Global Polyurethane Elastomers Market by Product Type (Thermoplastic And Thermoset), By End-Use Industry (Automotive and Transportation, Consumer Goods, Construction and Building, Industrial Manufacturing, Medical and Healthcare, Electronics, and Other Industries), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Global Polyurethane Elastomers Market size is expected to be worth around USD 13.0 Billion by 2034, from USD 6.9 Billion in 2024, growing at a CAGR of 6.5% during the forecast period from 2025 to 2034. In 2024 Asia Pacific held a dominant market position, capturing more than a 41.7% share, holding USD 2.8 Billion in revenue.

Polyurethane elastomers (PU elastomers), also called rubber, are a versatile type of polymer known for their elasticity and strength. They can be engineered to have a wide range of properties, making them useful in various applications, from industrial components to consumer goods. The applications of the product have found their way in footwear, transportation, construction, industrial components, as well as healthcare and aerospace industries.

The most commonly used elastomers are based on isocyanate, which is a heavily regulated chemical that might pose a challenge for the industry. Elastomers are mostly used in the automotive industry, as they are lightweight and help increase the mileage of the vehicle. There is a shift towards the use of a blend of elastomers, as blending can merge the properties of the product. As industrialization increases, there will be a consistent demand for PU elastomers. Moreover, the Asia Pacific is anticipated to have the fastest pace of industrialization, making the region an important market for PU elastomers.

• In 2024, global footwear production increased by 6.9% to 23.9 billion pairs, demanding the supply of polyurethane elastomers.

Key Takeaways

• The global polyurethane elastomers market was valued at USD 6.9 billion in 2024.
• The global polyurethane elastomers market is projected to grow at a CAGR of 6.5% and is estimated to reach USD 13.0 billion by 2034.
• Among the product types, elastomers made from isocyanates dominate the polyurethane elastomer industry with a substantial 58.5% share of the total global market.
• Based on end-use industries, the polyurethane elastomers market was led by the automotive and transportation industry, with a share of 25.4%.
• In 2024, the Asia Pacific was the largest market for polyurethane elastomers, comprising around 41.7% of the total market share, valued at approximately USD 2.8 billion.

Product Type Analysis

Thermoplastics Lead the Polyurethane Elastomers Market with a Majority of Share of the Total Market.

On the basis of product type, the polyurethane elastomers market is segmented into thermoplastic and thermoset. Among these, thermoplastics held a major market share of 58.5% as of 2024 reflecting their versatility, adaptability, and cost efficiency across diverse industries. Unlike thermosets, TPUs can be melted and reprocessed multiple times without losing their inherent properties, making them highly desirable in applications requiring recyclability and design flexibility.

Their superior abrasion resistance, elasticity, and chemical stability support wide use in automotive parts, footwear, consumer electronics, industrial machinery, and medical devices. Additionally, the growing demand for lightweight and durable materials in electric vehicles and sustainable consumer products has further bolstered TPU adoption. With rapid advances in processing technologies such as injection molding and 3D printing, TPUs are also gaining ground in customized manufacturing solutions.

End-Use Industry Analysis

Automotive and Transportation Industry Dominate the Polyurethane Elastomers Market

Based on end-use industries, the market can be divided into automotive and transportation, consumer goods, construction and building, industrial manufacturing, medical and healthcare, electronics, and other industries. In 2024, the global polyurethane elastomers market was dominated by the automotive and transportation industry, with a market share of around 25.4%. In the automotive industry, polyurethane elastomers are used throughout cars. They are used in the foams that make car seats comfortable, bumpers, interior headline ceiling sections, the car body, spoilers, doors, and windows, all use polyurethanes.

In addition, polyurethane also enables manufacturers to provide drivers and passengers significantly more automobile mileage by reducing weight and increasing fuel economy, comfort, corrosion resistance, insulation, and sound absorption. According to the European Automobile Manufacturers’ Association (ACEA), in 2024, global car sales reached 74.6 million units, marking a 2.5% increase compared to 2023. Similarly, according to the International Energy Agency (IEA), almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million. As the automotive industry expands, there is a constant demand for polyurethane elastomers.

