04-Aug-16 The Global TPU Market has been estimated at US$1.921 bln in 2015 and is projected to grow at a CAGR of 5.27% during the forecast period, as per Research and Markets.
TPU, owing to their high tensile strength, good hydrolytic stability, high abrasion resistance, and resistance to chemicals, oils and UV light, is becoming an integral part of various commercial and industrial sectors. Major end-user sectors include Construction, Automobile, Footwear, Wire and Cable, Medical, Hose/Pipe, Electronics, Heavy Engineering, and others.
This market is driven by a number of factors, such as Extensive demand from automobile industry growing automotive industry newer applications in medical industry, and recyclability. However, this market faces certain drawbacks, such as higher manufacturing cost, production constraints and lack of awareness in emerging economies. These factors may act as a roadblock to the growth of the market. The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, and MEA. In terms of consumption in 2015, APAC led the market with a share of more than 50%. It was followed by Europe and North America. With the improvement in the financial status of the consumers, the purchasing power of the middle class consumers has increased, which in turn is accelerating the demand for automobiles and buildings in the Asia-Pacific region, thereby TPU's are extensively being used as a replacement for PVC in the Medical Industry. However, the dearth of stringent norms regarding VOC emission from paints, coatings, and adhesives in the developing country in this region has considerably hindered the growth of this market.
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