Thermoplastic Polyurethane Market Worth $3.5 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 28, 2019 /PRNewswire/ -- According to the new market research report "Thermoplastic Polyurethane Market by Raw Material (Polyols, Diisocyanate, Diols), Type (Polyester, Polyether, Polycaprolactone), End-use industry (Footwear, Industrial Machinery, Automotive, Electronics, Medical), Region - Global Forecast to 2024", published by MarketsandMarkets™, the TPU market is projected to grow from USD 2.5 billion in 2019 to USD 3.5 billion by 2024, at a CAGR of 7.1%.
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There is an increase in the demand for high-performance materials in industries such as footwear, industrial machinery, automotive, electronics, and medical. Polyester TPU has the largest market and has various properties such as high tensile strength, good shock absorption, and resistant to cut, solvent, and microbial activity. Owing to its good resistance properties, polyester TPUs are used in applications requiring resistance to fuel, oil, water, and chemicals. The high cost of TPU, when compared to conventional materials, is restraining the growth of the TPU market.
On the basis of end-use industry, the footwear segment is estimated to lead the TPU market in 2019.
Footwear is the largest end-use industry of TPU. This industry is growing in countries such as India, China, Japan, and South Korea of APAC. The footwear market in APAC was driven by increased consumer spending, strong economic growth, greater disposable incomes, growing awareness of healthy lifestyles, the popularity of sports footwear, and a growing sports-driven consumer base.
On the basis of type, the polyester segment is projected to lead the overall TPU market during the forecast period.
Polyester TPU is projected to lead the overall TPU market. Polyester TPUs have various properties such as high tensile strength, good shock absorption, and resistance to cut, solvent, and microbial activity. Owing to its good resistance properties, polyester TPUs are used in applications requiring resistance to fuel, oil, water, and chemicals. Polyester TPUs are compatible with PVC and other polar plastics, and with a good balance of physical properties, they are preferred for use in polyblends.
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On the basis of region, APAC is estimated to lead the TPU market in 2019.
APAC is estimated to be the largest TPU market. Growing population, increasing disposable incomes, urbanization, and changing lifestyles are driving the TPU market. China, India, Japan, Indonesia, Thailand, Taiwan, and South Korea are some of the key TPU markets in the region. Various developments in the automotive industry in APAC are also fueling the demand for TPU in the APAC automotive sector.
The key players in the TPU Market include BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Industrial Group (China), COIM Group (Italy), American Polyfilm Inc (US), Kuraray Co., Ltd (Japan), and Polyone Corporation (US). These players have established a strong foothold in the market by adopting strategies such as investment, expansion, joint venture, new product launch, partnership, and acquisition.
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