Market Size of Polyurethane Elastomers Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.49 Billion |
| Market Size (2029) | USD 5.29 Billion |
| CAGR (2024 - 2029) | > 3.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Polyurethane (PU) Elastomers Market Analysis
The Polyurethane Elastomers Market size is estimated at USD 4.49 billion in 2024, and is expected to reach USD 5.29 billion by 2029, growing at a CAGR of greater than 3.30% during the forecast period (2024-2029).
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.
