Polyurethane Elastomers Market - An Overview
The global polyurethane elastomers market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Polyurethane elastomers are polymer substances, comprising elastic properties such as extenders, polyols, and disocyanates. They have become a preferred choice over other metals as they are resistant to different environmental factors and have superb stress recovery.
Some of the application areas of polyurethane elastomers include seals and gaskets, shoe sole production, pulleys, truck underlays, and bearings.
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The COVID-19 pandemic negatively impacted the global polyurethane elastomers market. Manufacturing facilities were forced to close temporarily or permanently, as governments imposed lockdowns and stringent social distancing regulations, in a bid to contain the spread of the virus.
This led to a decrease in polyurethane elastomers demand, thereby impacting the overall market.
However, with subsequent reduction in cases and availability of vaccines, the polyurethane elastomers demand is expected to rise again and the market is expected to witness steady growth, in future.
Polyurethane Elastomers Market - Trends and Opportunities
Rising need to decrease fossil fuel consumption is the key growth driver for the global polyurethane elastomers market.
Also, increasing demand for bio-based polyurethane products globally is anticipated to fuel the growth in the polyurethane elastomers market.
Innovations to existing products to make them suitable for use in more applications could propel the polyurethane elastomers demand, in the years ahead.
The footwear end-use segment is expected to contribute the most to the overall polyurethane elastomers market owing to increased product deployment in the footwear manufacturing industry due to properties such as durability high corrosion resistance, and softness.
The thermoplastic polyurethane elastomers are anticipated to make the largest contribution to the overall market due to increasing demand for lightweight and highly efficient materials in the transportation industry and growing government regulations for polyurethane elastomers.
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Polyurethane Elastomers Market - Competitive Landscape
The global polyurethane elastomers market is extremely competitive, with the presence of several leading players. Many of these players are expected to account for a large share in the overall market, in the coming years.
Research and development activities to produce an improved quality of products are expected to be a key growth strategy for the prominent players, in the years ahead.
Collaborations with the lesser-known players could help the leading players expand their market presence and increase their revenue share.
Growth strategies such as novel product launches could help well-established players gain a competitive edge over the others, in future.
A few leading players in the global polyurethane elastomers market include Dow Chemical Company, BASF SE, Covestro, Hunstman International LLC, and DuPont.
In December 2020, BASF collaborated with Meiban to manufacture elasollan soft touch thermoplastic polyurethane elastomers, which offer fresh design options.
Polyurethane Elastomers Market - Regional Assessment
The global polyurethane elastomers market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific is anticipated to offer lucrative growth opportunities for the polyurethane elastomers market in future owing to rapid industrialization witnessed in developing countries such as India, leading to growth in infrastructure projects and thereby causing increased product demand.
Also, rising disposable income among different population sections is expected to drive the growth in the polyurethane elastomers market.
North America is expected to offer substantial growth opportunities in the global market in the years ahead due to increase in reconstruction activities in countries such as US and Canada.
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Europe is projected to witness strong growth in the polyurethane elastomers market due to increased product demand in the automotive industry in countries such as Germany and UK.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness sluggish market growth, owing to the lack of presence of well-established players, in countries belonging to both regions.
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