“Increasing use of thermoplastic polyurethane (TPU) in the automotive industry is a prime factor for the growth of the Thermoplastic Polyurethane (TPU) market across the globe.”
The thermoplastic polyurethane (TPU) market is projected to reach USD 2.48 billion by 2031, at a CAGR of 6.8% from 2022 to 2031, in terms of value.
Increased investments in new automotive manufacturing plants across the globe are fueling the growth of the thermoplastic polyurethane (TPU) market as thermoplastic polyurethane (TPU) is being increasingly used in manufacturing interior and exterior components, such as panels for inner parts of hoods of automobiles (hoodliners), engine parts, and impact absorbers, among others. Higher costs of thermoplastic polyurethane as compared to conventional plastics, such as polyethylene (PE), polypropylene (PP), polyurethane, and others is expected to restraint the growth of the thermoplastic polyurethane (TPU) market between 2022 and 2031.
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“Among types, the polycaprolactone segment of the thermoplastic polyurethane (TPU) market is projected to grow at the highest CAGR between 2022 and 2031.”
Among types, the polycaprolactone segment of the thermoplastic polyurethane (TPU) market
is projected to grow at the highest CAGR, in terms of volume and value during the forecast period, 2022 to 2031. Polycaprolactone possesses inherent toughness and resistance of polyester-based thermoplastic polyurethanes, combined with low temperature performance and relatively high resistance to hydrolysis, thereby enabling use of polycaprolactone in hydraulic and pneumatic seal applications.
“Increasing demand for thermoplastic polyurethane (TPU) from varied end-use industries is the major driver for the growth of the Asia-Pacific thermoplastic polyurethane (TPU) market.”
The Asia-Pacific thermoplastic polyurethane (TPU) market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. High economic growth rate, increase in the number of manufacturing industries, availability of cheap labor, increase in foreign investments, and rise in use of thermoplastic polyurethane across automotive, engineering, and footwear applications are some of the major factors expected to fuel the growth of the Asia-Pacific thermoplastic polyurethane (TPU) market. Countries, such as China, South Korea, Japan, and India, which are major hubs for production of automotive, are expected to drive the growth of the Asia-Pacific thermoplastic polyurethane (TPU) market during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below:
• By Company Type – Tier 1-33%, Tier 2-60%, and Others-7%
• By Designation – C-Level-56%, Director Level-33%, and Others-11%
• By Region – North America-13%, Europe-47%, Asia-Pacific-20%, Middle East & Africa-13%, and South America-7%
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The key companies profiled in this market research report are BASF Polyurethanes (Germany), The Lubrizol Corporation (U.S.), Covestro AG (Germany), Huntsman Corporation (U.S.), and Wanhua Chemical Group Co., Ltd. (China), among others.
The thermoplastic polyurethane (TPU) market has been segmented on the basis of type, end-use industry, and region. This report covers the thermoplastic polyurethane (TPU) market, in terms of value as well as volume, and forecasts its size till 2031. The report also provides company profiles and competitive strategies adopted by the key players in the thermoplastic polyurethane (TPU) market to strengthen their position in the market.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the thermoplastic polyurethane (TPU) market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different verticals and regions.
2. It will help stakeholders to understand the pulse of the market and provide them with the information on key market drivers, restraints, challenges, and opportunities.
3. It will help stakeholders to understand their competitors and gain insights to improve their position in the business. The competitive landscape section includes new product launches, partnerships, and mergers & acquisitions.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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