Thermoplastic Polyurethane (TPU) Market

Thermoplastic Polyurethane (TPU) Market by Raw Material (Polyols, Diisocyanate, Diols), Type (Polyester, Polyether, Polycaprolactone), End-use industry (Footwear, Industrial Machinery, Automotive, Electronics, Medical), Region - Global Forecast to 2024

Report Code: CH 2290 Nov, 2019, by marketsandmarkets.com
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[168 Pages Report] The market size of TPU is estimated at USD 2.5 billion in 2019 and is projected to reach USD 3.5 billion by 2024, at a CAGR of 7.1%. The growing demand for TPU in the automotive and medical industries is driving the market. Polyester TPU is widely used in major industries owing to its properties, such as high tensile strength, good shock absorption, and resistance to cut, solvent, and microbial activity.

Thermoplastic Polyurethane Market

Footwear is estimated to be the largest end-use industry of TPU.

On the basis of end-use industry, the TPU market has been categorized into footwear, industrial machinery, automotive, electronics, medical, and others. The footwear segment was the largest consumer of TPU in 2018, whereas, the automotive industry is projected to be the fastest-growing end-use industry during the forecast period.

Polycaprolactone TPU is projected to register the highest CAGR during the forecast period.

On the basis of type, the TPU market has been segmented into polyester, polyether, and polycaprolactone. Polyester is the largest type, whereas polycaprolactone is the fastest-growing TPU type owing to its inherent toughness and very good abrasion resistance properties.

APAC is projected to be the largest market during the forecast period.

On the basis of region, the TPU market has been segmented into APAC, Europe, North America, the Middle East & Africa, and South America. APAC is projected to register the highest growth in the global TPU market during the forecast period. The demand for TPU is high in developing economies such as China and India. The growth of the TPU market in APAC is mainly driven by the increasing demand for high-performance materials. Rising population and growing end-use industries have led to innovation and development, making APAC an important industrial hub, globally. High growth and innovation, along with industry consolidations, are expected to lead to the rapid growth of the market in the region.

Thermoplastic Polyurethane Market

Key Market Players

The key players profiled in this report include 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), and Polyone Corporation (US). These companies have adopted various organic as well as inorganic growth strategies between 2014 and 2019 to enhance their regional presence and meet the growing demand for TPU from emerging economies.

Scope of the Report

Report Metric

Details

Years considered for the study

  • 2018–2024

Base year

 2018

Forecast period

2019–2024

Units considered

Value (USD Billion) and Volume (Kiloton)

Segments

 Raw Material, Type, End-use Industry, and Region

Regions

APAC, Europe, North America, South America, and Middle East & Africa.

Companies

Total of 10 major players covered:
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), and Polyone Corporation (US).

This research report categorizes the TPU market based on raw material, type, end-use industry, and region.

On the basis of raw material, the TPU market has been segmented as follows:

  • Polyols
  • Diisocyanate
  • Diols

On the basis of type, the TPU market has been segmented as follows:

  • Polyester
  • Polyether
  • Polycaprolactone

On the basis of end-use industry, the TPU market has been segmented as follows:

  • Footwear
  • Industrial Machinery
  • Automotive
  • Electronics
  • Medical
  • Others (consumer goods, building & construction, and textiles)

On the basis of region, the TPU market has been segmented as follows:

  • APAC
  • Europe
  • North America
  • Middle East & Africa
  • South America

Recent Developments

  • In May 2019, BASF has planned to expand the production capacity of TPU and engineering plastics in the Verbund site in Zhanjiang, China by 2022. This expansion of production capacity will bring the total capacity of these products in APAC to 290,000 MTPA. This expansion will help the company to meet the immediate need of the customers in APAC.
  • In May 2019, Lubrizol partnered with Ultimaker (Netherlands) and is developing new grades of TPU for the Ultimaker printers. The new TPU will have features such as renewability and high-heat and fast printing time. This strategy will expand the product line of TPU for various new applications, such as extrusion-based 3D printing.
  • In October 2018, Covestro developed a new series of TPU-containing polyether carbonate polyols based on the carbon dioxide technology as Desmopan 37385A. The new series of TPU lowers carbon footprint and also conserves fossil resources. The company also plans to expand the TPU series with variants of different hardness. This new product launch has expanded the TPU portfolio of the company.

