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The polyurethane elastomer market size is forecast to increase by USD 5.78 billion, at a CAGR of 7.08% between 2023 and 2028. The market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing consumption of polyurethane elastomers in the automotive industry, where they are used in various applications such as seating, insulation, and wheel systems. Another trend contributing to market growth is the burgeoning construction industry, which utilizes polyurethane foam insulation for energy efficiency and sound absorption in buildings. Additionally, polyurethane’s role in footwear and electronics, providing durable and high-performance materials, further supports market expansion. The growth is also influenced by competition from silicone materials, which are used in similar applications but offer different properties. However, the market is facing challenges from the volatility in prices of raw materials, particularly crude oil and natural gas, which are essential feedstocks for polyurethane production. Despite these challenges, the market is expected to continue growing due to its versatility, high performance, and wide range of applications in various industries.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period. Polyurethane Elastomers are a type of polymer used in various industries due to their unique properties, including durability and resistance to degradation from heat, UV radiation, chemicals, and environmental factors. These elastomers can be categorized into thermoplastic and thermoset types. Thermoplastic polyurethane elastomers offer flexibility and can be processed like rubber, making them suitable for footwear soles, dynamic stress applications, and coatings. In contrast, thermoset polyurethane elastomers provide excellent corrosion resistance, moisture transmission control, and abrasion damage resistance, making them ideal for suspension bushings, gaskets and seals, bumpers, wheels and tires, hoses and tubing, and interior trim in passenger cars. Industries such as footwear, industrial machinery, automotive, transportation, consumer goods, construction materials, high performance applications, medical, aerospace, and others use polyurethane elastomers due to their versatility.
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The automotive segment was the largest and was valued at USD 3.52 billion in 2018. In the automotive industry, these elastomers are used in various components, including suspension bushings, gaskets and seals, bumpers, wheels and tires, and interior trim, to enhance durability and performance. In the construction industry, polyurethane elastomers are used as coatings and sealants due to their moisture transmission control and resistance to chemicals and UV radiation. The use of polyurethane elastomers in footwear soles provides excellent cushioning and shock absorption, making them a preferred choice for athletic footwear. In consumer goods, these elastomers are used in various applications, including flexible soles, wheels and tires, and hoses and tubing. In the medical industry, they are used in various medical devices due to their biocompatibility and resistance to chemicals and UV radiation. In conclusion, the versatility and unique properties of polyurethane elastomers make them a preferred choice in various industries, including footwear, industrial machinery, automotive, transportation, consumer goods, construction materials, high performance applications, medical, and aerospace. Their ability to withstand extreme temperatures, pressures, and environmental factors, along with their excellent tensile strength, flexibility, and resistance to dynamic stress, make them an ideal choice for various applications, including footwear soles, automotive components, and industrial machinery parts.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Polyurethane Elastomers are a type of polymer material, derived from the reaction of isocyanates and polyols. They are known for their versatility, as they can be formulated as either thermoplastic or thermoset materials. In the market, Polyurethane Elastomers find extensive applications in various sectors such as footwear, industrial machinery, automotive, transportation, consumer goods, construction materials, and high performance applications.
In footwear, these elastomers are used for manufacturing flexible soles due to their excellent tensile properties and resistance to dynamic stress. In the automotive industry, they are used for producing automotive components like suspension bushings, gaskets and seals, bumpers, wheels and tires, hoses and tubing, and interior trim. Their durability makes them suitable for use in harsh environments, such as those encountered in transportation and construction. Polyurethane Elastomers also find applications in high performance areas like medical, aerospace, and other industries requiring high corrosion resistance, moisture transmission control, and abrasion damage resistance. They are used in coatings, adhesives, and sealants due to their excellent resistance to heat, UV radiation, and chemicals. In passenger cars, they are used in various components due to their excellent properties, including suspension bushings, gaskets and seals, and interior trim.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing consumption of polyurethane elastomers in automotive industry is notably driving market growth. Polyurethane elastomers play a significant role in the manufacturing of various automotive components due to their unique properties, including high tensile strength, abrasion resistance, and flexibility. These elastomers are extensively used in the production of automotive parts such as gaskets, agitators, bearings, pulleys, belts, and tyres. The increasing focus on fuel efficiency and the production of lightweight vehicles has further boosted the demand for polyurethane elastomers. Thermoset and thermoplastic polyurethane elastomers are commonly used in the automotive industry for applications such as body panels, roofing membranes, waterproofing, carpets, window seals, and wall coverings. The growth of the automotive industry, particularly in emerging economies like China and India, is expected to drive the demand for polyurethane elastomers.
For instance, the Chinese government aims to increase automobile sales to 35 million units by 2025, while the Indian automotive sector is expected to attract USD 8-USD 10 billion in local and foreign investments by 2024. The raw materials used in the production of polyurethane elastomers, such as crude oil and adhesive materials, are also subject to price fluctuations, which may impact the market dynamics. The formulations used in the production of high-performance polyurethane elastomers are continually evolving to meet the evolving demands of the automotive industry. Thus, such factors are driving the growth of the market during the forecast period.
