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The thermoplastic polyurethane market size is forecast to increase by USD 945.7 million, at a CAGR of 6.21% between 2023 and 2028. In the dynamic market, several growth factors are shaping its trajectory. Firstly, the increasing opportunities in the Asia-Pacific (APAC) region are driving market expansion. This trend is fueled by the rising demand for TPUs in various industries, including automotive, footwear, and packaging. Secondly, upcoming developments in bio-based thermoplastic polyurethane are poised to revolutionize the industry. These eco-friendly alternatives offer reduced carbon footprint and enhanced sustainability, making them an attractive choice for environmentally-conscious consumers and businesses. However, it is essential to acknowledge the challenges that come with thermoplastic polyurethane production. One such challenge is the damage caused to TPU structures by moisture. This issue can lead to decreased product performance and increased production costs. To mitigate this, ongoing research and development efforts are focused on creating moisture-resistant TPUs and improving production processes to minimize moisture exposure. In summary, the TPU market is experiencing significant growth due to increasing opportunities in APAC and the development of bio-based alternatives. However, challenges such as moisture damage to TPU structures must be addressed to ensure continued market success.
The market holds significant growth potential in the Rubber and Plastic Footwear industry. TPU offers superior properties such as slip resistance, abrasion resistance, and chemical resistance, making it an ideal choice for various applications. The manufacturing process of TPU involves the use of raw materials like Polyethylene, PVC, Polyurethane, Adipic acid, Nylon, Diisocyanate, and MDI. TPU is widely used in the automotive industry for rocker panels, bodyside trim cladding, ditch covers, and tubing segments due to its flame retardancy. In the footwear industry, TPU is used for making sustainable materials and architectural fabrics for product manufacturing. The production of TPU is carried out through various manufacturing processes such as Injection molding, Extrusion molding, and Compression molding. With increasing environmental concerns, there is a growing demand for environmentally friendly plastics, and TPU, being a biobased TPU, is gaining popularity as a sustainable alternative. In conclusion, the market is expected to witness steady growth in the Rubber, Plastic, and Footwear industry due to its superior properties and versatility. The increasing demand for sustainable materials and eco-friendly manufacturing processes is further expected to fuel market growth.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The footwear segment was the largest and was valued at USD 737.90 million in 2018. Manufacturing companies in various industries, including architecture and product manufacturing, employ TPUs for their environmentally friendly and sustainable properties. TPUs exhibit remarkable strength and durability, making them desirable for applications in the automotive industry, such as rocker panels and bodyside trim cladding. The tubing segment also experiences high demand due to TPUs' flame retardancy. Injection molding, extrusion molding, and compression molding are common manufacturing techniques used to produce TPUs for diverse applications. Biobased plastics and petroleum-based plastics are alternative materials in the market. TPUs based on Polyester diols and Polyester-based thermoplastic polymers like Polycaprolactone are gaining popularity due to their eco-friendly attributes. The market continues to expand, catering to various industries and applications, including ditch covers and cable applications, while adhering to the principles of sustainability.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Thermoplastic Polyurethane (TPU) market in the Asia-Pacific (APAC) region is driven by the expansion of key end-user industries, including automotive, construction, medical, aerospace, and defense. The automotive sector's growth is attributed to the burgeoning demand for automobiles in countries like India, Indonesia, Thailand, and Vietnam. China's automotive industry, however, is experiencing a deceleration due to economic instability. The escalating automotive demand in APAC has resulted in increased consumption of TPU films by automotive manufacturers. Major contributors to this trend are China, Japan, and India. The healthcare sector in the region is prospering due to factors such as increasing income levels, a growing population, the prevalence of diseases, and heightened health awareness.