Critical questions the report answers:

  • Are there any upcoming hot bets for the TPU market?
  • How are the market dynamics in the different end-use industries of TPU?
  • What are the upcoming opportunities for the different types of TPU in emerging economies?
  • What are the significant trends in end-use industries that are influencing the TPU market?
  • Who are the major manufacturers of TPU?
  • What are the factors governing the TPU market in each of the regions?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondry Data
           2.1.2 Key Data From Secondary Sources
           2.1.3 Primary Data
                    2.1.3.1 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions & Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary      

4 Premium Insights

5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Demand for TPU in Automotive and Medical Industries
                    5.2.1.2 Replacement of Conventional Materials By TPU 
           5.2.2 Restraints
                    5.2.2.1 Higher Cost of TPU When Compared to Other Conventional Materials
           5.2.3 Opportunities
                    5.2.3.1 Replacement of Pvc in Medical Application By TPU 
                    5.2.3.2 Emerging Market for Bio-Based TPU 
           5.2.4 Challenges
                    5.2.4.1 Volatility in Raw Material Prices of TPU
    5.3 Porter’s Five Forces Analysis
           5.3.1 Intensity of Competitive Rivalry
           5.3.2 Bargaining Power of Buyers
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Threat of Substitutes
           5.3.5 Threat of New Entrants
    5.4 Patent Analysis

6 Thermoplastic Polyurethane Market, By Raw Material (In Terms of USD Million and Kilotons)
    6.1 Introduction
    6.2 Diisocyanate
           6.2.1 Providing Reactivity and Curing Properties to TPU Will Boost the Market
    6.3 Polyols
           6.3.1 The Properties to Form Soft, Elastic Polymers to Drive the Market
    6.4 Diols
           6.4.1 Providing Varying Degrees of Toughness to TPU is Driving the Market

7 Thermoplastic Polyurethane Market, By Type (In Terms of USD Million and Kilotons)
    7.1 Introduction
    7.2 Polyester
           7.2.1. Cost Effectiveness and Good Resistance Properties Will Drive the Market
    7.3 Polyether
           7.3.1. Good Impingement Abrasion Resistance and Good Hydrolytic Stability to Boost the Market
    7.4 Polycaprolactone
           7.4.1. Inherent Toughness and Good Abrasion Resistance to Spur the Market

8 Thermoplastic Polyurethane Market, By End Use Industry (In Terms of USD Million and Kilotons)
    8.1 Introduction
    8.2 Footwear
           8.2.1 Need for Comfort, Performance, and Durability in Footwear Drives the Market
           8.2.2 Shoe
           8.2.3 Sole
           8.2.4 Slipper
    8.3 Industrial Machiery
           8.3.1 Good Abrasion Resistance, Impact Strength, High Tear and Tensile Strength Properties for Use in Demanding Situations to Drive the Market 
           8.3.2 Seals & Gaskets
           8.3.3 Belts & Profiles
           8.3.4 Wheels & Rollers
    8.4 Automotive
           8.4.1 High Performance Material Such as TPU and Cfrtp to Boost the Market
           8.4.2 Interior Body Parts
           8.4.3 Exterior Body Parts
    8.5 Medical
           8.5.1 Low Temperature Flexibility, Resistance to Microbial Activity and Plasticizer Free TPU to Spur the Market
           8.5.2 Catheters
           8.5.3 Medical Device Housing
           8.5.4 Wound Care Products
    8.6 Electronics
           8.6.1 Flame Retardant Properties of TPU to Fuel the Market
           8.6.2 Wires & Cables
           8.6.3 Electronic Devices
    8.7 Others 
           8.7.1 Consumer Goods
           8.7.2 Building & Construction
           8.7.3 Textile

