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The thermoplastic polyurethane market share is expected to increase by USD 976.7 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.38%.
This thermoplastic polyurethane market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermoplastic polyurethane market segmentation by product (polyester, polyether, and polycaprolactone), application (footwear, consumer goods and electronics, automotive, construction, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The thermoplastic polyurethane market report also offers information on several market vendors, including API Spa, BASF SE, Avient Corp., COIM Spa, Covestro AG, DIC Corp, Dongsung Corp, Epaflex Polyurethanes Spa, HEXPOL AB, Huntsman International LLC, Kolon Industries Inc., Koninklijke DSM NV, Kuraray Co Ltd, Mitsui Chemicals Inc, Sanyo Corp of America, Songwon Industrial Co Ltd, Taiwan PU Corp., The Lubrizol Corp., Tosoh Corp, and Wanhua Chemical Group Co Ltd among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The increasing opportunities in APAC is notably driving the thermoplastic polyurethane market growth, although factors such as damage to TPU structure caused by moisture may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermoplastic polyurethane industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermoplastic Polyurethane Market Driver
One of the key factors driving growth in the thermoplastic polyurethane market is the increasing opportunities in APAC. In the automotive industry, TPUs are used in various automotive components such as door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. This is due to their properties such as elasticity, strength, chemical and grease resistance, and high performance at high temperatures. The growth of the automotive industry in APAC is expected to drive the demand for TPU. APAC is likely to register the highest growth in the TPU market during the forecast period due to the rapidly increasing population and rising purchasing power of individuals. The demand for domestic automobiles in India has increased due to the growing popularity of light vehicles. Strong demand for automobiles, along with economic reforms, such as the introduction of the common nationwide Goods and Services Tax (GST), is expected to drive the economy of the country. These factors will increase the demand for chemicals and materials used in automotive components, which, in turn, will positively affect the global TPU market.
Key Thermoplastic Polyurethane Market Trend
The upcoming developments in bio-based products is a thermoplastic polyurethane market trend that is expected to have a positive impact in the coming years. Properties such as biodegradability, low density, and recyclability of bio-based TPU films have increased their demand. These advantages place bio-based TPUs in a commercially competitive position with synthetic TPUs. Bio-based TPUs are replacing their synthetic counterparts in several applications such as household objects, packaging, automobiles, and furniture. Bio-based blends of commercially available polyester-based bio TPU and castor oil-based polyamide11 of different ratios are prepared by melt processing. Companies such as Arkema, PolyOne, and BASF produce bio-based TPU compounds. The demand for bio-based TPU products is expected to increase significantly.
Key Thermoplastic Polyurethane Market Challenge
The damage to the TPU structure caused by moisture will be a major challenge for the thermoplastic polyurethane market during the forecast period. TPU elastomers are hygroscopic in nature, i.e., they absorb moisture when exposed to atmospheric humidity. Aromatic PUs undergo polymerization or depolymerization reactions at an equilibrium rate when processed above 355 deg F. In the presence of water or moisture, polymeric chains can break down and release amines and carbon dioxide during extrusion. Failure to remove moisture from PUs can result in polymer rearrangement, molecular weight reduction, and loss of physical properties. The normal thermal degradation temperature for aliphatic TPUs is 518 deg F, regardless of the moisture content. Therefore, the presence of any moisture in TPU can hamper its structure and make it non-acceptable as per industry standards. This might lead to an increase in waste and inefficient use of resources. Such factors may adversely impact the application of thermoplastic polyurethane, thus restricting the growth of the global thermoplastic polyurethane market.
This thermoplastic polyurethane market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermoplastic polyurethane (TPU) market as a part of the global commodity chemicals market within the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermoplastic polyurethane market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the thermoplastic polyurethane market encompasses successful business strategies deployed by the key vendors. The thermoplastic polyurethane market is fragmented and the vendors are deploying growth strategies such as providing customized services that enable consumers to choose from product offerings to compete in the market.
To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermoplastic polyurethane market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermoplastic polyurethane market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for thermoplastic polyurethane in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The major end-user industries in the TPU market in APAC, such as automotive, construction, medical, aerospace, and defense, have been flourishing owing to the significant economic growth of the region. This will facilitate the thermoplastic polyurethane market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic negatively impacted the TPU market in APAC. The automobile manufacturing facilities in the region were shut down due to the implementation of lockdowns. In H2 2021, the introduction of COVID-19 vaccines led to a decline in the number of COVID-19 cases, which resulted in the lifting of most COVID-19-related restrictions in APAC. In 2021, the regional automotive industry witnessed recovery as the sales of NEVs in China increased by more than 2 million units compared to 2020.
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The thermoplastic polyurethane market share growth in the polyester segment will be significant during the forecast period. Polyester TPUs offer great value in terms of enhancing oil and chemical resistance, abrasion resistance, fungal resistance, strength, and durability and, therefore, will generate high demand during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoplastic polyurethane market size and actionable market insights on post-COVID-19 impact on each segment.
Thermoplastic Polyurethane Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.38% |
Market growth 2022-2026 |
$ 976.7 million |
Market structure |
Fragmented |
YoY growth (%) |
6.14 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
API Spa, BASF SE, Avient Corp., COIM Spa, Covestro AG, DIC Corp, Dongsung Corp, Epaflex Polyurethanes Spa, HEXPOL AB, Huntsman International LLC, Kolon Industries Inc., Koninklijke DSM NV, Kuraray Co Ltd, Mitsui Chemicals Inc, Sanyo Corp of America, Songwon Industrial Co Ltd, Taiwan PU Corp., The Lubrizol Corp., Tosoh Corp, and Wanhua Chemical Group Co Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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