Polyurethane elastomers are projected to be widely used across various footwear applications including shoe soles, transportation applications such as tire fill products, run-flat tires, and others. Further, rising demand for comfortable footwear and vehicles from the growing population are anticipated to boost the demand for polyurethane elastomers globally.
The footwear industry is labor-intensive and is affected by numerous factors such as labor costs, land resources, environmental protection, material supply, and sales markets. Consequently, in the pursuit of maximizing profits, footwear manufacturers, wholesalers, major consumer domains, and retailers worldwide are shifting their focal point to economic countries, leading to the constant movement of global shoe manufacturing bases. China, India, Japan, and Taiwan are highly profitable markets for footwear, hence propelling the demand for these elastomers.
Increasing adoption of Low Rolling Resistance (LRR) by manufacturers owing to the increasing awareness in regards to fuel efficiency is projected to drive the demand for them. Increasing demand for fuel mileage improvisation has propelled the manufacturers to adopt these polyurethane elastomer-based tires.
The polyurethane elastomer market is broadly segmented into type and application. The type segment is further categorized into thermoplastic and thermoset polyurethane elastomer. The application segment is further sub-divided into footwear, automotive & transportation, and others.
Some of the key players operating in the market include INOAC CORPORATION, Tosoh Corporation, Huntsman International LLC, Mitsui Chemicals, Inc., Wanhua Chemical Group Co. Ltd., BASF SE, The Lubrizol Corporation, Trelleborg, Covestro AG, Herikon, Argonics Inc., and VCM Polyurethanes Pvt. Ltd.
Prominent players involved in the marketplace are continuously focusing on business expansion strategies including production expansion, new product implementation, merger & acquisitions, and others. For instance, in January 2021, Lanxess developed and introduced a new Adiprene Industrial PU Elastomer as a part of their existing product portfolio. The 95 Shore A hardness elastomer based of PU elastomer provides low heat build-up in rollers operating at high frictional and temperature conditions.
Polyurethane elastomer manufacturers are adapting changes with rising requirements of higher endurance and performing footwear across the sports & leisure industry along with higher friction automotive tires.
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