Thermoplastic Polyurethane Market: Information by Type (Polyester, Polyether and Polycaprolactone), End-Use Industry (Automotive, Construction, Aerospace, Energy & Power, Medical and others), Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa) – Forecast till 2025
Thermoplastic Polyurethane Market Overview
Thermoplastic polyurethane market is expected to grow at a rapid phase owing to rising demand from various regions and it vast application in various end-use industries. Thermoplastic Polyurethane has good properties such as elasticity, transparency, and resistance to oil, grease, and abrasion due to this the application of Thermoplastic polyurethane has been expanding.
Globally, the thermoplastic polyurethane market is expected to witness significant growth owing to rising demand from the automotive sector. In addition, thermoplastic polyurethanes applications in medical are also expected to boost the growth of the TPU market in the coming years. However, the growing environmental concerns with the manufacture and usage of thermoplastic polyurethanes are expected to hinder the growth of the market.
In addition, growth of automotive and construction industry are the major industries for consumption of thermoplastic polyurethane especially in APAC region by contributing the major countries such as China, India, Thailand, and South Korea. It is expecting that during 2016-2023 the global thermoplastic polyurethane market will grow with the CAGR of 6.53%.
Thermoplastic Polyurethane Market Size is expected to witness a significant growth of USD ~ 2.96 Billion by 2023 with CAGR of ~6.53 % between 2016 and 2023M
Top Key Players Analysis for Thermoplastic Polyurethane Market
- API Plastics
- BASF SE
- Bayer Material Science AG
- Headway Polyurethane
- Huntsman Corporation
- Lubrizol Corporation
- Miracll Chemical
- Wanhua Chemical Group
The densely packed market is thriving on innovation initiated by various companies to stay afloat. At the same time, multiple collaborations, merger, and acquisitions are leading the market ahead. For instance, Huntsman Corporation acquired Demilec, a formulator of spray polyurethane foam (SPF) insulation based out of North America. Hexpol AB and Wildo Sweden AB collaborated recently to develop bio-based products which can be considered exemplary.
BASF has recently announced a new TPU technology where it aggravates the high-performance shoe shank production and makes the entire procedure cost-efficient. Furthermore, it adds excellent mechanical properties such as UV resistance. The production technology can work in tandem with automation.
Callaway, a market giant in golf ball production, is taking its production technology a notch higher by blending TPU with thermoset polyurethane to have a cover for the golf balls which, in turn, would increase its performance.
The global TPU market can be segmented by grade, types, and application.
Grade-wise, the market includes flame retardant, antistatic, reinforced & others.
Type-based segmentation of the market comprises polyester, polyether, and polycaprolactone.
Based on application, the market can be segmented into automotive, construction, engineering, medical and others.
Geographical segmentation of Thermoplastic Polyurethane Market reveals that it spans across North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
Burgeoning industries such as automotive, construction, engineering, medical and others in the APAC are reasons behind the phenomenal growth of TPU market in the region. The booming industry is getting aptly backed by China and India, major emerging economies that are reshaping the commercial setting of the region. Automotive sector of China, India, Taiwan, and South Korea are also playing an essential role in taking the market ahead.
In Europe, the market is mainly getting driven by the construction industry which subsequently, is helping the region to assume the second position. North America, on the other hand, is showing growing consumption of TPU in engineering and medical industry.