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Thermoplastic Polyurethane (TPU) Market: Key Drivers and Emerging Opportunities

The TPU market is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1% from USD 3.2 billion in 2022. The market growth is driven by influencing factors such as significant demand from end industries such as footwear, automotive, medical, industrial machinery, and electronics industries.

The market research report presents a complete judgment of the market through strategic insights on future trends, thermoplastic polyurethane (TPU) market size, share, growth factors, supplier landscape, demand landscape, Y-o-Y growth rate, CAGR, pricing analysis. The TPU market is mainly driven by the demand for TPU in various end-use industries, including automotive, medical, industrial machinery, footwear, and electronics, coupled with the replacement of conventional materials with TPU. Moreover, it is also driven by rapidly developing and emerging economies such as India, China, and Taiwan.

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Driver: Increasing demand from the footwear industry
TPU derives its growth in the footwear industry from its special features, additional resistance to slip and abrasion. The need for TPU in the footwear sphere is being determined by diverse factors. TPU is the most durable material that can be used in manufacturing various sorts of shoes for so long. Flexibility, along with its excellent resistance to chemicals, wear, and abrasion, makes it a perfect option to be used in many different footwear applications, including outsoles, midsoles, toe caps, etc. On the one hand, it is portable and provides pleasant cushioning for sports and athletic shoes which will in turn lead to the reduction of shoe weight and thus better personal comfort and efficiency.

Restraint: Higher cost of TPU than conventional material
TPU is commonly manufactured with huge investments and challenges when compared to other traditional raw materials like polyethylene, PVC, Rubbers and Polyurethanes. TPU is made under excessively high temperatures and requires a significant level of technical know-how. High investments and complicated manufacturing procedures have influenced the price increase for this material. The higher production costs limit its application areas especially in high-end segments. Thus, other classes like compounded types of polyethylene, polypropylene, Acrylonitrile butadiene styrene, etc.produced at lower prices are made available which possess similar properties to that of TPU. Therefore it faces stiff competition from such products in certain end-use areas including machinery, real estate construction and electronics. On another note, an increase in raw material prices ultimately affects prices of TPU.

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“Diisocyanates raw material is projected to grow at fastest CAGR, in terms of volume, during the forecast period.”

Diisocyanates raw material is projected to be the fastest-growing segment in the global TPU market, in terms of volume, during the forecast period. Diisocyanates are an essential material used in the manufacturing of TPU as it reacts with polyols to form polyurethane chains that offer the material its desirable properties, including elasticity, durability, and resistance to chemicals and abrasion.

“Polycaprolactone is projected to be the fastest growing type in the TPU market, in terms of value.”

Polycaprolactone provides superior mechanical and physical properties, including high tensile strength, excellent elasticity, and resistance to oil and chemicals. Polycaprolactone-based TPU has a lower melting point and can be easily processed, making them ideal for a wide range of applications, such as medical devices, automotive parts, and coatings.

“Asia Pacific is expected to be the fastest growing market for TPU during the forecast period, in terms of value and volume.”

The markets of the Asia Pacific and South America are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, South Korea, Brazil, and Argentina are investing in various industrial developments that are driving the TPU market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as TPU contains isocyanates.

Thermoplastic Polyurethane (TPU) Market Trending Key Players
New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the TPU market include BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Industrial Group (China), COIM Group (Italy), American Polyfilm Inc (US), Kuraray Co., Ltd (Japan), and PolyOne Corporation (US).

BASF SE is a leading chemical company. The company operates under six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. It offers TPU through the functional materials business segment. The company's research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research, and Bioscience Research. It supplies products and services to 90,000 customers. The company holds one of the top three market positions in around 80% of the business areas in which it is active. It operates six Verbund sites and 232 additional production sites across Europe, Asia Pacific, North America, South America, Central America, and the Middle East & Africa., In 2020, the company announced a collaboration with Maincal to launch South America's first safety shoe made with Infinergy. Infinergy TPU will help the company to meet the growing demand for the expanded TPU, especially in Asia Pacific. In September 2018, BASF SE launched a new production plant for expanded TPU, Infinergy, at the Changhua manufacturing site (Taiwan).

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The Lubrizol Corporation is one of the leading chemical manufacturers and a fully owned subsidiary of Berkshire Hathaway (US). The company is comprised of two primary business segments: Lubrizol Additives and Lubrizol Advanced Materials. It offers TPU through the Lubrizol advanced materials segment. It serves its products to various markets such as 3D printing, coatings, life sciences, personal care & beauty, medical devices, industrial cleaning and home care, and separation. The company serves customers in more than 100 countries, including the US, Belgium, Brazil, China, France, Germany, India, Japan, Spain, and the UK, among others. The Lubrizol Corporation operates 40 technical facilities, 56 manufacturing sites, and 45 sales offices.

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