v1: The three friends have no answer for Job. They could make no specific response to the challenges of chapter 31. Their general conclusion of Job's wickedness does not reveal any sin in Job. There is no likelihood of agreement, so Job is silent (31.4), and his three friends stop speaking.
v2-3: At this stage Elihu enters the discussion. He has evidently listened to much of the discussion. It seems that the saga was played out with a crowd of people observing.
Idolatry reigned over most of the world. Yet Elihu, like Job’s other friends maintained a knowledge of God, faulty though it was. ‘Pure religion had not been abolished among them.' (John Calvin, sermons on Job)
v4: As a younger man, Elihu waited for the older men to speak.
v5: Elihu is angry that no real answer has been given to Job.
v6-7: Elihu, quite reasonably, assumes that wisdom comes with experience. This would certainly have been part of the culture of the day. These first words, to v22, are addressed to the three friends. Only in chapter 33 does he speak to Job himself.
v8-10: However, not only old men are wise. Elihu has an opinion to be shared.
See also 33.4. The thinking here is that society was more 'religious' and everyone had some belief in God. The access to true wisdom was therefore open to all, although only some took advantage of that.
v11-12: Elihu has waited and listened, and paid close attention to the exchanges. He has sought to understand what was being said. He correctly notes that no one has convinced Job of wrong, and no one has answered his arguments.
There is often wisdom in waiting to hear the views of others first.
v13-16: The opportunity has presented itself. The three friends have run out of words, and Elihu will not repeat their arguments.
v17-20: Elihu is constrained to speak, as in Jer 20.9.
v21-22: His prayer is that he might be faithful; he does not want to stoop to personal abuse. The previous exchanges were very open, with quite unpleasant things said.