Thermoplastic Polyurethane Market 2023-2028: Growth, Size, Industry Trends and Forecast

According to the latest report by IMARC Group, "Global Thermoplastic Polyurethane Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global thermoplastic polyurethane (TPU) market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.

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Thermoplastic polyurethane (TPU) refers to a thermoplastic elastomer that is manufactured through conventional methods, such as extrusion, injection molding, and compression molding. It is biodegradable, environment-friendly, recyclable, and resistant to high-energy radiation, solvents, and oil. It is used to produce hard rubber and soft engineering thermoplastic products due to its flexibility. As it offers transparency and elasticity, TPU is widely employed in the automotive, sports, footwear, construction, aerospace, medical, textile, and electronics industries across the globe.

Market Trends:

At present, the rising demand for flexible and biodegradable plastics in the footwear industry around the world represents one of the primary factors contributing to the market growth. Besides this, the growing adoption of TPU in the automotive industry due to its hydrolytic stability and biocompatibility is offering lucrative growth opportunities to industry players. Apart from this, governing agencies of various countries are encouraging the adoption of eco-friendly plastics, which is bolstering the growth of the market.

Moreover, various benefits offered by TPU, such as versatility, durability, toughness, and slip, grease, and abrasion resistance properties, are strengthening the growth of the market. Furthermore, the increasing utilization of TPU in conveyor belts, electrical wires, power cable sheathing, equipment connectors, drive belts, and medical disposables is propelling the growth of the market.

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Thermoplastic Polyurethane (TPU) Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global thermoplastic polyurethane (TPU) market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Hexpol AB, Huntsman International LLC, Kuraray Co. Ltd., Mitsui Chemicals Inc., Sumei Chemical Co. Ltd., American Polyfilm Inc., BASF SE, Coim Group, Covestro AG, Epaflex Polyurethanes Spa, The Lubrizol Corporation (Berkshire Hathaway Inc.) and Wanhua Chemical Group Co. Ltd.

Key Market Segmentation:

The report has segmented the global thermoplastic polyurethane (TPU) market based on type, raw material, application, end use industry and region.

Breakup by Type:
• Polyester
• Polyether
• Polycaprolactone

Breakup by Raw Material:
• Polyols
• Diisocyanate
• Diols

Breakup by Application:
• Extruded Products
• Injection Molded Products
• Adhesives
• Others

Breakup by End Use Industry:
• Construction
• Automotive
• Footwear
• Medical
• Electrical and Electronics
• Heavy Engineering
• Others

Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.