“Surfing the TPU Wave”: Will the Global Thermoplastic Polyurethane Market hit a Whopping $5 Bn by 2028? : Ken Research

The report covers Thermoplastic Polyurethane Sector, Thermoplastic Polyurethane Distributors, Thermoplastic Polyurethane Market Challenges, Trends, Thermoplastic Polyurethane Leading Players and Key Competitors, Thermoplastic Polyurethane Emerging Companies, Polyols Thermoplastic Polyurethane, 3M Thermoplastic Polyurethane Market, BASF SE Thermoplastic Polyurethane share, Huntsman Thermoplastic market Revenue, North America Polyurethane Market, USA Thermoplastic Polyurethane Market, Germany Thermoplastic Polyurethane Market, Middle East Polyurethane Market.

Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) -- Driven By the Rising Consumption of Thermoplastic Polyurethane Material In Automotive and Footwear Industries, Global Thermoplastic Polyurethane Market is forecasted to Cross US$5 Bn by 2028 says Ken Research Study.Thermoplastic Polyurethane is an elastomer that can be processed by using various forms of conventional methods such as injection molding, extrusion, and compression molding. Thermoplastic Polyurethane (TPU) has the characteristics of both plastic and rubber and thus exhibits properties like durability, flexibility as well as excellent tensile strength. It is a type of block copolymer consisting of alternating sequences of hard and soft segments that makes it ideal to be used for applications such as footwear, wire and cable, film and sheet, compounding, adhesives, and specialty molded parts.

"Ken Research shares 3 key insights on this high-opportunity market from its latest research study"

1. Replacement of Polyvinyl Chloride (PVC) in Medical Applications by Thermoplastic Polyurethane (TPU) provides an opportunity for the Market Growth

According to Ken Research Analysis, the Global Thermoplastic Polyurethane Market was ~US$ 3 billion in 2022 and is forecasted to reach a market size of ~US$ 5 billion by 2028, growing at a CAGR of ~7% during 2022 to 2028, due to the increasing usage of Thermoplastic Polyurethane in footwear, automotive, and construction industries. Thermoplastic Polyurethane materials are used in almost all markets, owing to their high-performance properties. In the healthcare industry, applications can range from artificial heart components, blood plasma bags, to isolation tents in hospitals. TPU is the only polymer material desirable for medical applications since it does not contain any plasticizers.Medical Grade TPUs are some of the most versatile plastic materials available today for use in medical devices. It offers the medical industry an environmentally friendly replacement to PVC without sacrificing flexibility. Poly Vinyl Chloride (PVC) material has been extensively used for making blood bags and other non-breakable containers in healthcare due to its low cost and excellent functions after softening. However, manufacturers are gradually getting rid of dependence on PVC as medical devices containing PVC release harmful chemicals during routine use and disposal.Thermoplastic Polyurethane (TPU) is considered a reliable and high-quality alternative to PVC in all medical applications from devices to normal usage containers. According to the commercial development manager of Bayer Material Science, TPU healthcare grades are currently used to create oxygen masks and medical tubing. The material is also used in a variety of catheters such as central venous, intra-aortic balloon catheters.

2. Rising Adoption of Thermoplastic Polyurethane (TPU) by Footwear and Automotive Manufacturers is Fuelling the Market Worldwide

Footwear is the largest end-use industry of Thermoplastic Polyurethane (TPU) as it is used to manufacture various parts of footwear, such as upper yarns, midsoles/foam & cushioning, outsoles, eyelets, heel cups, logos, shanks & toe caps. Rising demand for durability and performance among people from all age groups is driving the market in the footwear industry. The advanced TPU technology allows shoe manufacturers to use versatile materials during production, simplifying processes and using less energy. The TPU waste generated during the production process can also be reused, helping in reducing waste. Shoes made of 100% TPU can also be recycled at the end of their life cycle. Thermoplastic polyurethane films are widely used in the automotive industry to increase the fuel efficiency of vehicles. These films can be used in various vehicle components such as car seats, airbags, doors, and acoustic panels to improve comfort and safety.

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3. High Manufacturing Cost of Thermoplastic Polyurethane is the Major Challenge Faced by The Thermoplastic Polyurethane Market

Thermoplastic polyurethane is usually costlier than traditional materials. Its higher price may limit its adoption, especially in less demanding applications. The excessive price is due to the high production costs incurred due to the great degree of customization. Additionally, extrusion, injection molding, and compression molding are among the TPU production processes that require big machinery and skilled laborers, thereby raising the overall manufacturing cost of the product. The graph below represents the high costs of machines that are used for manufacturing various products from Thermoplastic Polyurethane.

Market TaxonomyRaw Material

Polyols

Diisocyanate

Diols

Type

Polyester

Polyether

Polycaprolactone

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Application

Extruded Products

Injection Molded Products

Adhesives

Others

End-User

Footwear

Automotive

Construction

Aerospace

Energy & Power

Medical

Others

By Region

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Spain, Italy)

Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)

LAMEA (Latin America, Middle East, Africa)

Key Players

BASF SE

Coim Group

Covestro AG

Huntsman International LLC

KURARAY CO., LTD.

Tosoh Corporation

Sumei Chemical Co. Ltd

The Lubrizol Corporation

Epaflex Polyurethanes Spa

For more insights on the market intelligence, refer to below link:-Global Thermoplastic Polyurethane Market

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