November 22, 2023 02:02 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global thermoplastic polyurethane market size was USD 2.42 billion in 2022 and is projected to grow from USD 2.53 billion in 2023 to USD 4.59 billion in 2030 at a CAGR of 8.9% during the forecast period. Tpu Plastic
Thermoplastic polyurethane (TPU) is an elastomer processed using conventional methods, including injection molding, compression molding, and extrusion. TPUs are ideal for soft engineering and hard rubber thermoplastics products due to their flexibility. The growing demand for biodegradable and flexible plastics in the footwear industry will drive market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Thermoplastic Polyurethane Market, 2023-2030.”
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Increasing Adoption of Polyester in Applications to Augment Polyester Segment Growth
By type, the market is segmented into polyester, polyether, polycaprolactone, and others. the Polyester type segment held the highest thermoplastic polyurethane market share in 2022 due to its rising adoption in different applications.
Growing Preference of Thermoplastic Polyurethane Products in Automotive Components Augment Automotive Segment Growth
Based on application, the market is divided into automotive, construction, engineering, footwear, hose & tubing, wire & cable, and others. The automotive segment is estimated to grow at the highest CAGR during the forecast period. The growth is attributed to the increasing preference for TPU products in various automotive components, such as rocker panels, ditch covers, cladding, and body side trim.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Increased Government Restrictions During COVID-19 Pandemic Hampered Market Growth
The COVID-19 pandemic negatively impacted the thermoplastic polyurethane market growth. The increased government restriction during the pandemic halted the TPU production. Several end-use industries' production was severely disrupted due to the closures of assembly plants globally. Post-pandemic, the TPU demand is estimated to stabilize due to the supportive policies launched by governments.
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Rising TPU Demand from Footwear Industry to Aid Market Growth
The increasing demand for TPU, which provides great slip and abrasion resistance, drives market growth during the forecast period. The rising demand for running shoes owing to growing health consciousness and high disposable income drives footwear consumption, further propelling the thermoplastic polyurethane market growth during the projected period.
However, a lack of skilled laborers and big machinery may hamper market growth during the forecast period.
Rising Need for High-Performance Materials to Boost Market Growth in Asia Pacific
Asia Pacific market accounted for USD 1.40 billion in 2022. The growth was attributed to the region's increasing need for high-performance materials, high growth and development, population expansion, and industry consolidations.
The rising demand for polyester-based products in the electronics industry will augment thermoplastic polyurethane market growth in North America during the forecast period. The rising footwear demand due to the increasing disposable income is also driving market growth in the region.
Growing Key Players’ Focus on Capacity Expansion to Drive Market Growth
The thermoplastic polyurethane market comprises several key players, such as BASF SE, Covestro AG, Huntsman Corporation, and Lubrizol Corporation. The growing focus of these major market players on capacity expansion and their large geographic presence will boost market growth during the forecast period.
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February 2023 – Covestro AG plans to build its largest thermoplastic polyurethane manufacturing plant in Zhuhai, South China. The company will complete the expansion in three phases, of which one will be finished in late 2025. After completion, the plant will have a total manufacturing capacity of 20,000 tons of TPU annually.
Thermoplastic Elastomers Market to Hit USD 39,424.6 Million by 2027; Rising Technological Advancements to Spur Demand, Says Fortune Business Insights™
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