Global Thermoplastic Polyurethane (TPU) Market Size, Trends & Analysis - Forecasts to 2026 By Raw material (Diisocyanate, Diols, and Polyols); By Type (Polyether, Polyester, and Polycaprolactone); By End-use Industry ( Automotive, Industrial Machinery, Footwear, Electronics, Medical and Others [textile, building & construction, and consumer goods]); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Thermoplastic polyurethane comes under the unusual category of plastic that marginalizes the gap between plastics and rubbers. It refers to as a highly versatile elastomer that offers distinctive characteristics such as flexibility in processing coupled with superior performance. The reason behind its versatility and ideal behavior lies in its highly customized hardness, which allows it to get mold as rigid hard plastic or as soft rubber. Aerospace, construction, medical and automotive industry are the application areas target by thermoplastic polyurethane due to its properties such as oil, grease resistance, high tensile strength, excellent elasticity, transparency, and protection from corrosion.
According to studies performed by GME on the thermoplastic polyurethane market, it is expected to get an impressive growth of the market in between 2020-2026 timespan at a CAGR of 7.4%.
The prime reason behind the significant growth of the market is the unique properties offered by thermoplastic polyurethane products such as fully recyclable, and biodegradable nature with zero environmental damage as compared to the existing polymers thus creating the demand for the products. Also, the growing popularity of the product in various end-user industries is adding value to the overall market of the product. In recent times thermoplastic polyurethane is highly preferred as a sole alternative for metal to improve fuel efficiency by reducing the weight of the automobile. The growing market of footwear and aircraft in economically growing countries is responsible to create huge demand for thermoplastic polyurethane products. In aircraft industries, they play a vital role in manufacturing several components such as armrest, electronic housing, seat over, and high touché surface of the system.
Raw materials used to build a thermoplastic polyurethane product are diisocyanate, diols, and polyols. Diisocyante is expected to dominate the thermoplastic polyurethane raw material market owing to the ideal characteristics and functional diversification of the product. Also the raw material target various end-use industries such as automotive, building & construction, healthcare & aerospace among others is boosting up the market for the diisocyanate segment. Increasing awareness about the energy crisis ends up generating the demand for energy-efficient structures which coupled with stringent government norms and investment in promoting energy-efficient structures is expected to build up the demand for diisocyante in coming tenures.
Polyether, polyester, and polycaprolactone are the categorization of the thermoplastic polyurethane based on the type. Polycaprolactone is the fastest-growing segment followed by polyester as the largest segment of the thermoplastic polyurethane. Inherent toughness and excellent abrasion resistance properties are creating huge opportunities for the polycaprolactone segment to dominate the market in the coming years. High-end application in the dental and surgical device in the medical industry is also adding values to the polycaprolactone segment in recent times.
Automotive, footwear, medical, industrial machinery, electronics, and others are the segments considered. Footwear is the largest growing segment of the end-use industry as thermoplastic polyurethane market contributes to various parts of footwear eyelets, upper yarns, logos, outsoles, shanks & toe caps. Increasing demand for comfort, performance, and long durability is boosting the demand of the footwear industry.
Asia-Pacific is estimated to expand and grow at a high level during the aforementioned period. The footwear market in the APAC region is propelled by growing economic growth, increased investment by the consumer, greater disposable income, popularity of footwear thus creating opportunities for the thermoplastic polyurethane market to build extensive revenue. The growing demand for thermoplastic polyurethane in countries like China and India is mainly driven by the increased demand for high-performance materials. Growing population percentage and increasing end-user industries have led to building better R&D making APAC an important industrial hub on a global scale.
The key players operating in the market include Huntsman Corporation, Lubrizol Corporation, Covestro AG, COIM Group, Polyone Corporation, American Polyfilm Inc, Kuraray Co., Ltd, BASF SE, and Wanhua Industrial Group among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2019, BASF SE, announced its expansion of engineering plastic in China by the year 2022. The expansion aims to fulfill the immediate need of the consumer in the APAC region
In October 2018, Covestro AG developed a new TUP series focusing on carbon dioxide technology as Desmopan 37385A.
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The Global Thermoplastic Polyurethane (TPU) Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Thermoplastic Polyurethane (TPU) Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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