Asia-Pacific Polyurethane Elastomers Market Size (2024 – 2030)

According to the report published by Virtue Market Research in Asia-Pacific Polyurethane Elastomers Market was valued at USD 14.51 Billion and is projected to reach a market size of USD 21.39 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.70%.

The demand for the construction, automobile, and footwear industries has risen as a result of an increase in the world population and consumer disposable income. The market for polyurethane elastomers is driven by this aspect. Additionally, the market has been propelled forward by certain crucial attributes of polyurethane elastomer, such as its adaptability, durability, mechanical properties, and simplicity of processing. The market's expansion is, however, constrained by rival green or biodegradable elastomers as well as possible health risks brought on by polyurethane elastomers. The cost-effectiveness of these polyurethane elastomers offers a chance for the market to expand in the years to come.

Key Market Insights:

The Elastollan soft touch feel thermoplastic polyurethane elastomers series, which offers new design choices, was created in December 2022 by a collaboration between BASF and Meiban. In May 2022, Covestro will collaborate with international plastics compounder Teknor Apex to produce compounded industrial thermoplastic Polyurethane Elastomers elastomer. The cooperation aimed to offer customized goods to both current and potential customers.

According to the German Association of the Automotive Industry, new motor vehicle registrations totaled up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions around the world during the fourth quarter of 2020.

For instance, beginning in the fourth quarter of 2020, more building activities have been taking place in various places, according to Volvo CE. In 2020, China increased by 28%, Europe by 20%, Asia by 39%, and South America by 12%.

Asia-Pacific Polyurethane Elastomers Market Drivers:

The growth of polyurethane elastomers can be boosted by an increase in vehicle production:

Tires and car body panels are two common applications for polyurethane elastomers in the automotive sector. For usage in such automotive applications, their qualities including high tensile strength and exceptional resistance to tear, wear, and abrasion make them perfect. Similarly, Ford started construction on its German auto facility in August 2021. The new factory, which intends to boost the nation's manufacturing of electric vehicles, will be in charge of assembling a brand-new electric car. Because of the aforementioned characteristics of polyurethane elastomers, a growth in output from the automobile sector is predicted to enhance demand for them. This is anticipated to hasten the market's expansion in the ensuing years.

The need for polyurethane elastomers is likely to increase, especially in the construction sector:

Polyurethane elastomers are often employed in the construction sector, especially for bridging structural gaps. In the building structure, polyurethane elastomers are often utilized for a variety of purposes, including roofing membranes, waterproofing, carpets, window & and weather seals, wall coverings, and other related uses. Additionally, in December 2021, YIT Corporation began work on several apartment block projects in Finland, the CEE nations, and Russia, investing a total of about EUR 200 million (US$236.5 million). By the end of 2023, the projects are likely to be finished. The need for polyurethane elastomers for roofing membranes, waterproofing, carpets, window & and weather seals, wall coverings, and other similar applications of residential or commercial buildings is therefore anticipated to expand with an increase in worldwide construction activity. This is projected to fuel market expansion in the ensuing years.

Asia-Pacific Polyurethane Elastomers Market Challenges:

The market for polyurethane elastomers may have growth restraints due to fluctuating raw material prices:

Crude oil is used to make some of the raw ingredients for polyurethane elastomers. Brent crude prices, which serve as a global benchmark for oil prices, fell to a historic low of $9.12 a barrel in 2020, the lowest level since December 10, 1998. India's Crude Oil Basket (COB) also hit a record low in April 2020, at US$19.90 per barrel, the lowest level since February 2002. India's COB averaged an annual price of about US$42.72 per barrel during the first 11 months of 2020–21, a 30% decline from the average COB price in 2019–20. The COB has also expanded from its initial budget estimate by almost 35%, according to updated forecasts for 2020–21. In this approach, the price of raw materials needed to produce polyurethane elastomers is also increased by the uncertainty surrounding the price of crude oil. Because of this, the expansion of the polyurethane elastomers sector during the projection period may be constrained by the volatility and shifting pricing of raw materials.

ASIA-PACIFIC POLYURETHANE MARKET REPORT COVERAGE:

Asia-Pacific Polyurethane Elastomers Market Segmentation

Asia-Pacific Polyurethane Elastomers Market Segmentation: By Type

• Thermoplastic PU Elastomers
• Thermoset PU Elastomers

Elastomers are polymers with weak crosslinks that exhibit great elasticity at room temperature and can be widely stretched. The segment of thermoset PU elastomers is likely to garner a sizable 44 % share shortly because it has high elasticity compared to other polymer elastomers and it can function quite well in low temperatures with robust flexibility. It is also a versatile material that can take on a variety of shapes.

