Thermoplastic Polyurethane Elastomers Market Size and forecast to 2028.

The global thermoplastic polyurethane (tpu) market size was valued at USD 2,451.9 million in 2021 and is expected to grow at a significant CAGR of 7.4% during the forecast period from 2022 to 2028. A particular kind of thermoplastic elastomer is thermoplastic polyurethanes (TPU). Objects created from molten polyurethane can solidify thanks to long-chain linear polymers. Due to its greater performance, grease, and chemical resistance, enhanced mechanical capabilities, and increased durability, TPU is being used more frequently in medical applications. TPU possesses better chemical resistance, biocompatibility, hydrolytic stability, biostability, abrasion resistance, elasticity, high stiffness, and mechanically superior characteristics. It is utilized in urological applications, pacemaker leads, orthopedic implants, cardiac assist devices, neurostimulation devices, and orthodontics (creating non-metallic next-generation mouth appliances like Invisalign).

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Thermoplastic Polyurethane Elastomers Market Growth Factors:
The ageing of the global population, higher healthcare spending by the governments of key nations, developments in medical technologies and devices, and expanding populations are all expected to have an impact on the demand for thermoplastic polyurethane in the medical sector (specifically the population over 65 years old). In the mining, oil & gas, and chemical industries, the aforementioned applications are also often used. Additionally, there are issues in particular industries. The demand for thermoplastic polyurethane is rising as a result of the market's positive expansion.

TPUs are quickly biodegradable and recyclable. Due to growing environmental concerns and a shift in emphasis on developing ecologically friendly and sustainable products, there is an increase in the market for recycled TPU. Utilizing recycled TPU reduces carbon emissions and energy consumption. Governments all over the world are establishing rigorous rules limiting the use of biodegradable materials, which is fueling the need for recycled TPUs. Numerous companies are also introducing new recyclable and eco-friendly TPU products as the need for eco-friendly products develops significantly. Therefore, it is projected that over the projection period, demand for thermoplastic polyurethane will rise in accordance with increased consumer awareness of products that are recyclable and ecologically friendly.

Thermoplastic Polyurethane Elastomers Market Segmentation:
1) by Type: Polyester- Based Type, Polyether- Based Type.
2) Application: Automotive, Footwear and Sporting Goods, Building and Construction, Wires and Cables, Medical Products, Electrics and Appliances, Others.

Thermoplastic Polyurethane Elastomers Market Regional Analysis:
The thermoplastic polyurethane market in Asia-Pacific was the largest regional market. TPU-based adhesives and sealants are anticipated to expand at a healthy rate in the region as a result of rising demand for automobiles as well as for textiles and footwear. The largest footwear market in the world, China has a strong domestic sales network and exports to developed nations. The demand for TPU adhesives is thought to be the highest in China when compared to other regions of the world because leather footwear makes up the largest portion of the footwear sector there.

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Key players in the Thermoplastic Polyurethane Elastomers market report are Lubrizol International, Covestro, Huntsman, BASF, Kraton, DowDuPont, PolyOne, Mitsui Chemicals, Kuraray, Miracll Chemical, Ravago Petrochemicals, COIM SPA, Tosoh Corporation, APS Elastomers, Xuchuan Chemical Group, Huafon Group, Wanhua Chemical Group, Evermore Chemical Industry, Others

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