Industrial PU Elastomers Market Worth $ 10.5 Billion By 2026 – Exclusive Report from MarketsandMarkets ™
CHICAGO, July 21, 2021 / PRNewswire / – According to New Market Research Report “Industrial PU Elastomers Market by Type (Thermosetting PU Elastomer, Thermoplastic PU Elastomer), End Use Industry (Transportation, Industrial, Medical, Building & Construction, Mining Equipment) and Region – Global Forecast to 2026 “, published by MarketsandMarkets â¢, the market size is expected to reach $ 10.5 billion by 2026 from $ 7.7 billion in 2021, at a CAGR of 6.3% over the forecast period.
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Growing demand for highly efficient and lightweight materials in the transportation industry and stringent emission regulations imposed by governments in various countries. Additionally, automobile manufacturers around the world prefer elastomers over conventional metals because they increase the efficiency of automobiles by reducing fuel consumption, carbon emissions, and engine size. The industrial PU elastomers market is also expected to benefit from the growing demand for replacement of conventional metals and materials in end-use industries such as material handling, manufacturing, mining equipment, medical, building and construction, l automotive, electronics and military and defense. .
On the basis of type, thermoset PU elastomer is estimated to be the largest market in the overall industrial PU elastomer market in 2021.
The growth of this segment can be attributed to the low cost and easy availability of thermosetting PU elastomers worldwide, especially in APAC. On the other hand, the PU thermoplastic elastomers segment is considered to be the fastest growing segment, due to its outstanding advantages in bridging the gap between flexible rubber and rigid plastics.
Based on the end-use industry, transportation is expected to be the largest industrial consumer of PU elastomers in 2021.
The industrial PU elastomers market by end use industry has been segmented into transportation, industrial, building and construction, mining equipment, medical and others. The transportation segment, in terms of value, has dominated the global industrial PU elastomers 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 filling capacity, resistance to water Improved abrasion, durability and smoothness, hydrolysis resistance, high stiffness and chemical resistance is driving the growth of the segment.
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Based on the region, APAC is expected to experience the fastest growth in the industrial PU elastomers market during the forecast period.
APAC accounted for the largest share among other regions of the industrial PU elastomers market in 2020, in terms of value. The transport and industrial sectors are very important in this region due to the availability of raw materials and low labor costs, as well as the high demand for transport equipment. The demand for industrial PU elastomers is expected to increase in this region due to the expansion of industrial and mining sectors, especially in Southeast Asian countries.
The key players in Industrial PU Elastomers Market include BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (United States), and Wanhua (China). These players have established themselves firmly in the market by adopting strategies such as new product launches, investment, expansion and mergers and acquisitions.
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