The report “Thermoplastic Polyurethane (TPU) Market Raw Material (Diisocyanates, Polyols, Diols), Type (Polyester, Polyether, Polycaprolactone), End-Use Industry (Footwear, Industrial, Machinery, Automotive, Electronics, Medical), and Region – Global Forecast to 2027″, is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1% from USD 3.2 billion in 2022. 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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• 272 Market data Tables
• 45 Figures
• 242 Pages and in-depth TOC on “Thermoplastic Polyurethane (TPU) Market – Global Forecast to 2027″
Some of the prominent key players are:
· 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)
· PolyOne Corporation (US)
Opportunity: Substitute for PVC in medical applications
The medical industry offers significant opportunities for TPU manufacturers. TPU is used in various medical applications such as catheters, medical devices, orthodontic products, and wound care products. Safety and comfort are the priorities when selecting materials to form medical products, as some of the medical products are inserted into the human body. Therefore, materials consisting of patient-friendly factors such as flexibility and biocompatibility are considered. TPU possesses good chemical and mechanical characteristics and biocompatibility, which are of prime importance in medical applications. TPU has superior properties in terms of resistance to wear, low temperature, oil, chemical, and resilience than PVC. TPU is highly responsive to temperature, as it can be rigid when inserted and flexible once inside the body. These properties have increased the use of TPU in medical applications.
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.
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