Global thermoplastic polyurethane (TPU) market was valued at $1.93 billion in 2016, and is anticipated to reach $2.84 billion by 2022, growing at a CAGR of around 6.7% between 2017 and 2022, according to a recent market report titled “Thermoplastic Polyurethane Market by Injection Molding, Extrusion, Adhesives & Sealants and Paints & Coatings Applications for Automotive, Construction, Engineering, Footwear, Hose & Tube, Medical and Wire & Cable End-Users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022” released by Zion Market Research.
TPU market is a rapidly growing industry with demand from various countries and regions because of its broad range of applications in different end-user industries. Polyurethanes are one of the most adaptable plastic materials. The nature of the chemistry allows them to be molded into different shapes and to improve industrial and consumer products. Its properties include elasticity, transparency, and resistance to oil, grease, and abrasion.
The global TPU market is projected to present significant growth due to the growing demand from the automotive sector. Rising application in footwear is also likely to drive the growth of the global TPU market during the forecast period. Additionally, application of TPU in medical is also expected to propel the market growth in the next five years. However, the growing environmental concerns with the production and usage of TPU are anticipated to be major restraints for the global TPU market. Furthermore, instability in the prices of raw materials could also limit the growth of the TPU market. However, the development of bio-based alternatives is projected to create more opportunities in the TPU market during the forecast period.
The global TPU market can be segmented on the basis of application, end-user, and geography. In terms of application, it is segmented into injection molding, extrusion, adhesives & sealants, and paints & coatings. The extrusion segment dominated the market in 2016 and is set for a rapid growth during the forecast period. Injection molding and sealants & adhesives accounted for the second and third highest share respectively of the global TPU market in 2016.
In terms of end-user, the global TPU market is segmented into automotive, construction, engineering, footwear, hose & tube, medical and wire & cable. The automotive segment occupied the largest market share in 2016 and is likely to witness significant growth due to the development and growth of the global automotive industry. The footwear segment is also anticipated to expand at a significant pace because of the adoption of TPU’s in footwear by the leading market players. The medical end-user segment is also likely to witness significant growth in the coming years due to the replacement of PVC with TPU.
Based on geography, the global TPU market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific held most of the global market share and is likely to grow in light of growing demand from the emerging economies in the region. The cost effectiveness factor also plays a major role in global key players setting up their facilities in this region. Europe held the second largest share of the global TPU market and is projected to grow in light of demand from the automotive sector in the region.
The key players in the global market include API Plastics, BASF SE, Bayer Material Science Ag, COIM, Headway Polyurethane Co. Ltd., Hexpol AB, Huntsman Corporation, Lubrizol Corporation, Miracll Chemical Co. Ltd., Polyone Corporation, Taiwan Sheen Soon and Wanhua Chemical Group Co. Ltd., etc.