The global thermoplastic polyurethane market size is expected to reach USD 3.81 billion by 2028 from USD 2.32 billion in 2021, exhibiting a CAGR of 7.3% during the forecast period. The increasing demand for flexible and bio-degradable plastics in the footwear industry can have a tremendous impact on the thermoplastic polyurethane market growth, states Fortune Business Insights in a report titled “Thermoplastic Polyurethane (TPU) Market, 2021-2028.” The market size stood at USD 2.34 billion in 2020.
Segmentation:
Based on type, the market is segmented into polyester, polyether, polycaprolactone, and others. The polyester segment is forecasted to hold the largest share in the TPU market. Based on application, the market is classified into automotive, construction, engineering, footwear, hose & tubing, wire & cable, and others. The footwear segment is expected to hold the largest thermoplastic polyurethane market share. Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
The report offers?
The report on the thermoplastic polyurethane market uncovers excellent insights into the market, systematic data with detailed analysis, market dynamics & aspects demonstrating development and growth, meticulous information about vital players in the market, and procured statistics about dominant regions.
Driving Factor:
Rising Demand from Footwear Industry to Incite Business Development
The rising demand for flexible and bio-degradable plastics in the footwear industry is anticipated to drive the thermoplastic polyurethane market. The increasing advancement in thermoplastic polyurethane by various manufacturers will also promote product adoption. Additionally, in the automotive industry, the use of TPU is growing due to its hydrolytic stability and biocompatibility. The rising adoption of extruded products will further flourish the thermoplastic polyurethane market during the forecast period. For instance, FUTURECRAFT was presented by a prominent footwear business, Adidas, in April of this year. LOOP is a performance running shoe made entirely of TPU that is 100% recyclable. Furthermore, increased disposable income combined with rising demand for running shoes due to increased health consciousness would increase footwear consumption. As a result, product demand for footwear manufacture is projected to increase.
Source- https://www.fortunebusinessinsights.com/thermoplastic-polyurethane-tpu-market-102389
Regional Insights:
Expanding Infrastructure to Fuel Growth in APAC
High rates of growth and development and population growth and industry consolidations have resulted in innovation and development, establishing APAC as a global industrial powerhouse. In addition, the expanding infrastructure and increasing product demand in the construction industry will improve the prospects of the market in the forthcoming years. The growing need for high-performance materials is propelling the TPU market in Asia Pacific to new heights. Moreover, the high demand for polyester-based thermoplastic polyurethane from the electronics sector is driving the rise in North America. Furthermore, increased demand for footwear due to increased disposable income would drive market expansion in this region. The fast-developing automobile sector in nations like Germany, France, and the United Kingdom will boost market expansion in Europe.
Competitive Landscape:
Companies Adopt Key Strategies to Consolidate their Position
BASF SE, Lubrizol Corporation, Covestro AG, and Huntsman Corporation are the major thermoplastic polyurethane producers in the market. These businesses work on capacity development, product innovation, and market partnerships. Covestro LLC recently extended its thermoplastic polyurethane capacity at a production site in the U.S.
The Report Lists the Key Players in the Thermoplastic Polyurethane (TPU) Market:
- BASF SE (Germany)
- Lubrizol Corporation (U.S.)
- Covestro AG (Germany)
- Huntsman Corporation (U.S.)
- COIM Group (Italy)
- American Polyfilm Inc (U.S.)
- Kuraray Co., Ltd (Japan)
- ALPHAGARY (U.S.)
- Kent Elastomer Products (U.S.)
- AMERICAN POLYFILM, INC. (U.S.)
- Entec Polymers (Belgium)
- Other Key Players