9 Thermoplastic Polyurethane Market, By Region (In Terms of USD Million and Kilotons)
    9.1 Introduction
    9.2 North America
           9.2.1
                    9.2.1.1 US
                               9.2.1.1.1 Presence of Various Manufacturing Sector is Going to Spur the Market
                    9.2.1.2 Canada
                               9.2.1.1.2 The Growing Demand for Strong, Light Weight Material in Automotive Manufacturing is Going to Boost the Market
                    9.2.1.3 Mexico
                               9.2.1.1.3 The Growing Industries and Increasing Investments is Going to Drive the Market
    9.3 Europe
           9.3.1
                    9.3.1.1 Germany
                               9.3.1.1.1 The Presence of Leading TPU Manufacturers and Automotive Industry, Fuels the Market
                    9.3.1.2 France
                               9.3.1.1.2 The Strong Automotive, Industrial Manufacturing, and Chemical Sector, Boosts the Market
                    9.3.1.3 UK
                               9.3.1.1.3 The Growing Manufacturing and Healthcare Sector is Going to Spur the Market
                    9.3.1.4 Italy
                               9.3.1.1.4 The Growing Domestic Demand and Growing Industrial Sector to Boost the Market
                    9.3.1.5 Spain
                               9.3.1.1.5 The Growth in Manufacturing of Automotive, Electronics, and Pharmaceutical to Drive the Market
                    9.3.1.6 Russia
                               9.3.1.1.6 Economic Growth With Infrastructural Developments is Going to Fuel The Market
                    9.3.1.7 Rest of Europe 
    9.4 Asia-Pacific
           9.4.1
                    9.4.1.1 China
                               9.4.1.1.1 The Strong Presence of Footwear and Automotive Industry With the Presence of Various TPU Manufacturers is Driving the Market
                    9.4.1.2 India
                               9.4.1.2.1 Growth in Footwear Industry Due to Favourable Economic Growth and Rising Population is Fuelling the Market
                    9.4.1.3 Japan
                               9.4.1.3.1 The Well-Established Automotive Sector of Japan is Driving the Market
                    9.4.1.4 South Korea
                               9.4.1.4.1 Strong Presence of Electronics Industry is Driving the Market
                    9.4.1.5 Thailand
                               9.4.1.5.1 Increased Investments of Automotive Manufacturers in Thailand Boost the Market
                    9.4.1.6 Indonesia
                               9.4.1.6.1 Growth in the Footwear Industry of Indonesia to Boost the Market
                    9.4.1.7 Taiwan
                               9.4.1.7.1 The Strong Presence of Industrial Manufacturing is Driving the Market
                    9.4.1.8 Rest of Asia-Pacific 
    9.5 Middle East & Africa
           9.5.1 Country Market Size
                    9.5.1.1 Saudi Arabia
                               9.5.1.1.1 Growing Manufacturing Sector and Diversifying Economy, to Fuel the Market
                    9.5.1.2 South Africa
                               9.5.1.2.1 The Presence of Manufacturing Sectors to Boost the Market
                    9.5.1.4 Rest of Middle East
    9.6 South America
           9.6.1
                    9.6.1.1 Brazil
                               9.6.1.1.1 The Increased Sale of Automobiles, to Boost the Market
                    9.6.1.2 Argentina
                               9.6.1.1.1 The Growing Economy and Increasing Demand Will Drive the Market
                    9.6.1.4 Rest of South America 

10 Competitive Landscape
     10.1 Overview
     10.2 Market Ranking of Players
     10.3 Mapping
             10.3.1 Visionary Leaders
             10.3.2 Innovators
             10.3.3 Dynamic Differentiators
             10.3.4 Emerging Companies
     10.4 Competitive Scenario
             10.4.1 New Product Launch
             10.4.2 Investment & Expansion
             10.4.3 Merger & Acquisition
             10.4.4 Partnership

11 Company Profiles*
(Overview, Financial*, Products & Services, Strategy, and Developments)
     11.1 BASF 
     11.2 Lubrizol
     11.3 Covestro
     11.4 Huntsman
     11.5 Wanhua
     11.6 Polyone
     11.7 Epaflex
     11.8 Coim
     11.9 Hexpol AB
     11.10 Kuraray
     11.11 Other Players 
             11.11.1 Americal Polyfilm
             11.11.2 Mitsui Chemicals
             11.11.3 Novotex
             11.11.4 Statex
             11.11.5 Songwon
             11.11.6 Taiwan Pu Corporation
             11.11.7 Sanyo Corporation

12 Appendix

*Note: Company Profiles, and List of Countries is Tentative. It Might Change During Research Process.

 

 

The study involves four major activities in estimating the current market size of TPU. Exhaustive secondary research was carried out to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methodologies were used to estimate the market size of the segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers and Bloomberg BusinessWeek, were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; and databases.

Primary Research

The TPU market comprises several stakeholders, such as raw material suppliers, distributors of TPU, industry associations, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market consists of manufacturers of footwear, industrial machinery, automotive, electronics, and medical; whereas the supply side consists of TPU manufacturers. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary interviews

Thermoplastic Polyurethane Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the TPU market. These methods were also used extensively to estimate the size of various subsegments of the market. The research methodology used to estimate the market size includes the following:

  • The key players in the market were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes explained above-the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. Data was triangulated by studying various factors and trends from both the demand and supply sides.

Objectives of the Study:

  • To analyze and forecast the TPU market size, in terms of value and volume
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth
  • To define and describe the market by raw material, type, and end-use industry
  • To forecast the size of the market with respect to five regions, namely, Asia Pacific (APAC), Europe, North America, South America, and the Middle East & Africa, along with their key countries
  • To strategically analyze micro markets with respect to individual trends, growth prospects, and their contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
  • To analyze competitive developments, such as new product launch, partnerships, acquisition, joint venture, and investment & expansion, in the market
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies.

Available Customizations:

MarketsandMarkets offers customizations according to the specific needs of the companies along with the market data. The following customization options are available for this report:

Product Analysis

  • A product matrix that provides a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the Rest of APAC TPU market

Company Information:

  • Detailed analysis and profiles of additional market players.
Report Code
CH 2290
Published ON
Nov, 2019
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