New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermoplastic Polyurethane Global Market Report 2023" - https://www.reportlinker.com/p06424016/?utm_source=GNW
, 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.
The global thermoplastic polyurethane market grew from $2.54 billion in 2022 to $2.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The thermoplastic polyurethane market is expected to grow to $3.65 billion in 2027 at a CAGR of 7.2%.
The thermoplastic polyurethane market consists of sales of thermoplastic polyurethane grades including 85, 90 and 95.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Thermoplastic polyurethane (TPU) is an elastomer that offers outstanding performance and processing flexibility.TPU is an excellent polymer having various applications, including wire and cable, custom molded parts, footwear, film and sheet, compounding, and adhesives.
Thermoplastic polyurethanes are used as soft manufacturing plastics or as a substitute for hard rubber.
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2022.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, Middle East and Africa.
The main types of thermoplastic polyurethane are polyester, polyether, polycaprolactone, and others.Polyester is used to give TPU flexibility and elastomeric properties.
Polyesters are polymers with an ester group in their chain.Polyesters give TPU flexibility and elastomeric properties.
The different raw materials include diisocyanate, polyols, diols, and others that are used in several applications such as automotive, construction, engineering, footwear, hose and tubing, wire and cable, and others.
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.
Product innovation is a key trend gaining popularity in the thermoplastic polyurethane market.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.
In February 2020, Mitsubishi Chemical Performance Polymers, Inc., a US-based specialty chemical manufacturer, acquired AdvanSource Biomaterials’ assets for an amount of $ 7.25 million. Through this acquisition, Mitsubishi Chemical would broaden its product range to include TPU technology and accelerate the market development of existing businesses by acquiring material certifications and sales channels in the US medical device industry. AdvanSource Biomaterials is a US-based manufacturer of polymers and thermoplastic polyurethane products.
The countries covered in the thermoplastic polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The thermoplastic polyurethane market research report is one of a series of new reports that provides thermoplastic polyurethane market statistics, including thermoplastic polyurethane industry global market size, regional shares, competitors with thermoplastic polyurethane market share, detailed thermoplastic polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the thermoplastic polyurethane industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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