Market Synopsis
The Global Thermoplastic Polyurethane Market 2020 is slated to acquire USD 3.5 billion by 2025 with 6.5% CAGR.
Market Scenario
Owing to its properties such as elasticity, transparency, and resistance to grease, oil , and abrasion, thermoplastic polyurethane is commonly used in the automobile, manufacturing, aerospace, and medical industries for different applications. In addition, thermoplastic polyurethane is biodegradable, environmentally safe and fully recyclable, making it an acceptable alternative to PVC and other polymers. This is projected during the forecast period to be one of the primary reasons for the growth of the industry. In addition, demand for thermoplastic polyurethane during the forecast period is expected to be driven by the development of these end-use industries.
In addition, the steady growth of the medical healthcare industry due to demographic growth, income levels and recognition, along with technological developments, is projected to further increase the growth of the Thermoplastic Polyurethane Market during the forecast period. Moreover, the vigorous growth of the automobile industry, powered by growing disposable income per capita, rapid urbanisation, and worldwide economic growth, is projected to be the key driver of the growth of the global demand for thermoplastic polyurethanes. Therefore, the market for thermoplastic polyurethane in the aerospace industry is projected to increase due to the rapid growth of the aerospace industry across the world, due to the rising air passenger traffic, the growing tour and travel sector, and the growing affluent population.
Market Segmentation
Based on form, application, and area, the global thermoplastic polyurethane market has been segmented.
The global market is segmented into polyether, polyester, and polycaprolactone, depending on form.
The global market is segmented into automobile, manufacturing, aerospace, energy power, medical, and others, depending on the end-use industry.
Regional Analysis
the global thermoplastic polyurethane market has been analysed in five main areas, namely, Asia-Pacific, Latin America, Europe , North America , and the Middle East Africa.
The global thermoplastic polyurethane market has been dominated by Asia-Pacific and is expected to retain its domination over the forecast period and to see robust expansion. In countries such as China , India , Japan and Indonesia, this strong rise in the thermoplastic polyurethane industry is due to rising car demand, rising construction spending and the growing electrical and electronics industries.
The thermoplastic polyurethane demand in North America is predicted to be the world's second-largest, followed by Europe. Due to growing use in the aerospace industry and rising automotive production, the thermoplastic polyurethane film in North America is expected to see healthy growth. Moreover, the revival of construction industry growth in the US is expected to help demand growth during the forecast period.
The European market is led by Germany , the United Kingdom, Spain, Italy , and France, which are projected to see steady growth fuelled by the rising aerospace and automotive sectors. In addition, due to its low weight , high strength and biodegradability, the trend of producing lightweight vehicles to increase fuel efficiency and strict environmental legislation is expected to benefit the growth of the thermoplastic polyurethane industry. During the forecast era, the Middle East, Africa and Latin America are expected to see substantial development.
Competitive Dashboard
Some of the leading players in the global thermoplastic polyurethane market are BASF SE (Germany), The Lubrizol Corporation (US), 3M Amco Polymers (US), Covestro AG (Germany), (US), Permali Gloucester Limited (UK), Hexpol AB (Sweden), American Polyfilm Inc. (US), PolyOne Corporation (US), Wanhua Chemical Group Co., Ltd. (China), API Plastics (Italy), and Kuraray Co., Ltd. (Japan), Huntsman International LLC (US), and others.
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