Industrial PU Elastomer Market: Introduction
- Industrial polyurethane elastomers are made by combining rigid and flexible components in various combinations, with certain combinations creating better polyurethane elastomers. PU elastomer coatings are high-quality materials.
- Industrial PU elastomers are polymeric materials with elastomeric properties based on polyols, di-isocyanates, and extender
- Industrial PU elastomer provides a considerable number of physical property combinations, making it an extremely flexible material that is adaptable to various uses such as footwear sole making, tire fill products, seals, gaskets, run-flat tire, truck bed liner, agitators, bearing, pulley, and belts
- Industrial PU elastomer possesses various properties such as resistance to abrasion; tear strength, resistance to chemicals (oil and gas), load resistance, oxidation resistance, transparency, and adhesiveness
Key Drivers and Restraints of Industrial PU Elastomer Market
- Demand for industrial PU elastomers is expected to increase at a significant pace during the forecast period due to the rise in usage of these elastomers in various industries such as automotive, aerospace, and marine. Transportation is one of the key end-use industries of PU elastomers due to the latter’s properties such as tear and abrasion resistance, high load-bearing capacity, chemical resistance, and superior dynamic performance.
- High cost of industrial PU elastomer is negatively affecting the industrial PU elastomer market
Industrial PU Elastomer Market: Type Segment
- Based on type, the industrial PU elastomer market can be divided into thermoset elastomer and thermoplastic elastomer
- The thermoset PU elastomer segment is expected to dominate the global market in the near future
- Thermoset PU elastomer exhibits high impact strength, excellent resilience, high load bearing capacity, exceptional resistance to oil and grease, and high abrasion resistance. These properties make it a suitable material for a wide range of industries including transportation, building & construction, mining equipment, medical, manufacturing, and material handling. These elastomers are used in hydraulic and reciprocating seals, gaskets, diaphragms, hoses, conveyor belts, and many other applications.
COVID-19 Impact on Global Industrial PU Elastomer Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- The outbreak of the COVID-19 pandemic has led to disturbance in the supply chain due to the global lockdown in several countries. Furthermore, the spread of the disease caused a fall in demand for chemical intermediates due to uncertainty in the global economy and capital markets. Therefore, a number of major chemical-producing & consuming countries experienced significant variation in demand for industrial PU elastomers in end-use industries such as automobiles and construction materials.
Asia Pacific to Hold Leading Share of Global Industrial PU Elastomer Market
- In terms of region, the industrial PU elastomer market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global industrial PU elastomer market, followed by North America and Europe, during the forecast period
- The automobile industry has been experiencing robust growth since the last few years, especially in Asia Pacific. Infrastructure development, improvement in socio-economic trends, growth in disposable income, and rapid urbanization are the major factors contributing to the expansion of the automobile industry.
- Of late, there has been a shift in manufacturing facilities of industrial PU elastomers from Europe to Asia Pacific, especially China and India, for various applications, primarily transportation, mining equipment, and building & construction. This shift is due to the availability of cheap labor, supportive government policies, and availability of natural resources in Asia Pacific. Thus, Asia Pacific has become a prominent consumer of industrial PU elastomers.
- Rapid growth of the building & construction industry, owing to increase in investments by governments and the private sector, are expected to drive the industrial PU elastomer market in countries in Asia Pacific, in the near future. Demand for automobiles is increasing in the region with the growth in disposable income of middle-class families. Additionally, penetration of e-vehicles is likely to drive the demand for industrial PU elastomers in Asia Pacific
Key Manufacturers Operating in Global Industrial PU Elastomer Market
The industrial PU elastomer market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the industrial PU elastomer market include:
- Mitsui Chemicals
- Dow DuPont
- Huntsman Corporation
- American Urethanes
- Lyondellbasell industries
- Gallagher corp.
Industrial PU Elastomer Market: Research Scope
Industrial PU Elastomer Market, by Type
- Thermoset Elastomer
- Thermoplastic Elastomer
Industrial PU Elastomer Market, by Application
- Material Handling
- Mining Equipment
- Building & Construction
Global Industrial PU Elastomer Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.