11-Apr-17 The global thermoplastic polyurethane market accounted for US$1.93 bln in 2016 and is expected to reach US$2.84 bln by 2022, growing at a CAGR of around 6.7% between 2017 and 2022, as per Zion Market Research. Thermoplastic polyurethane market is a rapidly growing industry with demand from various regions of the world owing to its wide range of applications in various end-user industries. Polyurethanes are one of the most adaptable plastic materials owing to its properties such as elasticity, transparency, and resistance to oil, grease, and abrasion.
The global thermoplastic polyurethane (TPU) market is expected to witness significant growth owing to increasing demand from the automotive sector. In addition, thermoplastic polyurethanes applications in medical are also expected to boost the growth of the TPU market in the coming years. However, the growing environmental concerns with the manufacture and usage of thermoplastic polyurethanes are expected to curb the growth of the global thermoplastic polyurethane market. Furthermore, instability in the prices of raw materials could also hinder the growth of the thermoplastic polyurethane market. The development of bio-based alternatives is expected to create more opportunities in the thermoplastic polyurethanes market in the coming years.
The global thermoplastic polyurethane market can be segmented based on their applications and end-users. Based on their applications, they are segmented into injection molding, extrusion, adhesives & sealants, and paints & coatings. On the basis of end-users, the global thermoplastic polyurethanes market is further segmented into automotive, construction, engineering, footwear, hose & tube, medical and wire & cable. Among the application segments, the extrusion segment dominated the market in 2016 and is expected to witness significant growth within the forecast period. Injection molding and sealants & adhesives accounted for the second and third largest share respectively of the global thermoplastic polyurethanes market in 2016.
The automotive segment accounted for the largest market share among the end-users in 2016 and is expected to witness significant growth owing to the development and growth of the automotive industry across the globe. Key market players in the industry have been investing in research & development to explore more applications of thermoplastic polyurethanes. Footwear segment is also expected to grow at a significant pace owing to the adoption of TPU’s in footwear by the leading market players. North America thermoplastic polyurethane market is expected to witness moderate growth within the forecast period. Growth in this region can be attributed to the large construction industry in the region; especially in U.S. Applications in the medical sector is also expected to aid the growth of the thermoplastic polyurethane market in the coming years. High GDPs and disposable income are also expected to contribute positively towards the growth of the thermoplastic polyurethane market in North America.
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