Press release
Thermoplastic Polyurethane (TPU) Market May See a Big Move in Chemical Sector by 2028|
Thermoplastic Polyurethane (TPU) Market
COVID-19 Impact-
The footwear sector suffered a significant decrease. According to the CSIR-Central Leather Research Institute, worldwide footwear consumption is expected to decline by 22.5 percent, resulting in a 5.1 billion pair shortfall. Consumption is expected to decline by 27 percent in Europe, 20 percent in Asia, and 21 percent in North America. Furthermore, the revenues of footwear and clothing dropped by 67.4 percent across all channels during the same time period. Various governments, on the other hand, are implementing policies and striving to re-establish their businesses.
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Segmentation-
Polyester-based TPU to Hold the Lion's Share
Based on type, the market is segmented into polyester, polyether, polycaprolactone, and others. Polyester-based TPU is expected to hold the largest share during the forecast period due to its adoption in applications, which require resistance to oils, fuels, and water.
Based on application, the market is classified into automotive, construction, engineering, footwear, hose & tubing, wire & cable, and others.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Report Coverage-
The report consists of cumulative information on the market and relative new advances in the industry. Furthermore, the report consists of knowledge about the regional growth, collaborations, drivers and restraining factors, new product launches, and the overall impact of COVID-19 on the market.
Drivers & Restraints-
Development of Bio-based Polymers to Incite Growth
The usage of thermoplastic polyurethane will be fueled by the growing development of bio-based polymers, in turn, uplifting the TPUmarket growth. Chlorinated plastic can leach hazardous chemicals into the soil, leaking groundwater and other nearby water sources. Humans and animals may suffer serious health consequences as a result of this. Furthermore, countries have established several rules requiring the use of environmentally friendly polymers. TPU has abrasion resistance, grease resistance, and excellent mechanical characteristics in addition to being biodegradable. TPUs are also regarded as environmentally friendly by the U.S. National Library of Medicine since they are produced utilizing either degradable chain extenders or biodegradable chain extenders.
However, the high manufacturing costs may hinder market growth.
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Regional Insights-
Increasing Product Demand to Foster Growth in Asia Pacific
Asia Pacific is anticipated to dominate the global thermoplastic polyurethane market share. The need for high-performance materials will aid the expansion of this industry in Asia Pacific.
North America is expected to hold a significant share during the forecast period due to the rising demand for footwear in the region.
Europe is projected to experience substantial growth during the forecast period. The rapidly growing automotive industry in Germany, France, and the U.K. will bolster growth in Europe.
The high adoption of polycaprolactone from hose & tubing will propel growth in the Middle East and Africa.
Competitive Landscape-
Expansion Strategies of Major Brands to Elevate Industry
BASF SE, Lubrizol Corporation, Covestro AG, and Huntsman Corporation are the major thermoplastic polyurethane producers in the market. These businesses operate on development programs, brand image, and industry alliances. Covestro LLC recently extended its biodegradable polymer capabilities at a production site in the U.S.
Key Development:
March 2020:The Lubrizol Corporation extended its TPU line in its Songjiang (Shanghai) China plant. With this enlargement, the company will back the high demand for specialty elastomers in Asia.
The Report Lists the Key Companies in the Thermoplastic Polyurethane Market:
• BASF SE (Germany)
• Lubrizol Corporation (U.S.)
• Covestro AG (Germany)
• Huntsman Corporation (U.S.)
• COIM Group (Italy)
• American PolyfilmInc (U.S.)
• Kuraray Co., Ltd (Japan)
• ALPHAGARY (U.S.)
• Kent Elastomer Products (U.S.)
• Entec Polymers (Belgium)
• Other Key Players
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