The market is expected to rise due to rising demand for Thermoplastic polyurethane in developing countries, high demand for elastomer and rising need for dynamics. Furthermore, the rising demand for flexible and biodegradable plastics in the footwear industry is anticipated to drive the market
Luton, Bedfordshire, United Kingdom, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoplastic Polyurethane (TPU) Market.
The global Thermoplastic Polyurethanes (TPU) market was valued at USD 2.84 billion in 2021 and it is expected to reach USD 5.33 billion by 2029, growing at a CAGR of 6.5% during 2022-2029.
Thermoplastic polyurethane is a highly versatile elastomer with unique properties that provide processing flexibility as well as superior performance. Thermoplastic polyurethane is regarded as an ideal polymer for use in a wide range of applications, including specialty molded parts, film and sheet, footwear, adhesives, wire and cable, and compounding.
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Growing Application in Diverse Industries to Shoot Up Demand
Thermoplastic polyurethane-based sealants and adhesives are used in a variety of applications across industries due to their unique combination of properties. These adhesives are ideal for use in a variety of end-use industries, including textile, transportation, footwear, and furniture, due to their flexible sealing adhesion and temperature to several substrates. This factor is expected to boost the global thermoplastic polyurethane (TPU) market in the coming years.
March 2020: The Lubrizol Corporation extended its TPU line in its Songjiang (Shanghai) China plant. With this enlargement, the company will back the high demand for specialty elastomers in Asia.
In 2020, BASF has acquired the global, non-European PA6.6 business from Solvay (Belgium) including its 50% share in Butachimie’s adipodinitrile (ADN) production. The acquisition will broaden BASF’s polyamide capabilities with innovative and well-known products such as Technyl.
Increasing Product Demand to Foster Growth in Europe
Europe is projected to experience substantial growth during the forecast period. The rapidly growing automotive industry in Germany, France, and the U.K. will bolster growth in Europe. Its major share is occupied by North America, Europe and Asia Pacific region.
Thermoplastic Polyurethane Market Scope
Accelerate at a CAGR of 6.5%
USD 5.33 billion by 2029 USD 2.84 billion in 2020
Europe, APAC, North America, Middle East and Africa, and South America
US, China, Japan, India, and Germany
Leading companies, Competitive strategies, Consumer engagement scope
BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation as well as Wanhua Industrial Group, COIM Group, American Polyfilm Inc, Kuraray Co., Ltd and Polyone Corporation.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Strategic activities of key players including,
The companies have adopted various organic as well as inorganic growth strategies to enhance their regional presence and meet the growing demand for TPU from emerging economies. Major market players are BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation as well as Wanhua Industrial Group, COIM Group, American Polyfilm Inc, Kuraray Co., Ltd and Polyone Corporation.
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Key Market Segments: Thermoplastic Polyurethane Market
Thermoplastic Polyurethane Market by Raw Material, 2022-2029, (USD Million)
Thermoplastic Polyurethane Market by Type, 2022-2029, (USD Million)
Thermoplastic Polyurethane Market by End User, 2022-2029, (USD Million)
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Expansion in the Automotive Industry
The rise in the expansion in the automotive industry across the globe acts as one of the major factors driving the growth of thermoplastic polyurethane market. The product is widely being utilized in automobile components, such as seats, doors, vehicle wiring, attachment clips, and airbags, among others.
The widespread adoption of thermoplastic polyurethane by footwear manufacturers for producing soles for safety shoes due to their abrasion resistance, slip, and aesthetic properties accelerate the market growth. The increase in the demand for TPU in automotive and medical industries has a positive impact on the market.
On the flip and negative side for the thermoplastic polyurethane market size, the market trends and emerging waves show that there has been a decline in the degree of automotive products onis the global scale during the forecast period that ends in 2028. Also, the initial arrival of the pandemic resulted in a hard time for the global market operations during the first three quarters of the base year of the market report that is 2020. This is likely to hinder the predicted growth of the market.
Furthermore, rise in replacement of Pvc in medical application by TPU extend profitable opportunities to the market players 2022 to 2029. Also, rise in emerging market for bio-based TPU will further expand the market.
Browse More Reports: Exactitude Consultancy
The global Polyurethane Sealants Market size was USD 2.50 Billion in 2020 and is projected to reach USD 3.95 Billion by 2029, exhibiting a CAGR of 5.2% during the forecast period.
https://exactitudeconsultancy.com/reports/6876/polyurethane-sealants-market
The global Polyurethane Adhesives Market will witness a CAGR of 6.2% for the forecast period of 2022-2029. It is expected to reach above USD 11.95 Billion by 2029 from USD 7.50 Billion in 2020.
https://exactitudeconsultancy.com/reports/6818/polyurethane-adhesives-market
The global polyurethane (PU) microspheres market will witness a CAGR of 7.5% for the forecast period of 2022-2029. It is expected to reach above USD 110.05 Billion by 2029 from USD 65.70 Billion in 2020.
https://exactitudeconsultancy.com/reports/5690/polyurethane-pu-microspheres-market
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