Global Thermoplastic Polyurethane Market Report 2022: Rising Demand for Flexible and Biodegradable Plastics in Footwear Boosts Sector

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Mar 10, 2023, 12:30 ET

DUBLIN, March 10, 2023 /PRNewswire/ -- The "Global Thermoplastic Polyurethane Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, Type, Application, End-User, and Region" report has been added to ResearchAndMarkets.com's offering.

Thermoplastic Polyurethane is an elastomer that can be processed by using various forms of conventional methods such as injection molding, extrusion, and compression molding. It has the characteristics of both plastic and rubber and thus exhibits properties like durability, flexibility as well as excellent tensile strength. TPU 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.

According to this 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, growing at a CAGR of ~7% owing to the increasing adoption of TPU in the footwear and automotive sectors.

Rising demand for flexible and biodegradable plastics in the footwear industry is one of the key factors responsible for the growth of the market. The widespread adoption of thermoplastic polyurethane by footwear manufacturers for producing soles for safety shoes due to their abrasion resistance, slip, and aesthetic properties accelerate the market growth.

Furthermore, the rise in the expansion of the automotive industry across the globe acts as one of the major factors driving the growth of the thermoplastic polyurethane market. The product is widely utilized in automobile components, such as seats, doors, vehicle wiring, attachment clips, and airbags, among others.

The major challenge faced by the market is the volatile prices of the raw materials used for making Thermoplastic Polyurethane. The high cost associated with TPU when compared to other conventional materials obstructs market growth.

Scope of the Report

The Thermoplastic Polyurethane Market is segmented by Raw Material, Type, Application, End-User, and Region. In addition, the report also covers the market size for each of the four regions' Thermoplastic Polyurethane Market. The revenue used to size and forecast the market for each segment is US$ billion.

Raw Material

Polyols
Diisocyanate
Diols

Type

Polyester
Polyether
Polycaprolactone

Application

Extruded Products
Injection Molded Products
Adhesives
Others
End-User
Footwear
Automotive
Construction
Aerospace
Energy & Power
Medical
Others

By Region

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
LAMEA (Latin America, Middle East, Africa)

Key Players

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

Key Trends by Market Segment

By Raw Material:

The diisocyanates segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to its wide applications in various end-use industries such as automotive, building & construction, healthcare, and aerospace

Diisocyanates are a family of versatile building blocks that are used in the development of multiple polyurethane products such as bike helmets, vehicle impact-absorbing foam panels, and others

Diisocyanates are reacted with natural oil polyols derived from vegetable oils for the development of polyurethane products containing functional diversification and renewable resource content.

By Type:

The Polyester segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to its wide area of application in the engineering and construction sectors.

Polyester-based thermoplastic polyurethane provides resistance to oils, fuels, and water, due to which it is widely used in the building and construction industry.

Polycaprolactone segment is expected to grow with the highest CAGR, owing to its abrasion resistance with inherent toughness. The product is widely used in engineering applications due to its antimicrobial and mechanical properties.

By Application:

The extruded products segment held the largest market share in the global thermoplastic polyurethane market in 2021, as the extrusion process enhances the properties of TPU material and makes it suitable to be used in end-use industries.

TPU is a melt-processable and highly elastic thermoplastic elastomer. It is transparent and easily colored. Therefore, it is widely used for extruded products application.

TPU can be compounded with many materials by using the process of extrusion in order to enhance its properties, such as increased strength, fuel and oil resistance, and abrasion resistance.

Compounded TPUs are used in a wide range of applications where superior structural integrity is required, such as for hoses and tubes, conveyor belts, electrical wires, medical disposables, and Office Automation equipment connectors.

By End-User:

The footwear segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to the rising demand for comfortable and durable shoes.

The Thermoplastic Polyurethane (TPU) sole is highly resistant to abrasion, and has a longer life and better resilience property than rubber soles, which makes this material most preferred among other polymers.

The automotive segment is expected to grow with the highest CAGR, owing to its wide applications in instrument panels, seats, airbags, doors, attachment clips, vehicle wiring, and anti-vibration panels.

By Region:

Asia Pacificheld the largest market share among all other regions within the Global Thermoplastic Polyurethane Market in 2021, due to the rapid infrastructure development and increasing demand for TPU as an insulator in the construction industry.

The increasing demand from automotive, textile, and footwear manufacturers, thermoplastic polyurethane adhesives, and sealants are expected to witness growth in the region.

Rapid growth of the construction industry mainly in China and India on account of growing disposable income in the nation is expected to be a key factor driving the demand for polyurethane products in the region.

According to data by OICA, the International Organization of Motor Vehicle Manufacturers, automotive vehicle production in India increased by 30% in 2021 compared to 2020. The country registered a total production of 43,99,112 units in 2021, which helped in the growth of the market.

Recent Developments Related to Major Players and Organizations

In August 2022, BASF SE launched its new invisible thermoplastic polyurethane paint protection film (PPF), which provides multifaceted and long-lasting protection for automotive coatings
In September 2021, KPX Chemical, a Korean polyurethane manufacturer, established a joint venture with Huntsman Corporation, KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA). The joint venture created innovative polyurethane system solutions for Korean automakers

Conclusion

The Global Thermoplastic Polyurethane Market witnessed slow growth in the year 2020, owing to the restricted supply chain worldwide. Due to the scarcity of raw materials, thermoplastic polyurethane manufacturing and processing were closed. Footwear is the largest industry for the TPU market that faced a massive decline worldwide during the pandemic period. The market condition is expected to get even better in 2022, owing to the consumers' preference for health and hygiene. The market is primarily driven by the increasing usage of Thermoplastic Polyurethane in footwear, automotive, construction, and other industries. Though the market is highly competitive with over ~300 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

Key Topics Covered:

1. Executive Summary

2. Market Overview and Key Trends Impacting Growth

3. Global - Market Segmentation by Raw Material, Historic Growth, Outlook & Forecasts

4. Global - Market Segmentation by Type, Historic Growth, Outlook & Forecasts

5. Global - Market Segmentation by Application, Historic Growth, Outlook & Forecasts

6. Global - Market Segmentation by End-User, Historic Growth, Outlook & Forecasts

7. Industry/Competition Analysis - Competitive Landscape

8. Key Competitor Profiles (Company Overview, Product Offerings, and Strengths & Weaknesses Analysis)

9. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts

A selection of companies mentioned in this report includes

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
Omni Technologies
Foster Polymer Distribution
H.B. Fuller Company
Kent Elastomer Products
SHANDONG INOV POLYURETHANE CO., LTD.

For more information about this report visit https://www.researchandmarkets.com/r/7yuv7c

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