Market Research Future (MRFR) foresees strong growth for the Polyurethane Elastomers Market 2020, as it is set to achieve a CAGR of close to 6% from 2019 to 2025 (analysis period). We will provide COVID-19 Impact Analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Some of the Highly Renowned Players in the Global Industry are Covestro AG (Germany), Argonics, Inc (US), BASF SE (Germany), Herikon (The Netherlands), LANXESS (Germany), VCM Polyurethanes Pvt. Ltd (India), The Lubrizol Corporation (US), Huntsman International LLC (US), Tosoh Corporation (Japan), Dow (US), Trelleborg (Sweden), to mention a few.
Primary Drivers and Barriers:
Polyurethane Elastomers have a broad application range across various industries, including wires and cable insulation, insulation panels, conveyor belts, tires, sheets and films, exterior and interior automotive parts, adhesives, sealants, blocks, coatings, and many more. Polyurethane Elastomers observe significant demand in application ranges where durability and flexibility are the top priority. Polyurethane Elastomers are known for their combination of several physical characteristics like good impact resistance, high durability, high volume compressibility, transparency and reduced transverse expansion, which pushes its demand rate across numerous industries worldwide.
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Polyurethane Market is gaining significant traction on the back of the rapidly expanding global population and the surge in disposable income in emerging regions. Soaring need of Polyurethane Elastomers in the footwear industry is a key growth booster in the market. The footwear industry has garnered a lot of interest in the past decade, mainly due to the burgeoning pool of fitness and health conscious individuals that are focused on athleisure movement. Most of these consumers gravitate towards shoes that are ideal for any occasion, whether athletic or casual for regular use. This has boosted the need for comfortable, durable, and lightweight shoes, which in turn has been favorable for the Polyurethane Elastomers Market.
The Automotive Industry happens to be another significant end-user in the Polyurethane Elastomers Market, where elastomers are widely utilized for the manufacturing of exterior as well as interior components along with vibration control components. The rising concerns with regard to safety during operations of automobiles and fuel efficiency are prompting automotive manufacturers to uptake these high-performance products. Also, the pressing requirement for lightweight vehicles to reduce CO2 emissions and boost the fuel efficiency of fuel cars could push the demand for Polyurethane Elastomers in the years ahead.
The Polyurethane Elastomers Industry can be segmented with respect to Type and End-Use Industry.
The Types of Polyurethane Elastomers in the worldwide market include thermoset PU elastomers as well as thermoplastic PU elastomers.
The chief End-Use Industries studied in the report are medical, automotive, footwear, building & construction, machinery, and others.
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The Regional Study of the Global Market covers Asia Pacific or APAC, Latin America, North America, Middle East & Africa or MEA and Europe.
As of 2018, APAC had been the leader with a share of more than 50% in the global market. It is likely that the APAC market’s growth will remain unparalleled throughout the review period, primarily because of the rising spending on footwear and consumer goods in light of the surging per capita income of individuals. The escalating demand for high-quality and performance sports footwear across the emerging countries is also deemed to be a contributing factor in the market growth. China is the leading manufacturer of footwear in the world and is the biggest market for Polyurethane Elastomers in APAC. The fast expansion rate of construction and automotive industries in the region, especially in countries like India, Japan, South Korea, Thailand and China can also boost the demand for Polyurethane Elastomers in the years to come.
Europe is the second biggest gainer in the global market, thanks to the substantial demand from the automotive industry and the strict environmental regulations pertaining to carbon emissions from automobiles. The latter has helped boost the use of Polyurethane Elastomers in the Automotive Industry to a large extent. The re-shoring of footwear sector, especially in Central and Western Europe could also fuel the market growth in the region.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Bio-Based Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-bio-based-chemicals-market
COVID-19 Impact Analysis on Surfactant Market @ https://www.marketresearchfuture.com/report/covid-19-impact-surfactant-market
Impact of COVID-19 on Recycled Polyethylene Terephthalate Market @ https://www.marketresearchfuture.com/report/covid-19-impact-recycled-polyethylene-terephthalate-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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