Polyurethane (PU) Elastomers Market Size
| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 4.64 Billion |
| Market Size (2030) | USD 5.46 Billion |
| CAGR (2025 - 2030) | 3.30% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Polyurethane (PU) Elastomers Market Analysis
The Polyurethane Elastomers Market size is estimated at USD 4.64 billion in 2025, and is expected to reach USD 5.46 billion by 2030, at a CAGR of greater than 3.3% during the forecast period (2025-2030).
During COVID-19, the reduced economic activity led to decreased demand for products using polyurethane elastomers, such as automotive components, consumer goods, and construction materials. However, the condition has recovered, thereby restoring the growth trajectory of the market, and is expected to grow over the period.
- Polyurethane elastomers (PUEs), rising in demand from the footwear industry for producing insoles, midsoles, or outsoles, are dominating the market owing to the increasing population.
- PUEs are often used in high-performance applications such as automotive parts, medical, and aerospace. However, they have lower durability as they are susceptible to degradation over time due to exposure to heat, UV radiation, chemicals, and other environmental factors, restricting the market.
- Increasing demand for bio-based polyurethane products could act as an opportunity for this market in the coming years.
- Asia-Pacific region dominated the market for polyurethane elastomers, with India, China, and Japan as major countries in consumption.
Polyurethane (PU) Elastomers Market Trends
Footwear Industry Representing the Fastest Growing Market
- Polyurethane elastomers (PU) are a class of the polyurethane group that have the characteristics of rubber. Polyurethane elastomers are formed by combining hard (isocyanate) and elastic (polyol) parts, and changing these selections creates the superior quality of the polyurethane elastomers.
- Polyurethane elastomers are majorly used in the footwear industry to produce high tensile and flexible soles using formulations that regulate flexibility ranging from temperatures ‘0 degrees Celsius to 80 degrees Celsius’ thereby producing superior quality and durable products, increasing the scope for this market.
- As per the World Footwear Yearbook 2022, global footwear production increased by 7.6% to reach 23.9 billion pairs, roughly standing at pre-pandemic levels.
- In 2022, the revenue ranking in the footwear market is led by the United States with USD 85.84 billion, while China is following with USD 79.32 billion, showing a rapid growth company. Hence showing growth in the sector compared to the previous year.
- According to the Reserve Bank of India report 2022, the value of leather and leather products exported from India amounted to over INR 326 billion (~USD 4.14 billion). This was an increase of 33% compared to the previous year's value of over INR 244 billion (~USD 3.1 billion ), which includes footwear products. It is expected to increase in the PU elastomers market during the forecast period.
- The growing population is aiding the market for the footwear industry in countries like China, India, and Japan creating a major market for polyurethane elastomers.
Asia-Pacific Region to Dominate the Market
- Asia Pacific region is expected to dominate the market for polyurethane elastomers during the forecast period. In countries like China and India, due to the increasing applications in footwear and other consumer goods industries like leather and automotive, the market for polyurethane elastomers has been increasing.
- Elastomers of polyurethane are also used where a high degree of dynamic stress is anticipated. These elastomers are also used as coatings when corrosion resistance is preferred for inhibiting moisture transmission and preventing abrasion damage.
- As per the World Footwear Yearbook 2022, the footwear industry continues to be strongly concentrated in Asia, where almost 9 out of every 10 pairs of shoes are manufactured, resulting in a share of 87.4% of the world's total driving PU elastomers market.
- Among Asia-Pacific countries, China, India, Vietnam, and Indonesia accounted for over 75% of footwear production worldwide as of 2022. China is the world’s largest footwear producer, marginally increasing its share in 2022 to 54.6%, reversing the downward trend observed in recent years.
- Moreover, Vietnam experienced the highest production growth of 10.3%, which has a direct impact on driving the PU elastomers market.
- The PU elastomers are used across various automobile components such as suspension bushing, gaskets and seals, bumpers, wheels and tires, hoses and tubing, interior trim, and other components. The physical properties of polyurethane elastomers, such as tensile strength, compression strength, and tear strength, are increasing their demand in the automobile industry.
- According to the OICA data, for 2022, China's automotive industry 2022 produced approximately 23.8 million passenger cars, and it is also the most passenger cars in the Asia-Pacific region, which has an impact on PU elastomers driving the market during the forecast period.
