The market is expected to attain a global CAGR of 7.1% and hence, reach a market value worth USD 3.8 billion by the end of the forecast period in 2030
The thermoplastic polyurethane market is expected to gain a market value of USD 3,.8 billion by 2030 at a CAGR of 7.1% over the forecast period of 2022-2030.
A thermoplastic polyurethane (TPU) is a full-fledged thermoplastic elastomer. On the back of its transparency, flexibility, and resistance to grease, oil, and abrasion, thermoplastic polyurethane is widely utilized in the construction, automotive, aerospace, and medical industries for various applications. Additionally, thermoplastic polyurethane is recyclable, biodegradable, and eco-friendly, making it a good substitute for PVC and other polymers.
The demand for leather is increasing at a healthy rate due to the population's rapid growth and the continued expansion of numerous economies. The typical leather industry takes up a lot of resources and pollutes the environment. The public's focus on environmental issues presents serious challenges for the leather industry. TPU film is frequently used in footwear and clothing since it has many of the same characteristics as other polymers and rubbers. Additionally, another key factor propelling the expansion of the market is the global expansion of the automotive industry. The product is commonly used in automotive parts, including seats, doors, airbags, attachment clips, and vehicle wiring. According to OICA, in 2021, the global production statistics of the vehicle were 80,145,988 units. As a result, the growing vehicle production will significantly boost the need for thermoplastic polyurethane.
The thermoplastic polyurethane market was negatively impacted by COVID-19. The enactment of lockdown and the social separation rules resulted in the closure of businesses in many nations. The lack of workers and limited productivity severely hampered the thermoplastic polyurethane sector. Due to the reduced output and industry closures of the chemical, building, construction, and oil & gas sectors, there has been a reduction in the demand for thermoplastic polyurethane. However, after the events of COVID-19, demand for thermoplastic polyurethane is expected to increase.
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 2030 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 2030 is that the market products are environment-friendly and recyclable.
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 2030. 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 2022-2030 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 2030. 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 2030. 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:
The thermoplastic polyurethane market report discusses the rising market trends during the forecast period of 2022-2030 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.
|Market Size||· 2030: USD 3.8 Billion|
|Historical Data||2019 & 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.|
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.