TPU's production relies on raw materials like polyols, diisocyanates, and chain extenders. Biobased TPU, an eco-friendly alternative, is gaining traction due to its reduced carbon footprint. Production technology plays a crucial role in TPU manufacturing, with companies like Lubrizol and Huntsman's Specialty employing advanced techniques to enhance product quality and efficiency. Industrial clusters in APAC, such as those in China and South Korea, are fostering the growth of the TPU industry by providing a conducive business environment and access to a skilled workforce. Commercial construction is another significant end-user industry for TPU, with its elasticity and durability making it an ideal choice for roofing, insulation, and waterproofing applications.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing opportunities in automotive industry in APAC is notably driving market growth. Thermoplastic Polyurethane (TPU), a versatile material derived from the combination of Polyethylene, PVC, and Polyurethane, exhibits exceptional properties including elasticity, strength, and resistance to chemicals, grease, and high temperatures. In various industries, TPU is employed for its superior slip resistance and abrasion resistance, making it an ideal choice for footwear, automotive components such as door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. In the manufacturing process, TPU is produced using raw materials like Adipic acid, Nylon, Diisocyanate, and MDI. TPU's applications extend beyond the automotive sector. It is utilized in industrial coatings, electronics, and sports industries for its flame retardancy and excellent performance at high temperatures. In the cable applications and electronic industry, TPU provides insulation and protection against environmental factors. Manufacturing companies in the construction sector use TPU for architectural fabrics due to its sustainability and environmental-friendliness.
TPU's properties make it suitable for various applications in the footwear industry, including outsole production for slip resistance and midsole production for cushioning. In the sports industry, TPU is used for manufacturing equipment such as basketball hoops and sports balls. The tubing segment of the TPU market is driven by its use in various industries, including agriculture, transportation, and construction. TPU's manufacturing process includes injection molding, extrusion molding, and compression molding. Biobased plastics and petroleum-based plastics are used in the production of TPU, with polyester diols and polyester-based thermoplastics being common raw materials. TPU's properties, such as high performance, durability, and resistance to various environmental factors, make it a preferred choice for various industries. In the automotive industry, TPU is used in rocker panels, bodyside trim cladding, ditch covers, and other components due to its high performance and resistance to environmental factors. In the construction sector, TPU is used for manufacturing ditch covers and tubing due to its durability and resistance to chemicals and high temperatures. TPU's manufacturing process includes injection molding, extrusion molding, and compression molding, using raw materials like Adipic acid, Nylon, Diisocyanate, and MDI. TPU's properties, such as high performance, durability, and resistance to various environmental factors, make it a preferred choice for various industries. Thus, such factors are driving the growth of the market during the forecast period.
Upcoming developments in bio-based products is the key trend in the market. The Thermoplastic Polyurethane (TPU) market encompasses a wide range of applications in various industries, including footwear, automobiles, packaging, and furniture, among others. TPUs exhibit desirable properties such as slip resistance, abrasion resistance, and chemical resistance, making them a preferred choice over rubber and traditional plastics like Polyvinyl Chloride (PVC) and Polyethylene (PE) in numerous applications. In the footwear industry, TPUs are utilized for producing soles due to their excellent slip resistance and durability. The sports industry also leverages TPUs for manufacturing equipment due to their high level of abrasion resistance. Furthermore, TPUs find extensive use in industrial coatings, electronics, and cable applications due to their chemical resistance and electrical insulation properties. The manufacturing process of TPUs involves the reaction of diisocyanates, such as MDI (Methylene Diphenyl Diisocyanate), with polyols like polyester diols, polyester-based thermoplastic polycaprolactone, and adipic acid-based nylon. Castor oil, a natural raw material, is used in the production of bio-based TPUs, which are gaining popularity due to their eco-friendly and sustainable attributes. TPUs are used in various automotive applications, such as rocker panels, bodyside trim cladding, ditch covers, and tubing segments, due to their flame retardancy and excellent mechanical properties. Injection molding, extrusion molding, and compression molding are common manufacturing techniques used to produce TPUs for various applications.
