High performance polyurethane elastomer market forecast at $27.19 billion by 2028
Vancouver, BC – The global High Performance Polyurethane Elastomer Market is expected to reach a market size of USD 27.19 Billion at a rapid CAGR of 4.3% in 2028, according to the latest analysis by Emergen Research. Increase in the demand from automobile industry and footwear industry is a key factor driving the growth of the market. Durability, high temperature resistance, cut resistance, and abrasion resistance are important properties that increase demand for polyurethane elastomers.
Being lightweight, polyurethane elastomers are extensively used in automobile industry to manufacture body panels, bumpers, exterior and interior components. Rise in the demand for lighter vehicles with better fuel efficiency is also driving the market in the positive direction.
Major companies operating in High Performance Polyurethane Elastomer Market are BASF SE, Covestro AG, DowDuPont, Eurofoam Group Co., Huntsman Corp., Recticel SA, Mitsui Chemicals, Wanhua Industrial Group, Armacell Enterprise GmbH & Co. KG, Carpenter Co.
In January 2021, Huntsman Corporation acquired Gabriel Performance Products in order to further expand its chemical portfolio.
In February 2021, Covestro developed a wearable smart patch concept. This smart patch can be applied to the skin in to which electronics are integrated. This will offer a wide range of medical diagnosis possibilities in the healthcare sector.
In August 2020, an innovative machine for direct infusion of polyurethane rotor blades was developed by Covestro. This will help in deriving high output and smart flow rate control from the blades.
Asia Pacific accounted for the largest revenue share contributor to the global market in 2020 and is expected to grow significantly during the forecast period. This can be attributed to the increasing number developmental projects, rapid urbanization and rise in the per capita income of middle class section in the region.
This section of the report offers valuable insights into the geographical segmentation of the High Performance Polyurethane Elastomers market, alongside estimating the current and future market valuations based on the demand-supply dynamics and pricing structure of the leading regional segments. Furthermore, the growth prospects of each segment and sub-segment have been meticulously described in the report.
The Global High Performance Polyurethane Elastomers Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.