Thermoplastic Polyurethane (TPU) Market - Growth, Trends, and Forecast (2020 - 2025)

Thermoplastic Polyurethane (TPU) Market - Growth, Trends, and Forecast (2020 - 2025)

  • October 2020 •
  • 178 pages •
  • Report ID: 5993750 •
  • Format: PDF
The global thermoplastic polyurethane market is estimated to witness a healthy growth, at an estimated CAGR of over 3.5%, over the forecast period. The major factors driving the growth of the market studied are increasing applications in the medical industry and environment-friendly and recyclable.

- shifting focus toward the development of bio-based products and increasing R&D activities are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends
Increasing Demand from Adhesives and Sealants

- TPU-based adhesives and sealants find a wide range of applications in different industries, which benefit from their broad combination of properties. Flexible sealing temperature and adhesion to various substrates make these adhesives suitable for usage in several end-user industries, such as transportation, furniture, textile, and footwear.
- TPU adhesives offer certain characteristics, such as good hot green strength and an excellent final bond, which have increased their applications in the automotive industry for automotive interior parts, such as door panel, instrument panel, attachment clip, and bonding of components. Heat sealable fabrics, such as soft trim and foam lamination, are the application segments of TPU-based adhesives in the automotive industry.
- In the furniture industry, TPU-based adhesives are widely used in the lamination of plastic films onto kitchen or bathroom furniture application, as TPU adhesives provide good bonding to wood and plastics, like PVC.
- TPU-based hot melt adhesives are widely used in the textile industry to make heat sealable fabrics, which are obtained by coating processes, such as scattering or dot coating (powder or paste).
- Additionally, TPU hot melt adhesives also find application in the footwear industry, for shoe joining purposes. A major demand for TPU adhesives in the footwear segment is observed from countries, such as Thailand, China, and India.
- Owing to all the aforementioned factors, the market for thermoplastic polyurethane is likely to grow during the forecast period.

Asia-Pacific Region to Dominate the Market

- Asia-Pacific region accounted for the largest share of the regional market for thermoplastic polyurethane. Owing to the increasing automotive demand and the increasing demand for textile and footwear, TPU-based adhesives and sealants are expected to witness a healthy growth rate in the region.
- The Chinese footwear industry is the largest in the world, with a robust network of domestic sales and exports to major countries. As leather footwear accounts for the largest share of the footwear industry in China, the demand for TPU adhesives is estimated to be the strongest in China, compared to other parts of the world.
- The construction sector in India is growing at higher rate with urbanization projects and new construction activities, such as bridges, dams, roads, railways (metro rails), urban infrastructures, buildings, etc. Around 100% FDI in the construction sector has also helped the industry to grow, which is expected to grow further at higher rate, with increasing population, during the forecast period.
- All these factors are expected to increase the market for thermoplastic polyurethane in the region during the forecast period.

Competitive Landscape
The thermoplastic polyurethane market is partially consolidated in nature. Some of the major players in the market include Covestro AG, The Lubrizol Corporation, Huntsman International LLC, BASF SE, and Mitsui Chemicals Inc., among others.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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