TPU Elastomers Market Showcases Positive Demand for Major Product Categories during Forecast Period|| Key players Miracll Chemical Co. Ltd., Kuraray Co. Ltd., Ravago Petrokimya Üretim A.S, COIM SPA
The global thermoplastic polyurethane elastomers market surpassed US$ 2.5 billion in 2018, and a new study by Fact.MR estimates revenues to grow at 5.4% in 2019. According to the study, increasing demand for TPU elastomers in emerging economies of Asia Pacific excluding Japan (APEJ) continues to create sizeable opportunities for manufacturers. APEJ continues to hold over 50% share of TPU elastomers globally.
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What are the Key Growth Drivers of TPU Elastomers Market?
High-performance mechanical properties of TPU elastomers, such as high tensile strength and resistance to chemicals and oil, are widening the range of their applications, in turn, boosting growth of the TPU elastomers industry.
Growing applications in the automotive industry, medical devices, and the footwear industry will continue to trigger developments in the TPU elastomers industry.
Ongoing innovations in the automotive industry, especially the focus on replacing metals with plastics is creating opportunities for market players.
What is a Key Challenge for Market Players?
The environmental impacts of TPU elastomers are more severe than other variants, which has led to limited adoption in many countries. Leading market players are focusing on reducing the environmental footprint of manufacturing TPU elastomers to meet the evolving regulatory climate.
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TPU Elastomers Favorite among Footwear Manufacturers and in the Sporting Goods Industry
TPU elastomers is ruling the footwear sector with its growing popularity among shoe manufacturers. Shoe soles manufactured using TPU elastomers are lightweight, abrasion resistance, flexible, durable, and comfortable, thereby, TPU elastomers have become one of the most popular raw materials across the footwear manufacturing cluster.
Market leaders are observed to be working closely with leading footwear brands, shoe sole manufacturers, as well as sporting goods industry players, to capitalize on growing demand for TPU elastomer-based sporting goods. A mounting number of TPU elastomer manufacturers are adopting innovative technologies to introduce innovative properties of the material, such as slip resistance, UV resistance, and resistance to hydrolysis, in order to gain an edge in the TPU elastomers market.
Stakeholders in the TPU elastomers market are focusing on launching TPU elastomers that exhibit excellent mechanical properties, in a bid to attract shoe sole manufacturers. Leading manufacturers are supplying TPU elastomers that are tailor-made to suit their customers’ specific requirements.
TPU Elastomers Market – Competitive Landscape
Leading players in the TPU elastomers market include BASF SE, Miracll Chemical Co. Ltd., Kuraray Co. Ltd., Ravago Petrokimya Üretim A.S, COIM SPA, Coating Chemical Industry Company, Zibo Hengjiu Pu Technology Company Ltd., Huafon Group, Xuchuan Chemical Group, Evermore Chemical Industry Company Ltd., Sunko Ink Co. Ltd., Songwon Industrial Group, DuPont Tate & Lyle Bio Products, Blackwell Plastics LLP, Hexpol AB, Mitsui Chemicals, Inc., Lanxess Aktiengesellschaft,Honeywell International, Inc., PolyOne Corp., Tosoh Corporation, Nihon Matai Co. Ltd., APS Elastomers, and Townsend Chemicals Pty. Ltd.
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