Polyurethane Elastomers Market Size, Share, Growth Analysis, By Material Type(Thermoset polyurethane elastomer and Thermoplastic polyurethane elastomer), By Region - Industry Forecast 2024-2031

Global Polyurethane Elastomers Market size was valued at USD 8.2 billion in 2022 and is poised to grow from USD 8.72 billion in 2023 to USD 14.21 billion by 2031, growing at a CAGR of 6.30% during the forecast period (2024-2031).

Polyurethane elastomers have a wide range of physical property combinations, making it a very versatile material that may be used in a variety of applications such as footwear soles, seals, gaskets, agitators, bearings, pulleys, and belts. The automobile industry is a major consumer of polyurethane elastomers. The growth in the automotive industry in emerging countries is expected to fuel the growth of global market. Also, increasing concerns for safety while driving automobiles and increasing concerns about fuel efficiency is driving the demand for better quality and high-performance plastics. Thus, the increasing need for lightweight vehicles to reduce automobile emissions and improve fuel efficiency is driving the growth of the market.

Growing demand for polyurethane elastomers in the footwear industry across the world as people are moving towards shoes for regular occasions, athletics, and casual purpose, and also demand lightweight, comfortable, and durable foot wares are boosting the growth of global market. Fluctuation in crude oil prices hampers the growth of the global market.

US Polyurethane Elastomers Market is poised to grow at a sustainable CAGR for the next forecast year.