Thermoset PU elastomers are extensively employed in mining operations, namely in rollers, mining screens, pump impeller wheels, and other components for storage, transportation, and extraction. Additionally, thermoset PU elastomers are employed as coatings, insulation, mold compounds, and adhesives. Consequently, it is projected that all of these factors will accelerate market expansion throughout the forecast period.

Due to its characteristics, such as its 34% market share in 2022, the Thermoplastic PU Elastomers category had the greatest market share. The demand for the thermoplastic PU elastomers sector is rising because of its high elasticity over the whole hardness range, flexibility, robust weather resistance, and high energy radiation resistance. PU elastomer is subject to an increasing number of regulatory regulations as well as an increase in the demand for lightweight materials and highly efficient goods in the transportation sector.

Asia-Pacific Polyurethane Elastomers Market Segmentation: By End Use Industry

• Automotive
• Building & Construction
• Footwear
• Machinery

Due to the multiple advantageous qualities of polyurethane elastomers when used as a raw material for the manufacture of footwear, the footwear segment is predicted to have a 24% share of the worldwide polyurethane elastomers market in the future years. Most often, flexible, high-tensile soles, suppers, and accessories are made using the polyurethane elastomer composition. The aesthetics of the footwear are preserved using PU elastomers. The use of PU elastomers in the production of footwear also provides outstanding compression in addition to excellent hydrolysis abrasion resistance and wrinkle prevention. Due to their low weight and superior dampening qualities, polyurethane elastomer foams are also used to make a variety of footwear, including boots and shoes for sports and hiking.

During the projection period, the automotive category is anticipated to develop at the fastest rate. This segment's revenue is developing as a result of the rapidly expanding automotive sector and the need for polyurethane elastomers used to make vibration control components, and exterior, and interior components.

Asia-Pacific Overview:

The market for polyurethane elastomers has been expanding in nations like China and India as a result of growing uses in footwear and other consumer goods sectors like leather and automotive. The demand for this market in the area is growing since the leather sector in India produces around 12.9% of the world's leather and 9% of the world's footwear. Polyurethane elastomers are also employed when there is a lot of dynamic stress. When corrosion protection is desired, these elastomers are also employed as coatings to reduce moisture transmission, stop abrasion damage, and prevent corrosion. The need for polyurethane elastomers is rising in the automotive sector as a result of its physical attributes including tensile strength, compression strength, and tear strength. During the projection period, the aforementioned elements, together with government backing, will help drive up demand for polyurethane elastomers. By the end of 2030, the Asia Pacific Polyurethane Elastomers Market is likely to have the highest global market share, with over 32%, driven by the rise in consumer expenditure. Since polyurethane elastomers are rubber-like materials and can be molded into nearly any shape, they are used in the home furnishings and bedding goods that an increasing number of people in the region are purchasing to update their living environments. Additionally, these components are utilized to make rigid foams that provide support and cushioning.

COVID-19 Impact on Asia-Pacific Polyurethane Elastomers Market:

Lockdowns slowed down the economy, which in turn decreased demand for products manufactured of polyurethane elastomers, such as consumer goods, construction materials, and automobile components. As a result, it is anticipated that fewer COVID-19 incidents and the implementation of the following actions by government and non-government organizations will be the main drivers of corporate growth in the years to come.

Asia-Pacific Polyurethane Elastomers Market Recent developments:

The industry was noticing an increase in the importance of sustainability, with a focus on creating bio-based or recycled polyurethane elastomers to lessen their negative effects on the environment. Advanced polyurethane elastomer compositions with improved characteristics, such as greater durability, wear resistance, and chemical stability, were being investigated by researchers and producers. The creation of bespoke formulations was prompted by the growing need for polyurethane elastomers that could be tailored to meet the needs of certain applications.

Key Players:

1. Tosoh Corporation
2. INOAC CORPORATION
3. Huntsman Corp
4. Mitsui Chemicals. ln
5. Wanhua Chemical Group Co. Ltd.

• In January 2021: Lanxess developed a fresh Adiprene polyurethane elastomer. 1995 Shore a hardness elastomer produces less heat accumulation in fast-moving, highly stressed rollers.