Abstract The world‐wide production of polyurethanes has exceeded 6 mio. metric tons in 1994. Compared with the produced amounts of large‐scale thermoplastics such as PE, PVC, PP and PS, polyurethanes keep the 5th place. Polyurethanes (PUR) are segmented polymers, which can be synthesized from preformed building blocks in a modular unit construction system. The chemical modules and the various possibilities of combination will be discussed here. Tailor‐made polyurethane materials can be divided into two main‐fields of application: foams and compact PUR. The main constituents of polyurethane materials are diisocyanates and polyols. These key‐ chemicals are well characterised with respect to their technological, economical and ecological properties. Taking into account the availability, the masses of production and the experiences that have been collected with the PUR main constituents, these PUR precursors seem to be very mature already. In contrast to this, the PUR‐materials made from these building blocks still offer numerous novel problem‐solutions, resulting from the variability of the diisocyanate‐poly‐addition reaction: PUR materials are most commonly segmented into several phases. The formation of hard‐ and softsegments can be easily demonstrated by looking at thermoplastic polyurethanes (TPU). A deeper understanding of this phase separation and the molecular organisation within these materials promises to realize prospectic polymeric architectures with new and improved properties. PUR materials will still be able to offer new answers to future requirements in balancing economical and ecological needs. By looking at the life‐cycles of soft and hard‐foams, polyurethane‐coatings and thermoplastic PUR‐elastomers, this contribution will adress the question: “Is PUR‐chemsitry still a challenging field?”