According to the market research report “Polyurethane Elastomers Market: By product Type (Thermoplastic elastomers, thermosetting elastomers); by Application Type (Automotive industry, electrical appliances, footwear, construction, others) and By Geography - Forecast (2017 - 2022)” published by IndustryARC, estimates the market to reach $20 billion by 2021.
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Polyurethane is an organic polymer and most of these polymers are thermosetting polymers which do not melt when heated. These materials have the strength of the plastic with the elasticity of rubber. Polyurethane elastomer refer to the special set of rubber which have light weight and have excellent mechanical properties like elevated elongation toughness, flexibility (even at low temperatures) and tensile strength, good abrasion resistance, compression strength, resistance to light, ozone and oxidation, low gas permeability and chemical resistance.Various engineering applications are likely to increase the demand for enhanced materials that features the property of metals, plastics, ceramics and more. As a result, extensive developments are taking place along with the adoption of synthetic rubbers comprising of polyurethane elastomers to numerous applications at a higher extent. The key segmentations for polyurethane elastomers market includes by type, by application and by geography.
Escalating construction industry coupled with rapidly expanding market of footwear in the emerging countries is anticipated to propel the demand for polyurethane elastomers
The global polyurethane elastomers market is estimated to grow with a CAGR of 4.1% during the forecasted period and will reach $20 billion in 2021. Continued inputs by the government in terms of investments in polyurethane production and support by way of encouraging regulations is likely to contribute towards growth of the market. According to type, the global polyurethane elastomersmarket has been categorized into cast polyurethane elastomers, sprayed polyurethane, thermoplastic polyurethane, liquid injection molding, millable polyurethane and more. Cast polyurethane elastomers have generated the highest revenue in 2015and this segment is projected to remain dominant in the polyurethane elastomers market for the next five years. Escalating demand for automobiles is propelling the growth of cast polyurethane market. Numerous parts manufactured from this material is preferred in automobile industry over conventional rubbers owing to its excellent mechanical properties.
The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2015, APAC is the prominent region for polyurethane elastomers market and is estimated to be grow with CAGR of 5.7% during the forecast period. The growth in China is attributed to the increasing construction activities and the presence of largest producer of foot wears across the globe. However, considerable polyurethane elastomer demand in European along with Middle East countries is likely to boost the overall market.
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The Prominent Players in this Market Include
The Dow (DuPont) Chemical Co.
Covestro AG is the leading supplier in the polyurethane elastomers market contributing to nearly 19% of overall revenue. Covestro through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Covestro AG, Dow (DuPont) Chemical Co., BASF SE, Huntsman Corp and some more are other companies that are prominent in polyurethane elastomers market in 2015. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining market shares in the industry.
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