ID: MRFR/CnM/2369-HCR | February 2021 | Region: Global | 135 pages
TheThermoplastic Polyurethane Market trends are likely to propel at a great market rate during the ongoing forecast period of 2021-2028. During the historic forecast period that ended in 2019, the global market operations were valued at a global figure worth USD 3.5 billion. For the ongoing forecast period, the market is expected to attain a global CAGR of 7.1% and hence, reach a market value worth USD 3.5 billion by the end of the forecast period in 2028.
The thermoplastic polyurethane market size has been one of the market sizes that is facing the atrocities that have been evolving and emerging since the pandemic made an entry in the lives of the common man by late 2019 and 2020. The market players have been facing various market issues as the global governments are focusing on implementing measures that will help and play a positive role in curbing the obnoxious spread of the novel coronavirus but will have negative impacts on the demand and supply chain mechanism that will bring losses for the market as anticipated by the trends. Also, the rising changes and preferences of the global target audience that is exposed to the market operations are hampering the growth and expansion ability of the market during the forecast period of 2021-2028. Further, market investments are on an all-time low owing to market speculations regarding the rising inability to produce and maintain a proper function of the economies of scale.
Hence, both the market players and public authorities are understanding the requirements of both the market and target audience to resume the operations and return to normalcy. By keeping the situation in mind, the global governments are removing the restrictions that will help in maintaining the demand and supply and further, help the production units function as per the thermoplastic polyurethane market trends. Also, the rising market investments are likely to help the market players focus on the research and development departments that will enhance the market portfolios and provide the target audience with innovative and creative options to choose from.
Drivers
Over a short time, the major factor that enjoys the tag of being responsible for the enhancement in the thermoplastic polyurethane market revenue by the end of the forecast period ending in 2028 is the increased use of the market services and products in an array of end-users. The medical industry is emerging as the largest seeker for innovative and creatively developed market products and services. Also, the major market attraction that is driving the market towards impeccable growth during the period that will end in 2028 is that the market products are environment-friendly and recyclable.
Restraints
On the flip and negative side for the thermoplastic polyurethane market size, the market trends and emerging waves show that there has been a decline in the degree of automotive products onis the global scale during the forecast period that ends in 2028. Also, the initial arrival of the pandemic resulted in a hard time for the global market operations during the first three quarters of the base year of the market report that is 2020. This is likely to hinder the predicted growth of the market.
The thermoplastic polyurethane market trends for the ongoing forecast period of 2021-2028 are portraying a gradual shift in the focus towards the development of bio-based products which promises great attributes to the market in terms of growth, expansion, and revenue expansion for the period that will be ending in 2028. Also, there has been an increase in the degree of research and development activities. Prominent players of the market like Fiat Chrysler, Hyundai, Maruti Suzuki, Mahindra and Mahindra, Renault, and Toyota, amongst others. Many participating regions are planning to give expansion opportunities to the regional markets to propel and hence, the domestic manufacturing industries are opting for the development of market products through their manufacturing units. Hence, this will gradually result in a reduced dependency on imports that will help the regional market dwell and compete in the international market.
The rising thermoplastic polyurethane market trends are a result of an impeccable performance by the market segments. The global market segments are as follows:
Based on the raw materials
The market players use an array of raw materials that will help in developing products as per the market demand. The raw material segment includes diols, polyols, and diisocyanate.
Based on the type
The type segment of the market includes polyester, polycaprolactone, and polyether.
Based on the market end-use industry
The end-user industries of the market are inclusive of the medical fraternity, consumer goods, footwear, industrial machinery, automotive, electronics, building and construction, and others like textiles.
Based on the thermoplastic polyurethane market segmentation based on the global regions, there are 5 major participating regions. The APAC region is expected to dominate the global market trends for the forecast period that will be ending in 2028. There has been a considerable rise in population followed by a major growth in the end-use industries that require large-scale innovation and development that will help the market dominate the growth figures. Various industry consolidations are on the way along with the rising demand for the TPU market products that will promise great growth quantum during the period.
The participating players of the market during the forecast period are as follows:
Report Overview
The thermoplastic polyurethane market report discusses the rising market trends during the forecast period of 2021-2028 by keeping the pandemic year of 2020 as the base year followed by considering the effects of the pandemic on the market operations. The report covers crucial market aspects like the basis of the global market segmentation and the potential of the segments and market players to grow in both the domestic and the international market. The report covers the major market happenings in the form of collaborations, joint ventures, investments, and much more.
Report Attribute/Metric | Details |
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Market Size |
|
CAGR | 6.5%(2019–2027) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, End-Use Industry and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | BASF SE (Germany), Huntsman International LLC (US), Amco Polymers (US), Covestro AG (Germany), The Lubrizol Corporation (US), 3M (US), Permali Gloucester Limited (UK), Wanhua Chemical Group Co., Ltd. (China), American Polyfilm Inc. (US), Hexpol AB (Sweden), PolyOne Corporation (US), API Plastics (Italy), and Kuraray Co., Ltd. (Japan) |
Key Market Opportunities | The robust growth of automotive industry driven by increasing per capita disposable income, rapid urbanization, and economic growth across the globe |
Key Market Drivers | Its durability, high strength, exceptional fungal and abrasion resistance offered by the product. |
Frequently Asked Questions (FAQ) :
The market is likely to attain a global CAGR of 7.1% during the forecast period.
The APAC region is showing signs of domination amongst the other participating regions.
The market has been segmented based on the type, raw materials, and end-use industries.