The burgeoning construction industry is the key trend in the market. The market is experiencing significant growth due to its extensive applications in various industries, including automotive, construction, and manufacturing. In the automotive sector, polyurethane elastomers are utilized in the production of gaskets, bearings, pulleys, belts, and agitators, contributing to fuel efficiency and the manufacturing of lightweight vehicles. Additionally, these elastomers offer excellent tensile strength, abrasion resistance, and flexibility, making them suitable for the production of tyres, body panels, and window seals. In the construction industry, polyurethane elastomers are employed in roofing membranes, waterproofing, carpets, and wall coverings due to their superior properties, such as high resistance to moisture, temperature compatibility, and chemical resistance. The ongoing expansion of the building and construction sector worldwide is driving the demand for these elastomers.
For instance, the Intel Chandler Campus Expansion project, with an investment of USD 2 billion, is expected to boost the market growth during the forecast period. The project involves the expansion of its semiconductor chip production plant, which will require the use of polyurethane elastomers in various applications. The raw materials used in the production of polyurethane elastomers include crude oil and adhesive materials. Thermoset polyurethane elastomers and thermoplastic polyurethane elastomers are the two primary types of polyurethane elastomers. The former offers excellent mechanical properties, while the latter offers high flexibility and processability. The formulations of these elastomers can be customized to meet specific application requirements. For instance, high tensile soles in footwear and formulations for flexible foams are popular applications of thermoplastic polyurethane elastomers. Overall, the market is expected to witness steady growth due to its wide range of applications and the increasing demand for high-performance materials in various industries. Thus, such trends will shape the growth of the market during the forecast period.
Volatility in prices of raw materials is the major challenge that affects the growth of the market. Polyurethane elastomers are essential materials used in various industries for manufacturing components such as gaskets, agitators, bearings, pulleys, belts, and tyres. Thermoset and thermoplastic polyurethane elastomers offer superior properties like flexibility, tensile strength, and abrasion resistance, making them suitable for applications in fuel-efficient lightweight vehicles, emissions control systems, roofing membranes, waterproofing, carpets, window seals, and wall coverings. The raw materials for producing polyurethane elastomers are primarily derived from crude oil.
Therefore, the volatility in global crude oil prices significantly impacts the prices of elastomeric coatings, potentially hindering market growth. In 2020, the global crude oil demand decreased by approximately 2.5 million barrels per day due to the COVID-19 pandemic-induced lockdowns. Additionally, oil prices experienced fluctuations, ranging from USD 64.21/bbl in 2019 to USD 71.31/bbl in 2018, and surged above USD 100/bbl in February 2022 due to geopolitical tensions. These price fluctuations can impact the cost structure of polyurethane elastomer formulations, potentially affecting their adoption in various industries. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE - The company offers polyurethane elastomer namely Elastollan.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Polyurethane Elastomers are a type of versatile materials derived from the reaction of isocyanates and polols. These elastomers are known for their unique properties, including durability, flexibility, and resistance to various environmental factors such as heat, UV radiation, and chemicals. The global market for Polyurethane Elastomers is expanding in various industries. In the automotive sector, these elastomers are used in components like suspension bushings, gaskets and seals, bumpers, wheels and tires, and hoses and tubing. In industrial machinery, they are used in dynamic stress applications, coatings, and corrosion resistance. The footwear industry also uses Polyurethane Elastomers extensively for making flexible soles. High performance applications in aerospace, medical, and construction materials are also growing areas for the market. Polyurethane Elastomers are available in two major types: thermoplastic and thermoset. Thermoplastic elastomers are processable at relatively low temperatures and can be melt-processed like thermoplastics. Thermoset elastomers, on the other hand, undergo a curing process to form a cross-linked network, making them more resistant to heat, UV radiation, and degradation. The market for Polyurethane Elastomers is expected to grow significantly due to their superior properties and wide applications. Some of the key factors driving the market include increasing demand from the automotive and industrial sectors, the growing consumer goods industry, and the need for high-performance materials in various industries.
The market is driven by the growing automotive and industrial sectors, the expanding consumer goods industry, and the need for high-performance materials in various industries. Polyurethane Elastomers are also replacing traditional materials like rubber in many applications due to their superior properties. Some of the key players in the Polyurethane Elastomers market include BASF SE, Dow Inc., Covestro AG, Huntsman Corporation, and LANXESS AG. These companies are investing in research and development to expand their product portfolio and meet the growing demand for Polyurethane Elastomers. The market for Polyurethane Elastomers is expected to continue its growth trajectory in the coming years, driven by the increasing demand from various industries and the need for high-performance materials. In conclusion, Polyurethane Elastomers are a versatile and high-performance material with a wide range of applications in various industries. They offer several advantages over traditional materials like rubber, including better tensile strength, flexibility, and resistance to various environmental factors. The global market for Polyurethane Elastomers is expected to grow significantly in the coming years due to the increasing demand from various industries and the need for high-performance materials. The key players in the market are investing in research and development to expand their product portfolio and meet the growing demand.
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Market Scope |
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Report Coverage |
Details |
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Page number |
149 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
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Market Growth 2024-2028 |
USD 5.78 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.49 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
China, US, Germany, Japan, Mexico, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
American Urethane, Argonics Inc., BASF SE, Cellular Mouldings Ltd., China Petrochemical Corp., Covestro AG, Dow Chemical Co., Era Polymers Pty Ltd., Galagher Corp., Herikon B.V., Huntsman International LLC, Lanxess AG, LyondellBasell Industries N.V., Manali Petrochemicals Ltd., Mitsui Chemicals Inc., The Lubrizol Corp., Trelleborg AB, VCM Polyurethanes Pvt. Ltd., and Wanhua Chemical Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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