Global Polyurethane Elastomers Market Size, Share, Growth Analysis, By Material Type(Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer) - Industry Forecast 2024-2031

Global Polyurethane Elastomers Market size was valued at USD 8.2 billion in 2022 and is poised to grow from USD 8.72 billion in 2023 to USD 14.21 billion by 2031, growing at a CAGR of 6.30% during the forecast period (2024-2031).

Polyurethane elastomers offer a diverse range of physical properties, making them exceptionally adaptable for various applications like footwear soles, seals, gaskets, and automotive components such as agitators, bearings, pulleys, and belts. Particularly in the automotive sector, where polyurethane elastomers find significant utilization, the expansion of the automotive industry in emerging economies is anticipated to propel the global market growth. Moreover, heightened safety concerns and a focus on fuel efficiency are driving the demand for superior quality and high-performance plastics, aligning with the market's trajectory. Concurrently, the imperative for lightweight vehicles to mitigate emissions and enhance fuel efficiency further underpins market expansion. Simultaneously, the footwear industry's increasing reliance on polyurethane elastomers due to the global preference for versatile, lightweight, comfortable, and long-lasting footwear for everyday, athletic, and casual wear is bolstering market growth, though this growth is susceptible to fluctuations in crude oil prices.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Polyurethane Elastomers Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Polyurethane Elastomers Market Segmental Analysis

Polyurethane Elastomers Market is segmented on the basis of material type, end use industry, and region. On the basis of material type, global Polyurethane Elastomers Market is segmented into thermoset polyurethane elastomer and thermoplastic polyurethane elastomer. On the basis of end use industry, global Polyurethane Elastomers Market is segmented into automotive & transportation industry, footwear industry, and building & construction industry. On the basis of region, global Polyurethane Elastomers Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA..

Drivers of the Global Polyurethane Elastomers Market

Polyurethane elastomers find predominant application in the automotive sector, particularly in manufacturing tires and automobile body panels, owing to their exceptional properties including high tensile strength, resistance to abrasion, and durability. Anticipated growth in automotive production is poised to drive up the demand for polyurethane elastomers, consequently propelling market expansion.

Restraints in the Global Polyurethane Elastomers Market

The procurement of certain components used in polyurethane elastomers relies on crude oil, making the market vulnerable to fluctuations in crude oil prices. Consequently, the instability and variability in the cost of these essential materials could impede the market's expansion.

Market Trends of the Global Polyurethane Elastomers Market

Polyurethane elastomers play a pivotal role in the footwear sector, particularly in crafting resilient and pliable soles through versatile formulations capable of modulating flexibility across temperatures from 0°C to 80°C, resulting in top-notch, long-lasting products that expand the market's potential. The increasing worldwide preference for footwear, spanning everyday wear, athletic pursuits, and casual activities, coupled with the rising demand for lightweight, cozy, and enduring footwear, serves as a significant trend propelling the global polyurethane elastomers market forward.