According to a newly released Fact.MR analysis, the Thermoplastic Polyurethanes Market revenues were expected to be US$ 3 Bn in 2021 and are projected to increase at a CAGR of 6% from 2022 to 2032. The market is anticipated to reach a US$5.8 billion worth by the end of 2032.
The demand growth for thermoplastic polyurethanes was reported at 6.2% over the period from 2017 to 2021 for polyester, and it is anticipated to expand at a CAGR of 7% from 2022 to 2023. TPU made of polyester is widely used in situations that call for resistance to lubricants, fuel, and water.
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Additionally, since it generally provides exceptional transparency, polyester is commonly used in engineering and construction applications. Polyester is used to make a variety of products, including bottles, films, sails, filters, and insulating tapes. In order to create fabric blends that are used to make clothing, polyester can be combined with other natural fibers.
Key Applications:
- Footwear and Apparel: TPU is commonly used in shoe soles, straps, and other components due to its durability, flexibility, and abrasion resistance. It’s also used in sportswear, activewear, and outdoor gear.
- Automotive: TPU is used in automotive interiors and exteriors, such as instrument panels, seating, door panels, and bumpers. Its ability to withstand temperature variations and impact makes it a suitable choice.
- Consumer Goods: TPU is found in various consumer products like phone cases, watch bands, bags, and inflatable products due to its soft-touch feel, durability, and design flexibility.
- Electronics: TPU is used in electronic components such as cable insulation, connectors, and protective cases due to its electrical insulating properties and resistance to environmental factors.
- Industrial Applications: TPU is used in industrial settings for hoses, seals, gaskets, and conveyor belts due to its chemical resistance, toughness, and ability to maintain elasticity in harsh conditions.
- Medical Devices: TPU is utilized in medical applications such as catheters, tubing, and wound dressings due to its biocompatibility and resistance to sterilization methods.
- Sporting Goods: TPU finds applications in sports equipment like balls, mouthguards, and protective padding due to its impact resistance and flexibility.
Key Takeaways from the Study
- Thermoplastic Polyurethane Market was valued at US$ 3 Bn in 2021. According to Fact.MR, Thermoplastic Polyurethanes Market revenue would increase 1.9X between 2022 and 2032, reaching roughly US$ 5.8 Bn in 2032.
- In terms of type, the revenue through polyester is projected to account for the highest projected CAGR of over 7.0%.
- In terms of end-use, revenue through footwear is expected to account for the highest CAGR of 6% during 2017-21.
- U.S. leads Thermoplastic Polyurethanes Market with an absolute dollar opportunity of over US$ 692 Mn.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Thermoplastic Polyurethane Market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Thermoplastic Polyurethane Market share.
Some of the recent developments in the Thermoplastic Polyurethane Market are:
- In September 2021, KPX Chemical, a key producer of polyols for polyurethanes in South Korea partnered with Huntsman Corporation to create KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA). The joint venture will develop and offer cutting-edge polyurethane system solutions to the Korean automakers.
- In May 2019, ASF announced that by 2022 it is planning to expand the Verbund factory in Zhanjiang, China’s production of THERMOPLASTIC POLYURETHANES and technical plastics. With the expansion, the overall manufacturing capacity for these items in APAC will increase to 290,000 MTPA with this development. This growth would enable the business to better serve clients in APAC who have urgent demands.
Key Companies Covered
- BASF SE
- Covestro AG
- The Lubrizol Corporation
- Huntsman International LLC
- Wanhua Chemical Group Co. Ltd.
- COIM Group
- Kuraray Co., Ltd
- Entec Polymers
- American Polyfilm Inc
- ALPHAGAR
Thermoplastic Polyurethane Market Segmentation
- By Type :
- Polyester
- Polyether
- Polycaprolactone
- By End-Use :
- TPU for Footwear
- TPU for Industrial Machinery
- TPU for Automotive
- TPU for Electronics
- TPU for Other End-Uses
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Market Trends: The TPU market has been influenced by several trends:
- Growing Demand for Sustainable Materials: With an increasing emphasis on sustainability, there is a demand for TPUs with improved environmental profiles, such as bio-based or recyclable TPUs.
- Advancements in Material Technology: Manufacturers are working on developing TPUs with enhanced properties, such as flame resistance, UV stability, and improved chemical resistance.
- Customization and Design Flexibility: TPUs can be engineered to have specific properties, allowing manufacturers to customize the material for their specific application needs.
- Rise in 3D Printing: TPU is used in 3D printing to produce flexible and elastomeric parts, opening up new possibilities in design and prototyping.
- Expanding Applications: As industries continue to discover the benefits of TPU, new applications are being explored, leading to a broadening of its market reach.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Thermoplastic Polyurethanes Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Thermoplastic Polyurethanes in terms of Type (Polyester, Polyether and Polycaprolactone) of End-Use (Footwear, Industrial Machinery, Automotive, Electronics and Other End-Uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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