Key Market Segments

By Product Type

• Thermoplastic
  • Standard Grade
  • Crosslink-able
• Thermoset

By End-Use Industry

• Automotive and Transportation
• Consumer Goods
• Construction and Building
• Industrial Manufacturing
• Medical and Healthcare
• Electronics
• Others

Drivers

Applications Across Various Industries Drive the Polyurethane Elastomers Market.

Applications of the polyurethane elastomers across various industries drive the market. Polyurethane elastomers are widely used in footwear for various components such as soles, insoles, and linings due to their unique properties. They offer an affordable product with a combination of lightness, durability, flexibility, and cushioning, making them suitable for a range of shoe types, including sports shoes, work boots, and casual footwear.

Additionally, in the construction industry, these elastomers are employed in various applications, including waterproofing, sealing, and as components in structural elements. They are incorporated into composite materials, such as fiber-reinforced polymers, to create lightweight and durable structural components. Similarly, fluorinated PU elastomers are used in consumer electronics for wearable devices and certain sensors. They offer the necessary flexibility, self-healing properties, and robustness for wearable devices. PU elastomers are used in several different industries, further driving the market.

Restraints

Health Impacts on Humans Might Pose a Challenge to the Polyurethane Elastomers Market.

A major challenge to the polyurethane elastomers market is the potential health hazard it poses, particularly isocyanates. Health effects of isocyanate exposure include irritation of skin and mucous membranes, chest tightness, and difficulty breathing.

Isocyanates include compounds classified as potential human carcinogens and known to cause cancer in animals. The main effects of hazardous exposures are occupational asthma and other lung problems, as well as irritation of the eyes, nose, throat, and skin. Isocyanate elastomers are widely used across several industries; however, the products made from isocyanates tend to release free isocyanates after prolonged use.

Additionally, the workers exposed to chemicals during the manufacturing of polyurethane elastomers are at the greatest risk. Several laws monitor the market. According to the Occupational Safety and Health Administration (OSHA), the legal permissible exposure limit (PEL) is 0.02 ppm for airborne isocyanates averaged over an 8-hour work shift and requires employers to maintain employee exposure records for 30 years.

Opportunity

3D Printing of Polyurethane Elastomers Boosts the Market.

3D printing of polyurethane elastomers, both thermoplastic and thermoset, is gaining traction due to the material’s versatility and the design flexibility offered by additive manufacturing, boosting the market. Specifically, techniques such as Fused Deposition Modeling (FDM) and Vat Photopolymerization (including Digital Light Processing (DLP) and Continuous Liquid Interface Production (CLIP)) are used.

These methods allow for the creation of complex shapes and customizable properties, making them suitable for a wide range of applications. Thermoplastic polyurethane elastomers are widely used in FDM, offering a balance of flexibility and strength. For instance, BASF, one of the largest third-party providers of TPU filaments for 3D printing, offers a range of elastomeric filaments under the Ultrafuse brand.

Trends

Shift Towards Blended Elastomers

There is a noticeable shift towards a blend of polyurethane elastomers in the market. Blended polyurethane elastomers (PUEs) offer a versatile approach to fine-tune material properties and expand their applications beyond the capabilities of individual components. For instance, the blending of PTMEG and PPG polyols allows optimizing properties and costs in polyether polyurethane formulations. The blend enhances tensile, tear, and rebound/resilience properties, dynamic properties, and adhesion-cohesion in adhesives.

Leveraging on the trend, companies such as Gallagher offer customers several customized blended elastomers, such as MDI polyester materials cured with 1,4-butanediol, TDI PTMEG polyether materials cured with MOCA, TDI polycaprolactone materials cured with MOCA, and more.

Additionally, there is a major trend to use thermoplastic polyurethane elastomers. They are popular due to their unique combination of properties, including flexibility, durability, and resistance to abrasion, oil, and grease. These properties make them a suitable choice for a wide range of applications, such as consumer goods and industrial components.

Geopolitical Impact Analysis

Geopolitical Tensions Disrupt the Supply Chains, leading to Increased Price of All Polyurethane Elastomers.

