(MENAFN- GlobeNewsWire - Nasdaq) Thermoplastic Polyurethane poised for significant market share gain
Rockville, MD , Sept. 25, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Thermoplastic Polyurethane Market was valued at US$ 3,414.5 million in 2023 and is expected to grow at a CAGR of 6.0% during the forecast period of (2024 to 2034).
Thermoplastic polyurethane is one such industry that has grown phenomenally due to enormous demand from various end-use sectors. TPU represents a class of flexible and elastic materials with a unique combination of properties, including excellent abrasion resistance, good chemical resistance, and satisfactory thermal stability. Industries are witnessing wide application in automotive, construction, industrial, consumer goods, and many more.
Owing to very high mechanical strength, flexibility, and resistance to the greater part of chemicals, TPU is used in seat belts, airbags, and hoses manufacturing in the automotive sector. In construction, since they show high value in withstanding destructions brought about by weather, TPU is used in roofing membranes, sealants, and coatings.
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TPU's outstanding abrasion and chemical resistance can be applied in the industrial sector to make conveyor belts, wear-resistant linings, and gaskets. Due to high grip and flexibility and compatibility with the human body, the application of the polymer is very common among consumer goods, from shoe soles to ski boots and medical devices.
Other than that, demand-based growth, the TPU market for other end-use industries, is expected to bloom in the forecast years. Several factors are driving market momentum, such as increasing demand for light and flexible materials, rising appetite from emerging economies, and growing utilization of TPUs across a wide variety of applications.
Key Takeaways from Market Study:
The global thermoplastic polyurethane market is projected to grow at 0% CAGR and reach US$ 6,481.7 million by 2034 The market created an opportunity of US$ 2,862.4 million between 2024 to 2034 North America is a prominent region that is estimated to hold a market share of 4 % in 2024 Footwear under end use segment is estimated to grow at a CAGR of 0% creating an absolute $ opportunity of US$ 856.3 million between 2024 and 2034 North America and East Asia are expected to create an absolute $ opportunity of US$ 1,654.6 million collectively
"The thermoplastic polyurethane market is poised for significant growth, driven by its versatility, sustainability-focused innovations, and increasing demand from automotive, electronics, and consumer goods sectors." says a Fact.MR analyst.
Leading Players Driving Innovation in the Thermoplastic Polyurethane Market:
BASF; Covestro; Huntsman Corporation; Wanhua Chemical Group; Lubrizol Corporation; Dow Chemical Company; RTP Company; KRAIBURG TPE; Mitsui Chemicals; DuPont; Hexpol TPE; Coim Group; Toyobo Co Ltd; Other Prominent Players.
Market Development:
Key players in the thermoplastic polyurethane market are BASF, Covestro, Huntsman Corporation, Wanhua Chemical Group, Lubrizol Corporation, Dow Chemical Company. These companies are dedicated to R&D investments to address industry-specific challenges and deliver tailored solutions that enhance competitiveness and customer satisfaction.
Recent innovations include, the product introduction recently by Dow, featuring the innovative BASF launched RODIM®-a thermoplastic polyurethane paint protection film for automotive paint protection in Aug 2022. This innovative paint protection film provides three-dimensional protection to deliver unparalleled durability in the car coating market.
In May 2024, Covestro starts up a new line and introduces the Desmopan®UP TPU series for paint protection film with new products in the automotive and wind segment. In Sep 2023, Huntsman developed a liquid thermoplastic polyurethane enabling the rapid production of high-performance midsoles, and this fits into the circularity objectives of the company manufacturing sports and athleisure footwear.
Thermoplastic Polyurethane Industry News:
In Aug 2022, BASF launched RODIM®-a Thermoplastic Polyurethane Paint Protection Film for automotive paint protection. This innovative paint protection film provides three-dimensional protection to deliver unparalleled durability in the car coating market. In Sep 2022, Wanhua Chemical's developed bio-based TPU product has up to 98% bio-content, making it a unique product in the world with no other similar product being manufactured from 100% biomass raw material.
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More Valuable Insights on Offer:
in its new offering, presents an unbiased analysis of the global thermoplastic polyurethane market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of Type (Polyether TPU, Polyester TPU, Hybrid TPU, Polycaprolactone), End Use (Footwear, Automotive, Medical Devices, Electronics, Textiles, Consumer Goods), Form (Films, Sheets, Molded Parts, Extruded Products) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Thermoplastic Polyurethane Industry Research:
By Type :
Polyether TPU Polyester TPU Hybrid TPU Polycaprolactone
By Form :
Films Sheets Molded Parts Extruded Products
By End Use :
Footwear Automotive Medical Devices Electronics Textiles Consumer Goods
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