Market Overview 2022-2027
The latest research study “Global Thermoplastic Polyurethane (TPU) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global thermoplastic polyurethane 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Thermoplastic polyurethane (TPU) represents a unique type of plastic that bridges the gap between plastics and rubbers. It is a transparent, highly elastic, and melt-processable thermoplastic elastomer produced via polyaddition reactions. Thermoplastic polyurethane is widely used in specialty molded parts, adhesives, hoses, tubes, films, footwear, sheets, wires, cables, etc. It exhibits transparency, high elasticity, and resistance to high-energy radiation, abrasion, oil, grease, solvents, etc. Besides this, when compared to polyvinyl chloride (PVC), TPU is more environment-friendly and biodegradable. Consequently, it finds widespread application across the construction, medical, electronics, and automotive industries.
Global Thermoplastic polyurethane Market Trends and Drivers:
The expanding automotive sector is primarily driving the thermoplastic polyurethane (TPU) market, since TPU is widely used in several automobile components, such as instrument panels, airbags, doors, attachment clips, vehicle wiring, seats, anti-vibration panels, etc. In addition to this, the widespread product adoption among footwear manufacturers to produce the soles for safety shoes, owing to its abrasion resistance and aesthetic properties, is further catalyzing the market growth. Moreover, the introduction of novel extrusion technologies, which involve new downstream systems for inline cutting and curing of the TPU medical tubes and reducing post-extrusion shrinkage, is acting as another significant growth-inducing factor. Apart from this, the increasing product utilization in conveyor belts, drive belts, electrical wires, power cable sheathing, equipment connectors, medical disposables, etc., is also augmenting the global market. Furthermore, the development of bio-based product variants and the implementation of stringent regulations by government bodies to encourage industries to switch to eco-friendly plastics are anticipated to fuel the thermoplastic polyurethane (TPU) market in the coming years.
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|Thermoplastic polyurethane Market Report Scope|
|Market size value in 2021||US$ 2.47 Billion|
|Market forecast in 2027||US$ 3.67 Billion|
|Growth Rate||CAGR of 6.60% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Raw Material, Application, End Use Industry and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Type:
Breakup by Raw Material:
Breakup by Application:
- Extruded Products
- Injection Molded Products
Breakup by End Use Industry:
- Electrical and Electronics
- Heavy Engineering
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market 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.
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