The latest research study by IMARC Group, “Thermoplastic Polyurethane (TPU) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global thermoplastic polyurethane market share. The global thermoplastic polyurethane market size reached US$ 2.47 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3.67 Billion by 2027, exhibiting a CAGR of 6.60% during 2022-2027.
Thermoplastic Polyurethane Industry Outlook:
Thermoplastic polyurethane (TPU) is a unique type of plastic that offers the advantages of both rubber and plastic. It is manufactured through a polyaddition reaction and appears as a transparent, high elastic, and melt-processable thermoplastic elastomer. It is used in footwear, adhesives, hose, tubes, specialty molded parts, sheets, film, and wire and cable jacketing. TPU can be as soft as rubber or as rigid as plastics. It possesses high elasticity, transparency, and resistance to high-energy radiation, solvents, oil and grease, and string mechanical properties. It is more biodegradable, environment-friendly, and fully recyclable than polyvinyl chloride (PVC). As a result, TPU finds extensive application across the construction, medical, electronics, and automotive industries.
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Market Trends:
The global thermoplastic polyurethane market is primarily driven by significant growth in the automotive industry. Additionally, the increasing use of TPU in manufacturing automobile components, such as airbags, doors, attachment clips, instrument panels, seats, anti-vibration panels, and vehicle wiring, has augmented the product demand. Moreover, the surging adoption of TPU by footwear companies to manufacture the soles of safety shoes due to their grip, abrasion resistance, and aesthetic properties is another major growth-inducing factor.
Besides this, the launch of new extrusion technology, including a new downstream system for inline cutting and curing of TPU medical tubes and reducing post-extrusion shrinkage, is positively influencing the market growth. Along with this, the rising applications of TPU in drive belts, electrical wires, power cable sheathing, medical disposables, conveyor belts, and equipment containers due to their superior structural integrity are contributing to the market growth.
Other factors, including the implementation of favorable government initiatives promoting eco-friendly plastics, the introduction of bio-based products, and rising consumer disposable incomes, are also anticipated to propel the market growth.
| Thermoplastic polyurethane Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 2.47 Billion |
| Market forecast in 2027 | US$ 3.67 Billion |
| Growth Rate | CAGR of 6.60% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Raw Material, Application, End Use Industry and Region |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Polyester
- Polyether
- Polycaprolactone
Breakup by Raw Material:
- Polyols
- Diisocyanate
- Diols
Breakup by Application:
- Extruded Products
- Injection Molded Products
- Adhesives
- Others
Breakup by End Use Industry:
- Construction
- Automotive
- Footwear
- Medical
- Electrical and Electronics
- Heavy Engineering
- Others
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are American Polyfilm Inc., BASF SE, Coim Group, Covestro AG, Epaflex Polyurethanes Spa, Hexpol AB, Huntsman International LLC, Kuraray Co. Ltd., Mitsui Chemicals Inc., Sumei Chemical Co. Ltd., The Lubrizol Corporation (Berkshire Hathaway Inc.) and Wanhua Chemical Group Co. Ltd.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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