Thermoplastic Polyurethane Market Will Reach USD 5,326 Million by 2030, Says P&S Intelligence

NEW YORK, May 24, 2023 /PRNewswire/ -- As mentioned by P&S Intelligence, the thermoplastic polyurethane market will propel at a rate of 7.0% in the years to come, to reach USD 5,326 million by 2030. This is mainly credited to the extensive use of TPU in vehicle parts and a range of medical devices.

In the medical device sector, this polymer is used to manufacture orthodontic products & dental materials, wound care products, mattresses, medical instrument cables, catheters, compression stockings, and gel shoe orthotics.

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Further, TPU has emerged as an eco-friendly alternative to the traditional polyvinylchloride. Apart from this, TPU offers biocompatibility, chemical and oil resistance, durability, and absence of plasticizers

• The polyols category will grow significantly in the years to come. This will be because polyols are extensively used for the production of PU products, including rigid foams, sealants, coatings, and adhesives.
• TPU made from polyols is utilized in many other industries, for example, refrigeration, automobile, construction, and furnishings.

Furthermore, the e-commerce and online business industry requires the products to be safe from damage until they reach the customer. As a result, the usage of pre-blended polyol packaging, including corrugated, plastic, and wooden boxes, is rising.

The diisocyanate category dominated the industry in 2022, and the trend will continue in the years to come. This is mostly because of the tremendously reactive nature of this chemical with polyols, which creates polyurethane. Two of the most-commonly used diisocyanates in TPU production are toluene diisocyanate and methylene diphenyl diisocyanate.

• The automotive & transportation sector will grow the fastest, at a rate of 8.2%, in the years to come.
• This will be owing to the fact that TPU is widely used for automotive parts manufacturing as it offers a characteristic combination of scratch and aging resistance, flexibility, extensive temperature range, and improved elasticity.

APAC had the largest revenue share, of above 55%, in 2022, and the situation will be like this in the years to come.

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This is attributable to the wide usage of TPU in the automotive and medical device sectors. APAC is the largest exporter of vehicles, and most OEMs are making use of thermoplastic polyurethane for manufacturing automotive parts.

TPU consumption in North America will grow significantly in the years to come. This is credited to the existence of key players, frequent launches of cutting-edge products, and increasing necessity for TPU products in the automotive, electronics, and footwear industries. Further, North America is the largest market for luxury footwear all over the world.

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SOURCE P&S Intelligence