Dynamic features of components are often much acknowledged in end-user industries. Thermoplastic polyurethane (TPU) is a product that offers a vast range of application owing to its features that satisfies several needs generated by the end-user sectors. Among its features, elasticity, transparency, resistance to oil, grease, and abrasion have made it the choicest material for many industries. The automotive industry is one of them that promotes it the most. Due to thermoplastic polyurethane’s wide application in this industry, and the said end-user industry booming at a rapid pace, thermoplastic polyurethanes can reach a valuation of USD 2.96 billion during the forecast period (2016-2023). Market Research Future (MRFR) reveals, in the process, the global thermoplastic polyurethanes market can achieve an impressive CAGR of 6.53%.
On the flip side, the market is set for a daunting task where it has to go head-to-head with bio-based alternatives. Environmental concerns can pose as a major hurdle for the market and leave a detrimental impact on the market. At the same time, the fluctuating price of the raw materials can also be seen as a rein on the market’s expected growth.
The global TPU market can be segmented by grade, types, and application.
Grade-wise, the market includes flame retardant, antistatic, reinforced & others.
Type-based segmentation of the market comprises polyester, polyether, and polycaprolactone.
Based on application, the market can be segmented into automotive, construction, engineering, medical and others.
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BASF has recently announced a new TPU technology where it aggravates the high-performance shoe shank production and makes the entire procedure cost-efficient. Furthermore, it adds excellent mechanical properties such as UV resistance. The production technology can work in tandem with automation.
Callaway, a market giant in golf ball production, is taking its production technology a notch higher by blending TPU with thermoset polyurethane to have a cover for the golf balls which, in turn, would increase its performance.
Geographical segmentation of the market reveals that it spans across North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
Burgeoning industries such as automotive, construction, engineering, medical and others in the APAC are reasons behind the phenomenal growth of TPU market in the region. The booming industry is getting aptly backed by China and India, major emerging economies that are reshaping the commercial setting of the region. Automotive sector of China, India, Taiwan, and South Korea are also playing an essential role in taking the market ahead.
In Europe, the market is mainly getting driven by the construction industry which subsequently, is helping the region to assume the second position. North America, on the other hand, is showing growing consumption of TPU in engineering and medical industry.
The densely packed market is thriving on innovation initiated by various companies to stay afloat. At the same time, multiple collaborations, merger, and acquisitions are leading the market ahead. For instance, Huntsman Corporation acquired Demilec, a formulator of spray polyurethane foam (SPF) insulation based out of North America. Hexpol AB and Wildo Sweden AB collaborated recently to develop bio-based products which can be considered exemplary.
Key players to influence the market significantly are BASF SE, API Plastics, COIM, Headway Polyurethane Co. Ltd., Bayer Material Science AG, Hexpol AB, Wanhua Chemical Group Co. Ltd Huntsman Corporation, Lubrizol Corporation, Miracll Chemical Co. Ltd., and others.
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