Environmental-friendly plastics, including biobased TPUs, are increasingly being adopted in architecture fabrics and product manufacturing to reduce the carbon footprint and promote sustainability. The electronics industry also utilizes TPUs for producing components due to their excellent electrical insulation properties. In summary, TPUs are versatile plastics with a wide range of applications in various industries, including footwear, automobiles, packaging, furniture, electronics, and industrial coatings. Their desirable properties, such as slip resistance, abrasion resistance, chemical resistance, and flame retardancy, make them a preferred choice over traditional plastics and rubber. The manufacturing process of TPUs involves the reaction of diisocyanates with polyols, and the use of natural raw materials like castor oil is increasing to produce eco-friendly and sustainable TPUs. Thus, such trends will shape the growth of the market during the forecast period.
Damage to thermoplastic polyurethane structure caused by moisture is the major challenge that affects the growth of the market. Thermoplastic Polyurethanes (TPUs) are a unique class of materials, exhibit both rubber-like and plastic properties. In the footwear industry, TPUs are widely utilized due to their superior slip resistance and abrasion resistance. These materials are essential in various applications, including automotive industries for rocker panels, bodyside trim cladding, ditch covers, and tubing segments. In the sports industry, TPUs are employed in cable applications and electronic industry components for their excellent flame retardancy. Manufacturing processes for TPUs involve the reaction of diisocyanates, such as MDI (Methylene Diphenyl Diisocyanate), with polyols like polyester diols, polyester-based thermoplastics, polycaprolactone, and Adipic acid. The resulting polymer chains can be polymerized or depolymerized at temperatures around 320°F for aliphatic TPUs and 355°F for aromatic TPUs. TPUs are versatile materials, finding applications in various industries. In industrial coatings, they offer excellent chemical resistance.
In the electronics sector, TPUs are used for insulation and encapsulation purposes. Biobased plastics and petroleum-based plastics are both used in the production of TPUs, making them environmentally friendly and sustainable materials. The manufacturing process of TPUs involves various techniques, including injection molding, extrusion molding, and compression molding. These processes ensure the production of high-quality TPU parts with consistent physical properties. TPUs are also used in architectural fabrics for product manufacturing, offering durability and resistance to weather conditions. In summary, Thermoplastic Polyurethanes are versatile materials with a wide range of applications in various industries. Their unique properties, such as slip resistance, abrasion resistance, chemical resistance, and flame retardancy, make them indispensable in footwear, automotive, sports, electronics, and industrial coatings sectors. The manufacturing process of TPUs involves the use of various raw materials and techniques, ensuring the production of high-quality parts with consistent physical properties. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
API Spa - The company offers thermoplastic polyurethane products such as resin floors, flexigel primer and sealant.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a significant sector in the global polymers industry. TPUs are versatile materials known for their unique properties, including high abrasion resistance, flexibility, and excellent tear strength. These factors make TPUs an ideal choice for various applications, such as automotive, footwear, packaging, and construction. The market for TPUs is driven by several factors, including the increasing demand for lightweight and durable materials in various industries. Additionally, the growing trend towards sustainable manufacturing and the rising adoption of TPUs as eco-friendly alternatives to traditional materials are expected to boost market growth. TPUs are also gaining popularity in the medical sector due to their biocompatibility and excellent elasticity.
Furthermore, advancements in TPU technology are leading to the development of new and innovative applications, expanding the market's scope. The global TPU market is expected to grow at a steady pace in the coming years, driven by the increasing demand for TPUs in various end-use industries. The market is highly competitive, with several key players competing on the basis of product innovation, pricing, and distribution networks. In conclusion, the market is a dynamic and growing sector in the global polymers industry, driven by various factors, including increasing demand, technological advancements, and sustainability trends.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.21% |
Market Growth 2024-2028 |
USD 945.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.75 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
China, US, Germany, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
API Spa, BASF SE, Avient Corp., COIM Spa, Covestro AG, DIC Corp., Dongsung Corp, Epaflex Polyurethanes Spa, HEXPOL AB, Huntsman Corp., 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, Market condition analysis for market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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