Thermoplastic Polyurethane (TPU) Market to reach USD 3740.5 million by the end of 2027, growing at a CAGR of 6.0%| Valuates Reports
BANGALORE, India, July 11, 2022 /PRNewswire/ -- Thermoplastic Polyurethane Market is segmented by Type (Polyester-based TPU, Polyether-based TPU, Polycaprolactone-based TPU) by Application (Sports Goods & Footwear, Industrial Applications, Transportation/Automotive, Wire and Cable Solutions, Construction Materials, Medical Othe) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry.
The global Thermoplastic Polyurethanes (TPU) market was valued at USD 2315.9 Million in 2020 and it is expected to reach USD 3740.5 Million by the end of 2027, growing at a CAGR of 6.0% during 2021-2027.
Major factors driving the growth of the Thermoplastic Polyurethane Market
Greater adaptability, excellent resilience, abrasion resistance, and good compression set qualities are made possible by TPU's distinctive structure. It is suitable for a variety of soft and semi-rigid applications since it is strong and long-lasting. This factor is expected to drive the growth of the Thermoplastic Polyurethane Market.
The TPU market is predicted to be driven by the growing need for flexible and biodegradable plastics in the footwear sector. TPU is also increasingly used in the automobile sector thanks to its hydrolytic stability and biocompatibility.
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TRENDS INFLUENCING THE GROWTH OF THERMOPLASTIC POLYURETHANE MARKET
The increasing use of TPU in the Sports Goods & Footwear industry is expected to drive the growth of the Thermoplastic Polyurethane market. Thermoplastic polyurethanes are a very adaptable material with a variety of design possibilities. Due to their simplicity in manufacturing, longevity, resistance to stress and bending, and other high-performance characteristics, they are perfect for the demanding requirements of the sport and recreational equipment.
TPU is a fantastic option for the automobile business because of its special combination of scratch and aging qualities. Gear knobs, instrument panels, and console pieces for automobiles must adhere to strict standards for surface quality, age, abrasion and scratch resistance, and cost-effectiveness. This in turn is expected to drive the growth of the Thermoplastic Polyurethane market.
New TPU variants are being released to the market as the need for high-performance cable jackets rises steadily. The toughness, flexibility at lower temperatures, flame retardancy (non-halogenated), and abrasion resistance required to increase the longevity and durability of cables are provided by thermoplastic polyurethane (TPU) cable sheathings and jackets. This factor is expected to drive the TPU market.
Thermoplastic Polyurethane (TPU) Market SHARE ANALYSIS:
With more than 58 percent of global consumption, polyester had the biggest market share. This is because it has been used in numerous applications that need it to be resistant to water, gasoline, and lubricants.
Sports Goods & Footwear is expected to be the most lucrative segment. Increasing consumer expenditure on footwear and rising demand for comfortable and durable shoes will drive the product consumption in footwear applications.
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THERMOPLASTIC POLYURETHANE MARKET ANALYSIS
Based on Type, Polyester-based TPU held the largest market share, accounting for more than 58% of the market consumption.
Based on region, Asia-Pacific held the largest share of 55% during the forecast period.
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Key Players
- Lubrizol
- BASF
- Covestro
- Wanhua Chemical
- Hunhman
- Trinseo
- Hexpol
- Kuraray
- COIM Group
- Avient
- Epaflex
- Miracll Chemicals
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