Industrial PU elastomer market forecast at $10.6 billion by 2026
Chicago, IL – According to the new market research report “Industrial PU Elastomer Market by Type (Thermoset PU Elastomer, Thermoplastic PU Elastomer), End-use Industry (Transportation, Industrial, Medical, Building & Construction, Mining Equipment) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the market size is projected 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.
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. The industrial PU elastomer market is also expected to benefit from the growing demand for replacement of metals and conventional materials in end use industries such as material handling, manufacturing, mining equipment, medical, and building & construction, automotive, electronics, and military & defense.
The growth of this segment can be attributed to the low cost and easy availability of thermoset PU elastomers around the world, especially in APAC. On the other hand, the thermoplastic PU elastomer segment is estimated to be the fastest-growing segment, owing to its exceptional benefits of bridging the gap between flexible rubber and rigid plastics.
The industrial PU elastomer market by end-use industry has been segmented into transportation, industrial, building & construction, mining equipment, medical, and others. The transportation segment, in terms of value, dominated the global industrial PU elastomer market. The increasing applications of industrial PU elastomers in the transportation industry due to their properties such as excellent resilience, high mechanical strength, heat resistance, lower shrinkage, high filler capacity, improved abrasion resistance, durability and softness, resistance to hydrolysis, high rigidity, and resistance to chemicals is driving the growth of the segment.
APAC accounted for the largest share amongst other regions in the industrial PU elastomer market in 2020, in terms of value. The transportation and industrial sectors are very prominent in this region because of the availability of raw materials and low labor costs, along with the high demand for transportation equipment. The demand for industrial PU elastomers is expected to grow in this region owing to the expanding industrial and mining sectors, especially in South-East Asian countries.
The key players in the Industrial PU Elastomer Market include BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), and Wanhua (China). These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment, expansion, and mergers & acquisitions.