Global Thermoplastic Polyurethane (TPU) Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Thermoplastic Polyurethane (TPU) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global thermoplastic polyurethane (TPU) market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global thermoplastic polyurethane (TPU) market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Thermoplastic polyurethane (TPU) is a versatile polymer that exhibits both elastomeric and thermoplastic characteristics. It can be easily molded and reshaped when heated and when cooled, TPU retains its shape, providing stability and structure to the final product. Additionally, TPU can be found in sports equipment, such as ski boots and bicycle saddles, where its shock-absorbing properties are beneficial. It assists in producing conveyor belts and hoses in the industrial sector due to its resistance to abrasion and chemicals. It also aids in manufacturing automotive components like seals, gaskets, and suspension bushings on account of its ability to withstand harsh conditions and extreme temperatures.
It provides cushioning and protection to smartphone cases, watch bands, and various other accessories. It is used to make the soles and midsoles of shoes, as its flexibility and durability ensure that the footwear remains comfortable and long-lasting. It is also utilized in the production of inflatable structures like air mattresses and inflatable boats. It is employed in car interiors for components like instrument panels, armrests, and interior trim due to its ability to provide a soft touch feel and resistance to wear and tear. As it is incorporated into medical devices and equipment, such as catheters, tubing, and medical gowns, to enhance their biocompatibility and resistance to sterilization methods, the demand for TPU is rising across the globe.
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Global Thermoplastic Polyurethane (TPU) Market Trends and Drivers:
At present, the increasing demand for comfortable, durable, and performance-oriented footwear is driving the usage of TPU in shoe soles, midsoles, and other components. As people are seeking higher-quality footwear, there is a rise in the demand for TPU around the world. Besides this, the growing utilization of TPU producing components like seals, gaskets, and interior parts is offering a favorable market outlook. The increasing demand for lightweight materials and improved vehicle efficiency in the automotive industry is strengthening the growth of the market.
In addition, with the growing environmental concerns, there is a rising demand for sustainable materials. This, in turn, is catalyzing the demand for TPU, as it can be recycled, and this eco-friendly alternative is appealing to people and industries looking to reduce their carbon footprint. Apart from this, the biocompatibility and resistance of TPU to sterilization methods are making it an ideal choice for medical device manufacturers. As the healthcare sector is evolving, the demand for TPU in applications, such as catheters, tubing, and surgical instruments is increasing.
Moreover, TPU coatings are widely used in the textile industry to enhance the performance of fabrics. This includes waterproof and breathable materials used in outdoor clothing. The sportswear industry also benefits from TPU, as it is used in sportswear, backpacks, and accessories, catering to the growing interest in outdoor activities. Additionally, ongoing research and development (R&D) activities are leading to the creation of specialized TPU formulations tailored to specific industry needs, which is bolstering the market growth.
Global Thermoplastic Polyurethane (TPU) Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report 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.
The report segmented the market on the basis of region, type, raw material, application and end use industry.
Type Insights:
- Polyester
- Polyether
- Polycaprolactone
Raw Material Insights:
- Polyols
- Diisocyanate
- Diols
Application Insights:
- Extruded Products
- Injection Molded Products
- Adhesives
- Others
End Use Industry Insights:
- Construction
- Automotive
- Footwear
- Medical
- Electrical and Electronics
- Heavy Engineering
- Others
Regional Insights:
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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