Polyurethane Elastomers Market - By Type (Thermoplastic, Castable, Polyether-based, Polyester-based, Thermoset), By Processing Method (Injection Molding, Extrusion, Blow and Compression Molding), By Application, By End-use & Forecast, 2023 - 2032

Polyurethane Elastomers Market - By Type (Thermoplastic, Castable, Polyether-based, Polyester-based, Thermoset), By Processing Method (Injection Molding, Extrusion, Blow and Compression Molding), By Application, By End-use & Forecast, 2023 - 2032

Polyurethane Elastomers Market size is slated to record 5.5% CAGR from 2023-2032, driven by the burgeoning R&D efforts for improving the performance characteristics, such as durability, resistance to extreme conditions, and flexibility in a wide range of applications. To cite an instance, in September 2023, Huntsman devised a liquid thermoplastic polyurethane (LTPU) for enabling the rapid generation of high-performing midsoles. The rising number of investments led by major industry players for expansion-driven opportunities will also add impetus to the market growth. To illustrate, in August 2023, Covestro made a double-digit million Euro investment to commence production at its new Shanghai plant for polyurethane elastomers systems.

The overall polyurethane elastomers industry is segmented based on type, processing method, application, end-use, region.

With respect to type, the market value from the castable polyurethane segment is expected to garner significant CAGR through 2032. The growth can be attributed to the surging adoption of castable elastomers in functional and decorative applications to offer balance of strength, flexibility, and durability. Rising usage in material handling equipment, oil & mining, automotive, marine, medical and aerospace sectors render versatility will also prove favorable for the market growth.

In terms of application, the polyurethane elastomers industry size from the tires segment may record appreciable CAGR from 2023-2032. The rising popularity of high-end and luxury vehicles is accelerating the usage of polyurethane elastomers in tire construction to enhance the tire's shock-absorbing capabilities to render improved ride comfort. Polyurethane inserts and reinforcements are also incorporated within the tire's structure in certain specialized applications to provide additional strength and stability. The increasing prominence of off-road, industrial, and heavy-duty tires will contribute to the segment expansion.

Regionally, Europe polyurethane elastomers market size is projected to grow at robust pace through 2032 driven by the presence of well-established construction sector and the rising number of infrastructure projects. The rapid growth of the automotive sector is propelling the greater need for materials that offer reduced vehicle weight and improved fuel efficiency, further prompting the preference for lightweight and high-performance polyurethane elastomers. The increasing adoption of digitalization and Industry 4.0 technologies for enhanced production efficiency, quality control, and supply chain management will also add to the regional market growth.