India Cast Polyurethane Elastomers Market - Forecast(2023 - 2028)

Report Code: CMR 1178 Report Format: PDF + Excel

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.

By Product Type: Cold Cast and Hot Cast
By Application: Sports Equipment, Adhesives, Belting, Encapsulants, Hose and Tube, Auto parts, Building Material, Insulation, Coils, Display solution, Wires & cables, Bedding Textile and Others
By End-Use Industry: Building & Construction (Residential, Commercial, Infrastructure and Others), Transportation (Automotive, Aerospace & Defence, Marine, Railways), Electric & Electronics, Healthcare, Sports and Leisure, Footwear, Furniture and Bedding, Automation, Robotics and Engineering, Industrial, Energy and Others

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.

Figure: Indian Industrial Cast Polyurethane Elastomers Market Revenue, 2021-2027 (US$ Million)

India Cast Polyurethane Elastomers Market
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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:

  1. BASF SE
  2. Covestro AG
  3. Huntsman Corporation
  4. LANXESS AG
  5. Argonics, Inc.
  6. Tosoh Corporation
  7. Era Polymers Pty Ltd
  8. Coim Group
  9. Dow Chemical International Pvt Ltd
  10. Notedome Limited

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1. India Cast Polyurethane Elastomers Market- Market Overview
    1.1 Definitions and Scope 
2. India Cast Polyurethane Elastomers Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
3. India Cast Polyurethane Elastomers Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. India Cast Polyurethane Elastomers Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. India Cast Polyurethane Elastomers Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. India Cast Polyurethane Elastomers Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. India Cast Polyurethane Elastomers Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. India Cast Polyurethane Elastomers Market – By Product Type (Market Size -US$ Million/Billion)
    8.1 Cold Cast
    8.2 Hot Cast
9. India Cast Polyurethane Elastomers Market – By Application (Market Size -US$ Million/Billion)
    9.1 Sports Equipment
    9.2 Adhesives
    9.3 Belting
    9.4 Encapsulants
    9.5 Hose and Tube
    9.6 Auto parts
    9.7 Building Material 
    9.8 Insulation
    9.9 Coils
    9.10 Display solution
    9.11 Wires & cables
    9.12 Bedding Textiles
    9.13 Others
10. India Cast Polyurethane Elastomers Market – By End-Use Industry (Market Size -US$ Million/Billion)
    10.1 Building & Construction
        10.1.1 Residential
        10.1.2 Commercial
        10.1.3 Infrastructure
        10.1.4 Others
    10.2 Transportation
        10.2.1 Automotive
        10.2.2 Aerospace & Defense
        10.2.3 Marine 
        10.2.4 Railways
    10.3 Electric & Electronics
    10.4 Healthcare
    10.5 Sports and Leisure
    10.6 Footwear
    10.7 Furniture and Bedding
    10.8 Automation, Robotics and Engineering
    10.9 Industrial
    10.10 Energy
    10.11 Others
11. India Cast Polyurethane Elastomers Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. India Cast Polyurethane Elastomers Market – Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix – Major Companies
    12.2 Market Share at Country Level - Major companies
    12.3 Market Share by Key Application - Major companies
    12.4 Market Share by Key Product - Major companies
13. India Cast Polyurethane Elastomers Market – Key Company List by Country Premium Premium
14. India Cast Polyurethane Elastomers Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
    * "Financials would be provided to private companies on best-efforts basis."
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