Tpu Material Market Trends Study with Top Countries Data to Show Impressive Growth By Industry Demands, Share, Size, Key Player Analysis and Forecast 2021-2027
Overview:
Dynamic features of components are often much
acknowledged in end-user industries. Thermoplastic polyurethane (TPU) is a
product that offers a vast range of application owing to its features that
satisfies several needs generated by the end-user sectors. Among its features,
elasticity, transparency, resistance to oil, grease, and abrasion have made it
the choicest material for many industries. The automotive industry is one of
them that promotes it the most. Due to thermoplastic polyurethane’s wide
application in this industry, and the said end-user industry booming at a rapid
pace, thermoplastic polyurethanes can reach a valuation of USD 2.96 billion
during the forecast period (2016-2023). Market Research Future (MRFR) reveals,
in the process, the global thermoplastic polyurethanes market can achieve an
impressive CAGR of 6.53%.
On the flip side, the Tpu Material Market is set for a daunting
task where it has to go head-to-head with bio-based alternatives. Environmental
concerns can pose as a major hurdle for the market and leave a detrimental
impact on the market. At the same time, the fluctuating price of the raw
materials can also be seen as a rein on the market’s expected growth.
Industry Trend:
BASF has recently announced a new TPU technology
where it aggravates the high-performance shoe shank production and makes the
entire procedure cost-efficient. Furthermore, it adds excellent mechanical
properties such as UV resistance. The production technology can work in tandem
with automation.
Callaway, a market giant in golf ball production, is
taking its production technology a notch higher by blending TPU with thermoset
polyurethane to have a cover for the golf balls which, in turn, would increase
its performance.
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Segmentation:
The global TPU market can be segmented by grade,
types, and application.
Grade-wise, the market includes flame retardant,
antistatic, reinforced & others.
Type-based segmentation of the market comprises
polyester, polyether, and polycaprolactone.
Based on application, the market can be segmented
into automotive, construction, engineering, medical and others.
Regional Analysis:
Geographical segmentation of the market reveals that
it spans across North America, Europe, Asia Pacific (APAC), Latin America
(LATAM), and the Middle East & Africa (MEA).
Burgeoning industries such as automotive,
construction, engineering, medical and others in the APAC are reasons behind
the phenomenal growth of TPU market in the region. The booming industry is
getting aptly backed by China and India, major emerging economies that are
reshaping the commercial setting of the region. Automotive sector of China,
India, Taiwan, and South Korea are also playing an essential role in taking the
market ahead.
In Europe, the market is mainly getting driven by
the construction industry which subsequently, is helping the region to assume
the second position. North America, on the other hand, is showing growing
consumption of TPU in engineering and medical industry.
Market Dashboard:
The densely packed market is thriving on innovation
initiated by various companies to stay afloat. At the same time, multiple
collaborations, merger, and acquisitions are leading the market ahead. For
instance, Huntsman Corporation acquired Demilec, a formulator of spray
polyurethane foam (SPF) insulation based out of North America. Hexpol AB and
Wildo Sweden AB collaborated recently to develop bio-based products which can
be considered exemplary.
Key players to influence the market significantly
are BASF SE, API Plastics, COIM, Headway Polyurethane Co. Ltd., Bayer Material
Science AG, Hexpol AB, Wanhua Chemical Group Co. Ltd Huntsman Corporation,
Lubrizol Corporation, Miracll Chemical Co. Ltd., and others.
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About Market Research Future:
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MRFR team have supreme objective to provide the
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users, and market players for global, regional, and country level market
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answer all their most important questions.
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process of the industry, MRFR often plans & conducts meet with the industry
experts and industrial visits for its research analyst members.
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