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Jan 24, 2020 10:00 AM ET

Thermoplastic Polyurethane Market – Growing Demand for TPU in Automotive and Medical Industries and Replacement of Conventional Materials By TPU

iCrowd Newswire - Jan 24, 2020

According to the new market research report Thermoplastic Polyurethane Market by Type (Polyester, Polyether, and Polycaprolactone), End-Use Industry (Automotive, Footwear, Engineering, Building & Construction, Wires & Cables, Hose & Tubing, and Medical), and Region – Global Forecast to 2027″, is projected to reach USD 3.9 billion by 2027, at a CAGR of 6.8%. The growth of the market is driven by replacement of conventional materials by thermoplastic polyurethane in applications demanding high dimensional stability and increased abrasion resistance.

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The TPU market size is estimated at USD 2.5 billion in 2019 and is projected to reach USD 3.5 billion by 2024, at a CAGR of 7.1%. The major restraints of the TPU market are the high cost of TPU when compared to other conventional materials for industries, such as industrial machinery, building & construction, and electronics.

Flame retardant, bio-based, and expanded TPU are developed as a result of innovation and technology advancements, which have increased the application areas of TPU in wire & cable, catheters, and recyclable footwear. Recently, bio-based TPU has been developed. The bio-based TPU does not contain any toxic substances and is safe to form medical devices that have to be inserted in the human body. The manufacturing of bio-based TPU improves its biodegradability and reduces the use of non-renewable resources. The bio-based TPUs offer equivalent-to-better properties than the traditional TPUs mainly for the electronics, sporting goods, and footwear industries

Browse and in-depth TOC on “Thermoplastic Polyurethane Market – Global Forecast to 2024”

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The TPU market size is estimated at USD 2.5 billion in 2019 and is projected to reach USD 3.5 billion by 2024, at a CAGR of 7.1%. The growing use of TPU in the automotive industry, owing to its properties and the emerging economies in APAC, are driving the TPU market.

The increase in demand for TPU in emerging economies such as APAC and South America and the growing need for comfort, performance, and durability of footwear is driving the TPU market. The key players in the TPU market include are BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Industrial Group (China), COIM Group (Italy), American Polyfilm Inc (US), Kuraray Co., Ltd (Japan), and Polyone Corporation (US). The TPU market report analyzes the key growth strategies, such as investment, expansion, new product launch, partnership, joint venture, and acquisition, adopted by the leading market players between 2014 and 2019.

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BASF SE (Germany) is among the key players in the TPU market. The company adopted the strategies of new product launch, expansion, and acquisition to strengthen its competitiveness in the global TPU market. For instance, in May 2019, BASF has planned to expand the production capacity of TPU and engineering plastics in the Verbund site in Zhanjiang, China, by 2022. This expansion of production capacity will bring the total capacity of these products in APAC to 290,000 MTPA. This expansion will help the company to meet the immediate need of the customers in APAC.

Covestro (Germany) is one of the leading manufacturers of TPU. The company adopted new product launch as one of its key business strategies. In October 2018, Covestro developed a new series of TPU-containing polyether carbonate polyols based on the carbon dioxide technology as Desmopan 37385A. The new series of TPU lowers carbon footprint and also conserves fossil resources. The company also plans to expand the TPU series with variants of different hardness. This new product launch has expanded the TPU portfolio of the company.

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Keywords:    Thermoplastic Polyurethane Market, TPU Market, Automotive TPU Market, Hose & Tube TPU Market

Tags:    Extended Distribution, Wire, Research Newswire, English