Thermoplastic Polyurethane (TPU) Market Qualitative Insights on Application & Outlook By Size, Share, Future Growth and Forecast

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Japan, Japan, Thu, 14 Oct 2021 09:32:08 / Comserve Inc. / -- Thermoplastic Polyurethane (TPU) Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Global Thermoplastic Polyurethane Market was estimated at USD 2,326.46 million in 2020 and the market is projected to register a CAGR of more than 6.5% during the forecast period (2021-2026).

The market witnessed a slight decline in early 2020, owing to the COVID-19 outbreak, which led to lockdown and delay in the construction of projects and restricted the activities. However, after lifting the lockdown, the industries are expected to witness a sharp increase by the mid-forecast period, which may, in turn, drive the demand for thermoplastic polyurethane in the future. In the automobile industry, various automobile and component manufacturing plants temporarily shut their production and office operations across the world, which led to a sharp drop in automotive sales. Companies, such as Nissan, Volkswagen, Ford, Renault, Fiat Chrysler, Toyota, Hyundai, Maruti Suzuki, and Mahindra & Mahindra, suspended the manufacturing and assembly lines to curb the spread of COVID-19. Furthermore, due to the COVID-19 pandemic, many countries are planning to set up their domestic manufacturing industries for key manufacturing activities, in order to decrease their reliance on imports. This, in turn, is driving the demand for thermoplastic polyurethane from the medical industry.

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- Over the short term, the major factors driving the growth of the thermoplastic polyurethane market are increasing applications in the medical industry and environment-friendly and recyclable.
- On the flip side, declining automotive production in the global market and the negative impact of COVID-19 on the overall market are expected to hinder the growth of the market studied.
- Shifting focus toward the development of bio-based products and increasing R&D activities are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Increasing Demand from Extruded Products

- Thermoplastic polyurethane exhibits properties like oil and grease resistance, abrasion resistance, and has strong mechanical properties, which make it valuable for many industrial applications. TPU, like other thermoplastic elastomers, is melt-processable and highly elastic. It is transparent and easily colored. Therefore, it is widely used for extruded products application.
- Furthermore, TPU can be compounded with many materials using the extrusion process in order to enhance its properties, such as increased strength, fuel and oil resistance, and abrasion resistance. Compounded TPU finds a wide range of applications in areas where superior structural integrity is required, such as for hoses and tubes (pressure hose, fire hose, pneumatic tubing, and air tubing), belts (conveyor belts, air matting, and drive belts), electrical wires (vehicle wiring, computer wiring, and wire and power cable sheathing), medical disposables, and OA equipment connectors.
- These extruded TPU products find applications in several industries like electrical and electronics, oil and gas, medical, automotive, etc.

Asia-Pacific Region to Dominate the Market

- Asia-Pacific region accounted for the largest share of the regional market for thermoplastic polyurethane. Owing to the increasing automotive demand and the increasing demand for textile and footwear, TPU-based adhesives and sealants are expected to witness a healthy growth rate in the region.
- The Chinese footwear industry is the largest in the world, with a robust network of domestic sales and exports to major countries. As leather footwear accounts for the largest share of the footwear industry in China, the demand for TPU adhesives is estimated to be the strongest in China, compared to other parts of the world.
- The construction sector in India is growing at a higher rate with urbanization projects and new construction activities, such as bridges, dams, roads, railways (metro rails), urban infrastructures, buildings, etc. Around 100% FDI in the construction sector has also helped the industry to grow, which is expected to grow further at higher rate, with increasing population, during the forecast period.

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Competitive Landscape

The global thermoplastic polyurethane market is consolidated in nature, with the top five players accounting for major shares of the market studied. Some of the major players in the market include BASF SE, Covestro AG, The Lubrizol Corporation, Huntsman International LLC, and Wanhua Chemical Group Co. Ltd, among others.

1.1 Study Assumptions
1.2 Scope of the Study



4.1 Drivers
4.1.1 Increasing Applications in the Medical Industry
4.1.2 Environment-friendly and Recyclable
4.1.3 Rising Usage in Industrial Application
4.2 Restraints
4.2.1 Declining Automotive Production
4.2.2 Negative Economic Impact of COVID-19
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition


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