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India Cast Polyurethane Elastomers Market - Forecast(2023 - 2028)
India Cast Polyurethane Elastomers Market Overview
The India Cast Polyurethane Elastomers
Market size is forecast to reach US$105.2 million by 2027, after growing at a CAGR of 6.5% during 2022-2027. The cast polyurethane elastomer is a polymer
chemical compound in liquid form created between an isocyanate such as (methylene diphenyl diisocyanate) MDI, or (toluene diisocyanate) TDI and a polymeric polyol. This is widely
used in the production of conveyor scrapers, adhesives &
sealants and polyesters. These products are widely used in automotive, construction and other
sectors as they give resistance to abrasion and high tensile and tear strength.
The rise in construction activity will eventually boost the demand for cast polyurethane elastomer-based
products. For instance, infrastructure activities accounted for a 13% share of
the total FDI inflows of US$ 81.72 billion in 2021. Therefore, the rise in
construction activities will flourish the demand for cast polyurethane
elastomer industry growth. However, the global economic downturn caused by the COVID-19
pandemic resulted in a huge drop in demand for automobiles, electrical and
electronic consumer goods and others, all across the world, which had a
significant impact on the growth of India's cast polyurethane elastomers
market.
India Cast Polyurethane Elastomers Market Report Coverage
The “India Cast
Polyurethane Elastomers Market Report – Forecast (2022 - 2027)” by Industry
ARC, covers an in-depth analysis of the following segments in the Indian cast
polyurethane elastomers industry.
Key Takeaways
- The India Cast Polyurethane Elastomers Market size s expected to register a CAGR of 6.5% during the forecast period (2022-2027) owing to the rising growth in the building construction, automotive and automation industries.
- Rapidly rising demand for cast polyurethane elastomer in the automotive industry for the production of seals and gaskets, forklift wheels, coupling elements, conveyor belts and conveyor scrapers and more have driven the growth of India's cast polyurethane elastomers market.
- The increasing demand for cast polyurethane elastomer in the electric & electronics sector, due to its usage in the production of cold chain and other applications, driving the growth of the Indian cast polyurethane elastomers market in the upcoming years.
India Cast Polyurethane Elastomers Market Segment Analysis – By Product Type
The hot cast segment held
the significant India Cast Polyurethane
Elastomers Market share in 2021 and is expected to grow at a CAGR of 5.9%
during 2022-2027. Hot cast elastomers find their applications in automotive, mining, industrial,
medical, heavy-duty equipment and transport industries and exhibit properties
of cast polyurethane elastomer. The rise in consumption of the hot cast
elastomers based on toluene
diisocyanate and a polymeric polyol owing to their cost-effectiveness, versatility and
durability. According to Invest India, the Indian auto components industry
accounts for 2.3% of GDP and is set to become the 3rd largest globally by 2025.
Therefore, the rise in the production of vehicles will boost the demand
for adhesive and auto components and eventually will drive the India Cast Polyurethane Elastomers industry during the forecast period.
India Cast Polyurethane Elastomers Market Segment Analysis – By Application
Adhesives segment dominated the India Cast
Polyurethane Elastomers Market share by 15% in the year 2021. Polyurethane cast elastomer is a polymer
chemical compound formed between an isocyanate and a polyol, widely used in adhesives. These adhesives found their application in the
building construction, industrial and automobile sector owing to the strong,
stiff, flexible, tough, resilient, durable and long-lasting nature of adhesives.
For instance, according
to Invest India, the Automobile industry of India currently manufactures 22.9 million
vehicles from April-March 2020 and is expected to grow by 16% in 2023. This will
gradually boost the demand for adhesives during the forecast period. Such
increasing automotive production in India is anticipated to increase the demand
for the India cast polyurethane
elastomers market size in this region.
India Cast Polyurethane Elastomers Market Segment Analysis – By End-Use Industry
The Industrial segment held a significant India Cast Polyurethane Elastomers Market share in 2021 and is estimated to grow at a CAGR of 5.6% during the forecast period 2022-2027. The increasing number of industries and machinery is boosting the demand for cast polyurethane elastomers as it is used in the production of coupling elements, seals & gaskets, conveyor scrapers, forklift wheels and others. These components are in turn used in industrial sectors such as paper, heavy industries and others. According to Trading Economics, Industrial production in India has increased by 19.6% year-on-year in May 2022 as compared to May of 2021. With the increasing industrial production activities, it is estimated that in the upcoming years the requirement for cast polyurethane elastomers in the industrial sector will rise during the forecast period.
India Cast Polyurethane Elastomers Market Drivers
Growing Electronics Industry:
The cast polyurethane elastomers
are widely used in a variety of
consumer electronics, due to their excellent durability, flexibility, pleasant
haptics, soft touch and grip from the household wiring that runs low-amp
domestic appliances to the molded parts found in your TV, computers and hand-held
devices. The rise in the production of electronics products will increase the
demand for cast polyurethane elastomers. According to Invest India, India’s
manufacturing industry has grown from 1.3% in 2012 to 3.6% in 2019 and is expected
to have a digital economy of US$1 trillion by 2025. Thus,
with the growing demand for electronics applications such as cold chain devices
and other applications, the India cast
polyurethane elastomers market would further rise over the forecast
period.
Increasing demand for cast polyurethane elastomers in various end-use industries
The cast polyurethane elastomers are widely used in a variety of
applications in the building construction, healthcare, sports and
leisure, footwear, furniture & bedding and industrial sector, for seals and
gaskets, forklift wheels, coupling elements, polyesters, conveyor
scrapers and more. The rise in the growth of the various end-use
industry is driving the demand for cast polyurethane elastomers. For instance,
the Indian furniture market in the commercial sector is estimated to grow at a
CAGR of 11.97% by 2023. Also, It is forecast to reach US$37.7 billion by 2026 and
grow at a double-digit with a CAGR of 13.37% during 2020-2026 as per Invest
India. Thus, with the growth of
the end-use sector, the demand for cast polyurethane elastomers will increase,
which will drive the growth of the market for India cast polyurethane
elastomers over the forecast period.
India Cast Polyurethane Elastomers Market Challenges
The Adverse Effects of Cast Polyurethane Elastomers on the Environment and Human Health:
The cast polyurethane elastomers have caused environmental and health hazards as isocyanates such as methylene diphenyl diisocyanate or toluene diisocyanate and polymeric polyol are highly reactive chemicals and have a low molecular weight and are used in the manufacturing of various products. Isocyanates are highly reactive and toxic and are widely used as raw materials for the production of cast polyurethane elastomers. Excessive exposure to isocyanates is hazardous to the environment and human health as it can cause skin, eye, nose, throat and lung irritation. Thus, all such factors will eventually hamper the cast polyurethane elastomers market.
India Cast Polyurethane Elastomers Industry Outlook
Technology launches,
acquisitions and R&D activities are key strategies players adopt in the India Cast Polyurethane Elastomers
Markets. The Indian cast polyurethane elastomers top 10 companies include:
- BASF SE
- Covestro AG
- Huntsman Corporation
- LANXESS AG
- Argonics, Inc.
- Tosoh Corporation
- Era Polymers Pty Ltd
- Coim Group
- Dow Chemical International Pvt Ltd
- Notedome Limited
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