- The factors mentioned above, coupled with government support, are contributing to the increasing demand for polyurethane elastomers during the forecast period.
Polyurethane (PU) Elastomers Industry Overview
The global polyurethane elastomers market is fragmented in nature. The major players (not in any particular order) include Tosoh India Pvt. Ltd., Mitsui Chemicals, Inc., Wanhua, INOAC CORPORATION, and Huntsman International LLC among others.
Polyurethane (PU) Elastomers Market Leaders
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Tosoh India Pvt. Ltd.
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Mitsui Chemicals, Inc.
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Wanhua
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INOAC CORPORATION
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Huntsman International LLC.
- *Disclaimer: Major Players sorted in no particular order
Polyurethane (PU) Elastomers Market News
- October 2023: SKC sold its 100% shares of SK pucore, a polyurethane manufacturer, to Glenwood Private Equity, a Seoul-based private equity firm. SKC (petrochemical subsidiary) sold to a private equity firm at the price of KRW 410.3 billion (USD 304.1 million) in a bid to streamline its portfolio with a focus on semiconductor and EV battery materials, which will drive the PU elastomers market.
- August 2023: Covestro AG began production of polyurethane elastomer systems in its new Shanghai plant. The investment is not disclosed (in the double-digit EUR Million range). It is part of a series of investments in the elastomer's raw materials taken by the business in the past years with sites in Thailand and Spain.
- July 2023: Nordmann has announced that it is selling polyurethane elastomers from Australian producer Era Polymers in Germany, Belgium, the Netherlands, Italy, Finland, Sweden, and Switzerland. Era Polymers specializes in the development and production of prepolymer systems for the production of polyurethane elastomers used in the automotive sector, which has spread over six production plants, the capacity is more than 400,000 t/y.
Polyurethane (PU) Elastomers Industry Segmentation
A polymer becomes an elastomer when it possesses elastic characteristics, much like rubber. Because of their elastic properties, most polyurethane elastomers feature long chains of polymers that respond well to stress and can easily return to their original form without tearing or breaking.
The polyurethane elastomers market report is segmented by type, application, and geography. By type, the market is segmented into thermoplastic and thermoset. By application, the market is segmented into footwear, industrial machinery, automotive and transportation, and others (building & construction, mining equipment, and medical). The report also covers the market size and forecasts for the polyurethane elastomers market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD).
| Type | Thermoplastic | ||
| Thermoset | |||
| Application | Footwear | ||
| Industrial Machinery | |||
| Automotive & Transportation | |||
| Others (Building & Construction, Mining Equipment, and Medical) | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle-East and Africa | |||
| Thermoplastic |
| Thermoset |
| Footwear |
| Industrial Machinery |
| Automotive & Transportation |
| Others (Building & Construction, Mining Equipment, and Medical) |
| Asia-Pacific | China |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific | |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Rest of Europe | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle-East and Africa | Saudi Arabia |
| South Africa | |
| Rest of Middle-East and Africa |
Polyurethane (PU) Elastomers Market Research FAQs
How big is the Polyurethane Elastomers Market?
The Polyurethane Elastomers Market size is expected to reach USD 4.64 billion in 2025 and grow at a CAGR of greater than 3.30% to reach USD 5.46 billion by 2030.
What is the current Polyurethane Elastomers Market size?
In 2025, the Polyurethane Elastomers Market size is expected to reach USD 4.64 billion.
Who are the key players in Polyurethane Elastomers Market?
Tosoh India Pvt. Ltd., Mitsui Chemicals, Inc., Wanhua, INOAC CORPORATION and Huntsman International LLC. are the major companies operating in the Polyurethane Elastomers Market.
Which is the fastest growing region in Polyurethane Elastomers Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Polyurethane Elastomers Market?
In 2025, the Asia Pacific accounts for the largest market share in Polyurethane Elastomers Market.
What years does this Polyurethane Elastomers Market cover, and what was the market size in 2024?
In 2024, the Polyurethane Elastomers Market size was estimated at USD 4.49 billion. The report covers the Polyurethane Elastomers Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Polyurethane Elastomers Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on: June 16, 2024
Polyurethane Elastomer Industry Report
Statistics for the 2025 Polyurethane Elastomers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyurethane Elastomers analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
