Pune, India -- (SBWire) -- 11/02/2018 --Industry News
Digital technologies are being integrated to alleviate pressure in the production line. For instance, Covestro AG uses software to determine the success of varied formulas. It has created software for its clients to gauge processing conditions according to changing weather conditions.
UW Elast, a German firm, relies on computer-aided design (CAD) to streamline the entire production process. Various tests are designed to test elasticity, hardness, and resistance properties.
Segmentation Analysis
The polyurethane elastomers market is segmented by type, end-use, and region. By type, PU elastomers are segmented into thermosetting elastomer (TSE) and thermoplastic elastomer (TPE). The TSE segment is touted to generate higher revenue than its counterpart due to its higher resistance and load-bearing capacity. Demand for lighter components derived from sustainable materials is anticipated to bode well for the segment.
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End-use sectors in the market include electrical & electronics, building & construction, footwear making, automotive, and others. The footwear making application segment is expected to induce demand due to a large consumer base. In addition, comfortable shoes produced in an ergonomic fashion coupled with its various designs is ensured to bode well for the PU elastomers market.
The automotive sector can also contribute to overall market demand due to high use of elastomers in the production of suspension bushings, wheels, and other automotive parts. Stringent policies and regulations are anticipated to bode well for the market as PU acts as a replacement for metal. For instance, the Dow Chemical Company produces PU elastomers devoid of mercury for automotive applications.
Regional Analysis
Geographically, the polyurethane elastomers market report spans across five regions, namely Europe, North America, Latin America, Middle East & Africa (MEA), and Asia Pacific (APAC).
The APAC market is anticipated to grow at a rapid pace over the forecast period owing to being a major hub of synthetic rubber. Various infrastructural projects and revival of the domestic footwear sector are factors which can create opportunities for the market. The booming automotive sector is also expected to play a major role in the market in the coming years. China and India are expected to contribute to regional revenues owing to growing industries within these nations. Large population, huge economic growth rate, and low manufacturing costs make these countries suitable for expansion.
North America is the second largest market after APAC due to various reconstruction projects in the region. High disposable income levels of consumers and living standards are factors expected to present lucrative opportunities for the market in the coming years.
Europe controls a substantial share of the polyurethane elastomers market due to demand for material for car interiors. Presence of reputed automobile manufacturers and furniture producers are anticipated to fuel market demand in the coming years. The MEA and LATAM markets are anticipated to experience steady demand during the forecast period.
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Polyurethane Elastomers Market Leaders, Industry Share, Growth Opportunity, Emerging Trends, Regional Outlook and Global Forecasts, 2018-2023