Research Nester published a report titled “Polyurethane Elastomers Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the polyurethane elastomers in terms of market segmentation by type, end use industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global polyurethane elastomers market is segmented by end use industry into automotive, building & construction, footwear, machinery and others, out of which, the footwear segment is anticipated to hold the largest market share during the forecast period, backed by the growing demand for footwear worldwide, along with the numerous favorable properties of polyurethane elastomers for footwear manufacturing, including properties such as high abrasion resistance, provides aesthetics and others.
The global polyurethane elastomers market is anticipated to grow with a notable CAGR during the forecast period, i.e., 2021-2029 on account of the growing applications of polyurethane elastomers across the end user industries and the growing trade of polyurethanes. Polyurethane elastomers possess properties, such as enhanced toughness, flexibility, load strength and others, which makes it one of the most demanding raw materials for manufacturing different end use products. The International Trade Centre (ITC), in one of its statistics, stated that, the exports of polyurethanes peaked to USD 77.46 billion in the year 2018 from USD 55.70 billion in the year 2010.
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Regionally, the global polyurethane elastomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the Asia Pacific polyurethane elastomers market is anticipated to hold the largest market share owing to the presence of nations such as China, which is known to be the leading exporter of footwear globally, coupled with the growing demand for high-performance sports footwear in the region. In other statistics by the International Trade Centre (ITC), footwear exports in China registered a growth of USD 356.33 billion in the year 2010 and it grew to USD 478.04 billion in the year 2019.
Beneficial Properties of Polyurethane Elastomers that Aid Manufacturers in the End User Industries to Drive the Market Growth
Polyurethane elastomers have numerous benefits over conventional elastomers. With the growing advancements in chemicals sciences, there is a rising demand for advanced chemicals, such as polyurethane, backed by the numerous favorable properties possessed by the chemical, such as, aging resistance, chemical resistance, greater flexibility, weathering & ozone resistance, durability, heat resistance and others. Such a factor is anticipated to drive the growth of the global polyurethane market during the forecast period.
However, concerns for the health hazards associated with the manufacturing of polyurethane elastomers is anticipated to lower the market growth during the forecast period.
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