India's TPU Market to see swift growth till 2022 due to rising population, increasing buying power as per a new report with Million Insights. Factors that propel the growth of the market include its substitution with conventional materials in end user industry, improved abrasion resistance, growing populace, and increasing buying power of individuals. Global Thermoplastic Polyurethane Market is anticipated to grow considerably in the forecast period.
A distinctive class of plastic is produced when polyaddition happens between a diisocyanate and one or more diols. This plastic is referred to as 'Thermoplastic Polyurethane. They have many useful properties such as resistance to oil, elasticity, grease and abrasion, etc. The factors that propel the growth of the market include its substitution with conventional materials in end user industry, improved abrasion resistance, growing populace, and increasing buying power of individuals. On the other hand, there are factors that may hamper the development of the market including rising environmental concerns with the production and usage of thermoplastic polyurethanes. Thermoplastic Polyurethane Market is anticipated to grow at a significant CAGR of 7.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The 'Polyester sector led the market in 2016 and is anticipated to maintain its dominance by 2020 owing to suitability of polyester in a number of applications in numerous end-use industries, such as engineering, automotive, and construction & building among others. The key applications that could be explored in the Thermoplastic Polyurethane Market include Footwear, Automotive, Engineering, Wires & Cables, Building & Construction, Medical, and Hose & Tubing. The 'Footwear sector led the market in 2016 and is anticipated to maintain its dominance by 2020. Footwear segment is followed by Wires and Cables. Asia-Pacific accounted for the major share of the Thermoplastic Polyurethane Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes growing demand for thermoplastic polyurethane from developing countries, such as China and India. China is the major market for thermoplastic polyurethanes in the Asia-Pacific region.
Some of the key players that fuel the growth of the Thermoplastic Polyurethane Market comprise BASF SE, API Plastics, Bayer Material Science AG, Wanhua Chemical Group Co. Ltd, Hexpol AB, COIM, Headway Polyurethane Co. Ltd., Huntsman Corporation, Miracll Chemical Co. Ltd., Lubrizol Corporation, and others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.