Blockdit Logo (Mobile)
A
Aryan bose
•
10 ก.ย. เวลา 05:34 • ธุรกิจ

Exploring the Rising Demand for Thermoplastic Polyurethane (TPU) in Key Industries

The TPU market is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1% from USD 3.2 billion in 2022. The market growth is driven by influencing factors such as significant demand from end industries such as footwear, automotive, medical, industrial machinery, and electronics industries.
The market research report presents a complete judgment of the market through strategic insights on future trends, thermoplastic polyurethane (TPU) market size, share, growth factors, supplier landscape, demand landscape, YoY growth rate, CAGR, pricing analysis.
The TPU market is mainly driven by the demand for TPU in various end-use industries, including automotive, medical, industrial machinery, footwear, and electronics, coupled with the replacement of conventional materials with TPU. Moreover, it is also driven by rapidly developing and emerging economies such as India, China, and Taiwan.
Driver: Increasing demand from the footwear industry
TPU derives its growth in the footwear industry from its special features, additional resistance to slip and abrasion. The need for TPU in the footwear sphere is being determined by diverse factors. TPU is the most durable material that can be used in manufacturing various sorts of shoes for so long.
Flexibility, along with its excellent resistance to chemicals, wear, and abrasion, makes it a perfect option to be used in many different footwear applications, including outsoles, midsoles, toe caps, etc.
On the one hand, it is portable and provides pleasant cushioning for sports and athletic shoes which will in turn lead to the reduction of shoe weight and thus better personal comfort and efficiency.
Restraint: Higher cost of TPU than conventional material
TPU is commonly manufactured with huge investments and challenges when compared to other traditional raw materials like polyethylene, PVC, Rubbers and Polyurethanes. TPU is made under excessively high temperatures and requires a significant level of technical know-how. High investments and complicated manufacturing procedures have influenced the price increase for this material. The higher production costs limit its application areas especially in high-end segments.
Thus, other classes like compounded types of polyethylene, polypropylene, Acrylonitrile butadiene styrene, etc.produced at lower prices are made available which possess similar properties to that of TPU. Therefore it faces stiff competition from such products in certain end-use areas including machinery, real estate construction and electronics. On another note, an increase in raw material prices ultimately affects prices of TPU.
“Diisocyanates raw material is projected to grow at fastest CAGR, in terms of volume, during the forecast period.”
Diisocyanates raw material is projected to be the fastest-growing segment in the global TPU market, in terms of volume, during the forecast period. Diisocyanates are an essential material used in the manufacturing of TPU as it reacts with polyols to form polyurethane chains that offer the material its desirable properties, including elasticity, durability, and resistance to chemicals and abrasion.
“Polycaprolactone is projected to be the fastest growing type in the TPU market, in terms of value.”
Polycaprolactone provides superior mechanical and physical properties, including high tensile strength, excellent elasticity, and resistance to oil and chemicals. Polycaprolactone-based TPU has a lower melting point and can be easily processed, making them ideal for a wide range of applications, such as medical devices, automotive parts, and coatings.
“Asia Pacific is expected to be the fastest growing market for TPU during the forecast period, in terms of value and volume.”
The markets of the Asia Pacific and South America are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, South Korea, Brazil, and Argentina are investing in various industrial developments that are driving the TPU market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as TPU contains isocyanates.
Thermoplastic Polyurethane (TPU) Market Trending Key Players
New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the TPU market include 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).
โฆษณา