Driven By the Rising Consumption of Thermoplastic Polyurethane Material In Automotive and Footwear Industries, Global Thermoplastic Polyurethane Market is forecasted to Cross US$5 Bn by 2028 says Ken Research Study.
Thermoplastic Polyurethane is an elastomer that can be processed by using various forms of conventional methods such as injection molding, extrusion, and compression molding. Thermoplastic Polyurethane (TPU) has the characteristics of both plastic and rubber and thus exhibits properties like durability, flexibility as well as excellent tensile strength. It is a type of block copolymer consisting of alternating sequences of hard and soft segments that makes it ideal to be used for applications such as footwear, wire and cable, film and sheet, compounding, adhesives, and specialty molded parts.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study”
1. Replacement of Polyvinyl Chloride (PVC) in Medical Applications by Thermoplastic Polyurethane (TPU) provides an opportunity for the Market Growth
According to Ken Research Analysis, the Global Thermoplastic Polyurethane Market was valued at ~US$ 2 billion in 2017. It is estimated to be ~US$ 3 billion in 2022 and is forecasted to reach a market size of ~US$ 5 billion by 2028, growing at a CAGR of ~7% during 2022 to 2028, due to the increasing usage of Thermoplastic Polyurethane in footwear, automotive, and construction industries.
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Thermoplastic Polyurethane materials are used in almost all markets, owing to their high-performance properties. In the healthcare industry, applications can range from artificial heart components, blood plasma bags, to isolation tents in hospitals. TPU is the only polymer material desirable for medical applications since it does not contain any plasticizers.
Medical Grade TPUs are some of the most versatile plastic materials available today for use in medical devices. It offers the medical industry an environmentally friendly replacement to PVC without sacrificing flexibility. Poly Vinyl Chloride (PVC) material has been extensively used for making blood bags and other non-breakable containers in healthcare due to its low cost and excellent functions after softening. However, manufacturers are gradually getting rid of dependence on PVC as medical devices containing PVC release harmful chemicals during routine use and disposal.
Thermoplastic Polyurethane (TPU) is considered a reliable and high-quality alternative to PVC in all medical applications from devices to normal usage containers. According to the commercial development manager of Bayer Material Science, TPU healthcare grades are currently used to create oxygen masks and medical tubing. The material is also used in a variety of catheters such as central venous, intra-aortic balloon catheters.
2. Rising Adoption of Thermoplastic Polyurethane (TPU) by Footwear and Automotive Manufacturers is Fuelling the Market Worldwide
Footwear is the largest end-use industry of Thermoplastic Polyurethane (TPU) as it is used ito manufacture various parts of footwear, such as upper yarns, midsoles/foam & cushioning, outsoles, eyelets, heel cups, logos, shanks & toe caps. Rising demand for durability and performance among people from all age groups is driving the market in the footwear industry.
The advanced TPU technology allows shoe manufacturers to use versatile materials during production, simplifying processes and using less energy. The TPU waste generated during the production process can also be reused, helping in reducing waste. Shoes made of 100% TPU can also be recycled at the end of their life cycle.
Thermoplastic polyurethane films are widely used in the automotive industry to increase the fuel efficiency of vehicles. These films can be used in various vehicle components such as car seats, airbags, doors, and acoustic panels to improve comfort and safety.
The graph below represents the usage of thermoplastic polyurethane in different forms:
3. High Manufacturing Cost of Thermoplastic Polyurethane is the Major Challenge Faced by The Thermoplastic Polyurethane Market
Thermoplastic polyurethane is usually costlier than traditional materials. Its higher price may limit its adoption, especially in less demanding applications. The excessive price is due to the high production costs incurred due to the great degree of customization. Additionally, extrusion, injection molding, and compression molding are among the TPU production processes that require big machinery and skilled laborers, thereby raising the overall manufacturing cost of the product.
The graph below represents the high costs of machines that are used for manufacturing various products from Thermoplastic Polyurethane.
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Key Topics Covered in the Report
- Snapshot of Global Thermoplastic Polyurethane Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Thermoplastic Polyurethane Market
- Historic Growth of Overall Global Thermoplastic Polyurethane Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Thermoplastic Polyurethane Industry
- Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
- Covid-19 Impact on the Overall Global Thermoplastic Polyurethane Market
- Future Market Forecast and Growth Rates of the Total Global Thermoplastic Polyurethane Market and Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global Thermoplastic Polyurethane Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Notable Major Companies Mentioned in the Report
- 3M
- BASF SE
- Coim Group
- Covestro AG
- Huntsman International LLC
- KURARAY CO., LTD.
- Tosoh Corporation
- Sumei Chemical Co. Ltd
- The Lubrizol Corporation
- Epaflex Polyurethanes Spa
Notable Emerging Companies Mentioned in the Report
- Omni Technologies
- Foster Polymer Distribution
- H.B. Fuller Company
- Kent Elastomer Products
- SHANDONG INOV POLYURETHANE CO., LTD.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Thermoplastic Polyurethane Manufacturers
- Thermoplastic Polyurethane Suppliers
- Polyurethane Manufacturers
- Polyols Suppliers
- Diisocyanate Suppliers
- Diols Suppliers
- Thermoplastic Polyurethane Distributors
- Emerging and Startup Thermoplastic Polyurethane Companies in the Market
- Different Types of Thermoplastic Polyurethane Institutes
- Government Ministries and Departments of Chemicals and Polymers
- Importers and Distributors of Thermoplastic Polyurethane
- Environmental Regulatory Authorities
- Investment Banks and PE Firms focused on Chemicals Sector
- Potential Entrants into Thermoplastic Polyurethane Industry
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For More Information on the Research Report, refer to below links: –
Global Thermoplastic Polyurethane Market: Ken Research
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