The global thermoplastic polyurethane (TPU) market reached a value of 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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Thermoplastic polyurethane (TPU) refers to a unique type of plastic that bridges the gap between rubbers and plastics. It is a transparent, melt-processable and highly elastic thermoplastic elastomer produced through a polyaddition reaction. It is widely used in specialty molded parts, footwear, adhesives, hose, tubes, film, sheets and wire and cable jacketing. TPU exhibits transparency, high elasticity, resistance to high-energy radiation, abrasion, solvents, oil and grease, string mechanical properties and can be as soft as rubber or as hard as rigid plastics. As compared to polyvinyl chloride (PVC), TPU is more environment-friendly, biodegradable and fully recyclable. Consequently, it finds extensive application across the automotive, construction, medical, electrical and electronics industries. Thermoplastic Polyurethane (TPU) Market Trends:
- Rapid expansion in the automotive industry across the globe is creating a positive outlook for the market. TPU is widely used in automobile components, such as instrument panels, seats, airbags, doors, attachment clips, vehicle wiring and anti-vibration panels. Additionally, the widespread product adoption by footwear manufacturers to produce soles for safety shoes due to their slip, abrasion resistance and aesthetic properties are favoring the market growth. Moreover, the introduction of new extrusion technology that includes a new downstream system for inline cutting and curing of TPU medical tubes and reducing the post-extrusion shrinkage are providing an impetus to the market growth. In line with this, the increasing product employment in conveyor belts, drive belts, electrical wires, power cable sheathing, equipment connectors and medical disposables due to their superior structural integrity, is positively impacting the market growth. Other factors, including the development of bio-based products and the implementation of various government initiatives to switch to eco-friendly plastics, are anticipated to drive the market further.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global thermoplastic polyurethane (TPU) market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, raw material, application and end use industry.
- Breakup by Type: Polyester
Breakup by Raw Material:
Breakup by Application:
- Extruded Products
- Injection Molded Products
Breakup by End Use Industry:
- Electrical and Electronics
- Heavy Engineering
- Breakup by Region: North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. Key Questions Answered in This Report:
- How has the global thermoplastic polyurethane (TPU) market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global thermoplastic polyurethane (TPU) market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the raw material?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global thermoplastic polyurethane (TPU) market and who are the key players?
- What is the degree of competition in the industry?