LONDON, Dec. 01, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the thermoplastic polyurethane market, increasing product demand from the footwear industry is expected to propel the growth of the thermoplastic polyurethane market going forward. The footwear industry comprises companies that design, manufacture, and sell shoes. Footwear is intended to protect feet from physical hazards such as sharp or falling objects, extreme heat, and cold, wet, and slippery surfaces. Footwear industries are incorporating thermoplastic polyurethane into the soles of shoes to enhance their footwear’s durability, mechanical strength, abrasion resistance, and slip resistance. For instance, according to Invest India's report on the non-leather footwear sector in India, in 2020, India was the world's second-largest consumer and manufacturer of footwear, and the footwear industry is expected to grow eightfold by 2030. Also, according to RunRepeat, a US-based shoe review site, in 2022, the footwear industry by volume is projected to grow by 16.2% and is expected to produce 2,360 million pairs by 2025. Therefore, increasing product demand from the footwear industry will drive the thermoplastic polyurethane market.
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The global thermoplastic polyurethane market size is expected to grow from $ 2.28 billion in 2021 to $ 2.53 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The thermoplastic polyurethane industry is expected to grow to $ 3.39 billion in 2026 at a CAGR of 7.6%.
Product innovation is gaining popularity in the thermoplastic polyurethane market trends. Major companies operating in the thermoplastic polyurethane sector are focused on improving their previous thermoplastic polyurethane grades, a material made up of ultra-high molecular weight polymers to enhance their durability, process efficiency, and waste reduction in manufacturing. For instance, in June 2021, Huntsman International LLC, a US-based specialty chemical manufacturer and distributor, developed a new thermoplastic polyurethane grade, IROGRAN A 85 P 4394 HR TPU, that offers high melt strength and extrusion quality of films over the previous thermoplastic polyurethane grade. The new grade is perfect for blown film applications since it also has higher melt strength and better film extrusion quality. IROGRAN A 85 P 4394 HR TPU offers better force resistance when it is melted, which reduces the possibility that an extruded film will break during production. These benefits can help to significantly lower scrap rates, increase manufacturing throughput, and reduce waste in the processing of blown films.
Major players in the thermoplastic polyurethane market are Badische Anilin- und SodaFabrik, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Polyone Corporation, Mitsubishi Chemical Performance Polymers Inc, Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, and Asahi Songwon Colors Limited.
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global thermoplastic polyurethane market is segmented by type into polyester, polyether, polycaprolactone, other types; by raw material into diisocyanate, polyols, diols, other raw materials; by application into automotive, construction, engineering, footwear, hose and tubing, wire and cable, other applications.
Thermoplastic Polyurethane Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide thermoplastic polyurethane market forecast size and growth, thermoplastic polyurethane market segments, thermoplastic polyurethane market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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