNTED FOR LARGEST SHARES OF APAC MARKET IN 2020