Thermoplastic Polyurethane (TPU) Market Size & Share Forecast -2031

(MENAFN- Straits Research) Introduction

Global Thermoplastic Polyurethane (TPU) market Grows Steadily at a CAGR of 7.20%

Thermoplastic polyurethanes (TPU) are a specific kind of thermoplastic elastomer. The solidification of objects made from molten polyurethane can be facilitated using long-chain linear polymers. The use of thermoplastic polyurethane (TPU) in medical applications is rising due to its superior performance characteristics, including its resistance to chemicals and lubricants, improved mechanical capabilities, and increased durability. Due to its enhanced biocompatibility, hydrolytic stability, biostability, abrasion resistance, elasticity, high stiffness and strength, chemical resistance, and outstanding mechanical qualities, TPU is employed in a wide range of different healthcare and medical applications.

Market Dynamics

Growing Number of Applications in the Medical Sector Drives the Global Market:

The demand for thermoplastic polyurethane in the medical industry is also expected to be impacted by the global aging demographic, increased healthcare spending from governments in major countries, advancements in medical technologies and devices, and growing populations. The market for thermoplastic polyurethane in the pharmaceutical industry is anticipated to be impacted by these variables (specifically, the population over 65 years old). The mining sector, along with the oil and gas sector and the chemical sector, usually makes use of the aforementioned applications. Additionally, specific industries are going through a rough patch. The market shows positive signs of expansion, increasing the demand for thermoplastic polyurethane.

Growing Use in Industrial Sectors Creates Tremendous Opportunities

Thermoplastic polyurethane, also known as TPU, possesses a high degree of elasticity in addition to its high level of durability, good compression set, and resistance to impact, abrasion, rips, weather, and hydrocarbons. As a result of these qualities, TPU is frequently utilized in applications found in the industrial sector. Because it improves flow properties, offers high hydrolysis resistance to industrial high-pressure hydraulic seals, and is flexible over a wide range of temperatures, thermoplastic polyurethane (TPU) is widely used in applications such as castors, rollers, packaging, seals, connectors, conveyer belts, keyboard sheets, gaskets, seals, films, and containers.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global
thermoplastic polyurethane (TPU) market
and is anticipated to expand at a CAGR of 8.10% over the projection period. China's economy is the largest in the Asia-Pacific region in terms of GDP. The country's growth in 2019 was 5.8% lower than in previous years due to the trade dispute with the United States. The footwear industry is a prominent TPU end user. The world's largest footwear market is found in China. In 2019, the country's footwear sector produced more than 13.5 billion pairs of shoes. However, Vietnam and other Southeast Asian nations are progressively taking market share from the nation.

Europe is anticipated to grow at a CAGR of 6.10%, generating USD 828.43 million during the forecast period. Germany's economy is the biggest in Europe and the fourth largest in the world. The German economy expanded by about 0.6% in 2019, which was the slowest rate in the preceding six years. The country's economy has been constrained by a number of outside factors, including trade disputes that have reduced exports, tariff battles, and the COVID-19 epidemic. One-third of all European cars are produced in Germany, which also leads the auto industry there. These groups include companies that create engines, make equipment, provide materials and components, and integrate entire systems.

The world's largest and most potent economy is that of the United States of America. However, the country's economic growth has slowed recently, with the GDP growth rate falling from 3% in 2018 to 2.2% in 2019. (compared to previous years). Additionally, the nation's gross domestic product (GDP) fell by 4.8% in the first quarter and 31.4% in the second quarter of 2020, providing more proof of the COVID-19 pandemic's disastrous effects. In 2020, the country's gross domestic product (GDP) grew at an annual rate of -3.5%. The significant COVID-19 outbreak in the nation has consequently slowed economic growth, which may be explained by a decline in consumer expenditure and firms closing.

Key Highlights

• The global thermoplastic polyurethane (TPU) market was valued at USD 2,523.20 million in 2021. It is projected to reach USD 4,717.42 million by 2030, growing at a CAGR of 7.20% during the forecast period (2022-2030).
• Based on application, the global thermoplastic polyurethane (TPU) market is bifurcated into extruded products, adhesives, and others. The extruded product segment is the highest contributor to the market and is expected to grow at a CAGR of 7.20% during the forecast period.
• Based on the end-user industry, the global thermoplastic polyurethane (TPU) market is bifurcated into construction, automotive, footwear, medical, heavy engineering, and others. The heavy engineering segment owns the highest market share and is expected to grow at a CAGR of 9.6% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global thermoplastic polyurethane (TPU) market and is anticipated to expand at a CAGR of 8.10% over the projection period.