Polyurethane Wheels Market Size, Share, Growth, and Industry Analysis, By Type (Polyurethane-on-Cast-Iron Wheels, Polyurethane-on-Aluminum Wheels, Solid Polyurethane Wheels, and Others), By Application (Medical Equipment, Escalators/Elevators, Automobile, Furniture Transportation Equipment, Industrial, Amusement Ride/ Carnival, and Others), and by Regional Forecast to 2031

Updated On: 22 April 2024

Polyurethane Wheels Market Report Overview

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The global polyurethane wheels market size was USD 603.57 million in 2021. As per our research, the market is expected to reach USD 918.62 million in 2031, exhibiting a CAGR of 4.29% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the polyurethane wheels market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Polyurethane wheels are a type of wheel made from polyurethane, a synthetic material known for its durability, versatility, and excellent load-bearing capacity. These wheels are commonly used in various applications where smooth and quiet movement is essential, such as in material handling equipment, industrial carts, office chairs, skateboards, inline skates, and more.

These wheels are available in different configurations, including casters, wheels with bearings for smooth rolling, and various durometers (hardness levels) to suit different needs. When choosing polyurethane wheels for a particular application, it's essential to consider factors such as load capacity, floor conditions, and the type of movement required to ensure they perform optimally.

COVID-19 Impact: Raw Material Shortages Slow Downed the Production of Polyurethane 

The COVID-19 pandemic caused disruptions in global supply chains, including the supply of raw materials used in the production of polyurethane wheels. Delays in the availability of materials and components affected manufacturing and led to supply chain challenges. In addition, some industries, such as automotive manufacturing, aviation, and hospitality, experienced significant downturns in demand due to lockdowns and travel restrictions. As a result, the demand for polyurethane wheels used in these sectors decreased. However, the market is projected to recover and gain higher demand in the coming years due to the rising need for lightweight materials.

Latest Trends

"Mounting Demand for Lightweight Material Enlarge the Market Space"

One of the latest trends in the polyurethane wheels market is the growing demand for lightweight yet durable materials. Polyurethane wheels offer an excellent strength-to-weight ratio, making them ideal for various applications such as material handling equipment, industrial machinery, and transportation vehicles. This trend is driven by the need for increased efficiency, reduced energy consumption, and improved performance. Moreover, environmental sustainability has become a key focus across industries, including the polyurethane wheels market. The use of eco-friendly materials and manufacturing processes has gained traction as businesses strive to reduce their carbon footprint. Polyurethane wheels are known for their recyclability and lower emissions during production compared to alternative wheel materials. Therefore, such trends and technological advancement will likely contribute to expanding market opportunities in this projection timeframe.

Polyurethane Wheels Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Polyurethane-on-Cast-Iron Wheels, Polyurethane-on-Aluminum Wheels, Solid Polyurethane Wheels, and Others.

• By Application Analysis

Based on application, the market can be divided into Medical Equipment, Escalators/Elevators, Automobile, Furniture Transportation Equipment, Industrial, Amusement Ride/ Carnival, and Others.

Driving Factors

"A Rise in E-Commerce Activities Worldwide Fuel the Demand for Polyurethane Wheel"

Several driving factors contribute to the polyurethane wheels market growth. Firstly, a rise in e-commerce activities worldwide has increased demand for efficient material handling equipment with superior load-bearing capabilities. Additionally, industries such as automotive, aerospace, and construction continue to witness rapid growth globally, leading to an increased demand for durable and reliable polyurethane wheels.

"Growing Inclination Towards Automation Propel the Market Sales"

Additionally, the growing trend towards automation in various industries has also contributed to the rising demand for polyurethane wheels. With automated systems becoming more prevalent, there is a higher need for reliable and high-performance wheels that can withstand continuous use without compromising on efficiency. As a result, such factors are attributed to accelerating the growth of the polyurethane wheels market throughout this forecast period. 

Restraining Factors

"Fluctuation in Raw Materials Can Curb Market Expansion"

However, despite these positive trends, there are also some restraining factors that may impact the growth of the market. One such factor is the fluctuating prices of raw materials used in polyurethane wheel manufacturing. Any significant increase in raw material costs can affect pricing strategies and profitability for manufacturers which may hamper the potential growth of this market. 

Polyurethane Wheels Market Regional Insights

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"Asia Pacific Dominates the Market due to Expanding E-Commerce & Manufacturing Industries "

Asia Pacific region has been experiencing significant growth in industries such as manufacturing and material handling, which are major consumers of polyurethane wheels. This growth, driven by factors such as manufacturing expansion and the e-commerce boom, contributed to the region's prominence in the polyurethane wheels market. In terms of global revenue, the region holds the majority of the polyurethane wheels market shares and is expected to continue to lead the market position in the global marketplace. 

"Key Companies Invest in R&D to Create Innovative Polyurethane Wheel Designs to Offer Improved Performance"

Key players stimulate the market growth through a combination of strategies. They foster innovation by investing in R&D and product development, offering diverse portfolios, and providing customization options. Key companies uphold stringent quality standards, maintain a global presence, and stay informed about market trends. Additionally, they focus on sustainability and may form strategic partnerships to enhance their offerings. 

List of Market Players Profiled

• Albion Casters (U.S.)
• Raeder Vogel (Germany)
• Precision Chains Ltd. (U.K.)
• Colson Caster (U.S.)
• Hamilton (U.S.)
• Gallagher Corp (U.S.)
• RWM Casters (U.S.)
• Kastalon (U.S.)
• R&K Industrial Wheels (Canada)
• Caster Concepts (U.S.)

Report Coverage

This report defines the polyurethane wheels market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.