The supply chains of the specialty chemicals markets, such as those of polyurethane elastomers, are highly entangled. Geopolitical tensions, such as trade disputes and wars, significantly impact the market. For instance, the Russia-Ukraine conflict has disrupted the supply chains, leading to price hikes. As the polyurethane elastomer is an energy-intensive industry, when the U.S. and the European Union decided to prohibit trade transactions with Russia, the manufacturing cost of the product in North America and Europe skyrocketed, as Russia is one of the major oil exporters in the world.

Similarly, the attack the attacks on shipping routes in the Middle East resulted in delayed shipping of products, increasing the prices. Similarly, the trade war between the United States and China will result in the disruption of supply chains and an increase price of the chemicals. Reciprocal taxes of about 34% are set on all the chemical imports from China to the U.S., forcing the players to seize domestic players in the country and diversify their supply chains.

Regional Analysis

Asia Pacific Held the Largest Share of the Global Polyurethane Elastomers Market.

In 2024, Asia Pacific dominated the global polyurethane elastomers market, holding about 41.7%, valued at approximately USD 2.8 billion. The region dominates the market owing to its expanding businesses due to a large population, industrialization, and globalization. According to the IEA, in 2023, just under 60% of new electric car registrations were in the People’s Republic of China. In 2024, the Asia Pacific was the largest market for cars, in terms of production as well as consumption, with China leading the market. The country produced more than 31 million vehicles in 2024.

Similarly, according to the United Nations Industrial Development Organization (UNIDO), in 2024, Asia, with Oceania, was the fastest-growing market for industrial manufacturing, with China leading the pace. Furthermore, Asia is the largest market for consumer electronics, and the leading market in healthcare and construction. Polyurethane elastomers are the raw materials for each of these industries. As these industries are on the rise in the region, the demand for elastomers escalates.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Covestro AG, BASF Chemicals, Dow Chemicals, Huntsman Corporation, Lubrizol Corporation, Wanhua Chemical Group, Mitsui Chemicals, and UBE Corporation are the giants in the polyurethane elastomers market. The polyurethane elastomer market is a very competitive space, where many players try to gain a competitive edge by engaging in strategic activities, such as product development, mergers, partnerships, and investments. For instance, in April 2025, LANXESS, a specialty chemicals company, completed the sale of its urethane systems business to Japanese UBE Corporation for Euro 500 million.

Covestro is a leading global supplier of high-tech polymer materials, including polyurethane elastomers. The company offers customized solutions and innovative material systems for PU elastomers, including tailored urethanes and thermoplastic polyurethanes. Additionally, the company is actively developing more sustainable PU elastomer solutions, aligning itself with eco-conscious customers.

BASF SE, the world’s largest chemical producer, is a major player in the polyurethane market, including specialty elastomers. The company continuously invests in research and development to improve the performance, productivity, and sustainability of its polyurethane solutions. It is also known for its cold-curing technology for polyurethane footwear parts, which significantly reduces energy consumption and greenhouse gas emissions.

UBE urethane systems are a leading innovator in the development of LF isocyanate technology, which brings high performance and industrial hygiene to cast elastomers, coatings, and adhesives applications. LF urethane prepolymers minimize exposure to free isocyanate, a subject of increasing regulatory focus.

The Major Players in The Industry

• Covestro AG
• BASF SE
• Dow Inc.
• Huntsman Corporation
• The Lubrizol Corporation
• Wanhua Chemical Group Co., Ltd.
• Mitsui Chemicals, Inc.
• UBE Corporation
• Era Polymers Pty Ltd
• Other Key Players

Key Development

• In August 2024, BASF and STOCKMEIER Urethanes announced the commercial production of Stobielast S polyurethane binders for playground and recreational surfacing made with 100% USA-produced Biomass Balance (BMB) Lupranate methylene diphenyl diisocyanate (MDI).
• In March 2025, Huntsman announced that its thermoplastic polyurethane (TPU) manufacturing sites in Jinshan, China, and Osnabrück, Germany, have secured ISCC+ Certification, the globally recognized standard for sustainability and traceability in supply chains.

Report Scope