The TPU market size 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 use of TPU in the automotive industry, owing to its properties and the emerging economies in APAC, are driving the TPU market.
The increase in demand for TPU in emerging economies such as APAC and South America and the growing need for comfort, performance, and durability of footwear is driving the TPU market. The key players in the TPU market include 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), and Polyone Corporation (US). The TPU market report analyzes the key growth strategies, such as investment, expansion, new product launch, partnership, joint venture, and acquisition, adopted by the leading market players between 2014 and 2019.
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BASF SE (Germany) is among the key players in the TPU market. The company adopted the strategies of new product launch, expansion, and acquisition to strengthen its competitiveness in the global TPU market. For instance, 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.
Covestro (Germany) is one of the leading manufacturers of TPU. The company adopted new product launch as one of its key business strategies. 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.
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
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