Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Industrial PU Elastomer Market by Type (Thermoset PU Elastomer, Thermoplastic PU Elastomer), End-use Industry (Transportation, Industrial, Medical, Building & Construction, Mining Equipment) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global industrial PU elastomer market size is projected to reach USD 10.5 billion by 2026 from USD 7.7 billion in 2021, at a CAGR of 6.3% during the forecast period.
The industrial PU elastomer market has witnessed decent growth in the past few years. This growth can be attributed to the increasing demand for highly efficient and lightweight materials in the transportation industry and stringent emission regulations laid by the governments of various countries.
Moreover, automobile manufacturers worldwide prefer elastomers over conventional metals as they increase automobile efficiency by reducing fuel consumption, carbon emissions, and engine size.
Thermoset PU elastomer accounted for the largest share in the industrial PU elastomer market
The thermoset PU elastomer segment dominated the overall market. The growth of this segment can be attributed to the low cost and easy availability of thermoset PU elastomers around the world, especially in APAC. On the other hand, the thermoplastic PU elastomer segment is estimated to register the highest CAGR during the forecast period, owing to its exceptional benefits of bridging the gap between flexible rubber and rigid plastics.
Transportation is expected to be the largest industrial PU elastomer consumer in 2021 amongst other end-use industries
The industrial PU elastomer market by end-use industry has been segmented into transportation, industrial, building & construction, mining equipment, medical, and others. The transportation segment, in terms of value, dominated the global industrial PU elastomer 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 filler capacity, improved abrasion resistance, durability and softness, resistance to hydrolysis, high rigidity, and resistance to chemicals is driving the growth of the segment.
APAC is the largest and fastest-growing amongst other regions in the industrial PU elastomer market
APAC was the largest market for industrial PU elastomer in 2019. The transportation and industrial sectors are very prominent in this region because of the availability of raw materials and low labor costs, along with the high demand for transportation equipment.
The demand for industrial PU elastomers is expected to grow in this region owing to the expanding industrial and mining sectors, especially in South-East Asian countries.
BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), and Wanhua (China) are some of the key players in the market.
Replacement of Conventional Materials with Industrial PU Elastomers in Various Industries
Light Weighing of Different Transportation Equipment
Higher Cost of Thermoplastic PU Elastomer Than Conventional Materials
Hazardous Impact on Human Health and Environment
Growing Demand for Minimally Invasive Surgical Procedures
Emerging Market for Bio-Based Thermoplastic PU Elastomers
Volatility in Raw Material Prices
Value Chain Analysis
Raw Material Suppliers
Industrial PU Elastomer Manufacturers
Top Companies/Applicants of Patents
List of Patents by Dow Global Technologies LLC
List of Patents by BASF
List of Patents by Toyo Tire & Rubber Co.
List of Patents by Nike Inc.
Top 10 Patent Owners (US) in Last 10 Years
Dow Global Technologies LLC
Great Eastern Resins Industrial Co. Ltd. (Greco)
Shandong Huada Chemical New Material
Suzhou New Mstar Technologies
Taiwan PU Corporation
Toyo Tire & Rubber Co.
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