The global industrial PU elastomers 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. Industrial PU elastomers market has witnessed decent growth in the past few years. This growth can be primarily attributed to the increasing demand for highly efficient and lightweight materials in the transportation industry and stringent emission regulations by the government of various countries. Moreover, automotive manufacturers around the world prefer elastomers over conventional metals as they increase automobile efficiency by reducing fuel consumption, carbon emissions, and engine size. Similarly, increasing demand for highly efficient, lightweight, and comfortable materials across different end-use industries is also driving the consumption for industrial PU elastomers. On the other hand, instability of raw material prices challenges the growth of industrial PU elastomers market. Furthermore, hazardous impact on human health and environment and stringent emission levels also hampers the industrial PU elastomers market growth.
Emergence of industrial and manufacturing sectors in the developing economies, such as APAC and South America, are driving the market. BASF (Germany), Dow (US), Huntsman (US), Covestro (Germany), Mitsui Chemicals (Japan), Lanxess (Germany), The Lubrizol Corporation (US), Wanhua (China) are some of the key players in the market. The Industrial PU elastomers market report analyzes the key growth strategies, such as new product launches, expansions, agreements & collaborations, partnerships, and mergers & acquisitions adopted by the leading market players between 2017 and 2021.
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BASF is a leading player in the industrial PU elastomers business. Its diversified product portfolio reduces its market risks. The company witnessed significant loss of revenue in the first three quarters of 2020 owing to the economic deterioration caused by the COVID-19 pandemic. However, the company is successful in maintaining its market position by focusing on high-growth segments. BASF is strategically aiming on expanding its material division by entering into collaborations, and investment & expansion strategies to increase its foothold in industrial PU business. For instance, BASF in collaboration with Meiban creates Elastollan Soft Touch Feel thermoplastic polyurethane (TPU) series which enables new design possibilities.
Lanxess is active in the material science domain and caters to the needs of customers by providing innovative materials. The company is taking initiatives to enhance its operational performance and improve profitability and achieve sustainable development. It focuses on improving performances within existing business by undertaking innovation activities across its segments. It also emphasizes on development of customer-focused solutions that satisfies critical end-use requirements, hence is successful to build long-lasting relations with its customers. Recently, Lanxess has completed the acquisition of Chemtura, a US -based company with a total enterprise value of USD 2.8 billion. The company has integrated Chemtura’s urethanes businesses with its product portfolio. By this acquisition the company is aimed to expand their geographical footprint in the North American region.
Industrial PU Elastomer Market by Type (Thermoset PU Elastomer, Thermoplastic PU Elastomer), End-use Industry (Transportation, Industrial, Medical, Building & Construction, Mining Equipment) and Region - Global Forecast to 2026
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