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Thermoplastic polyurethane is a type of polyurethane that has a certain unique set of properties that make it superior in performance and ease in processing. It is a block copolymer that has alternating soft and hard segments in its structure. It can be smooth as rubber as well as hard as rigid plastic. As per customer requirements, the ratio between hard to soft components can be easily varied in the TPU formulations to get the desired product. This makes thermoplastic polyurethane, a material of choice for a wide range of applications.
Key Market Driver -
High Adoption of TPU in Footwear industry leads the market growth.
Key Market Restraint -
Strong availability of substitutes confines the market growth.
Thermoplastic polyurethane is widely used in the footwear industry due to its flexibility and ease of processing. Besides, its lightweight makes it ideal for footwear applications. Many end-users have started using thermoplastic polyurethane to 3D print products to avoid the usage of excess plastics and make the product recyclable. One such example of End-user is Adidas. In April 2019, it 3D printed running shoes made of thermoplastic polyurethane that is 100 percent recyclable and zero waste.
However, the strong presence of other thermoplastic polymers in the market restricts the growth of thermoplastic polyurethane.
On the basis of type, the thermoplastic polyurethane market is segmented into polyester-based, polyether-based, and others. Based on the applications, the thermoplastic polyurethane market is classified into footwear, consumer goods and electronics, automotive, construction, medical, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The global thermoplastic polyurethane market is fairly fragmented with a number of key players operating in the market. Some of the prominent manufacturers in the global thermoplastic polyurethane market include- BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Shin-Etsu Polymer Co., Ltd., Coim Group, Great Eastern Resins Industrial Co. Ltd, Alliance Polymers & Services, Ultimaker BV, Wanhua Chemical Group Co., Ltd, AMERICAN POLYFILM, INC., Lehmann&Voss&Co., Mitsubishi Chemical Corporation and others.
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On a geographical basis, the thermoplastic polyurethane market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific dominates the global thermoplastic polyurethane market on the back of strong footwear as well as other end-use industries. Developing countries like China, India, Vietnam, Taiwan, and others are the major producers and consumers of thermoplastic polyurethane in the region. The market is expected to grow rapidly over the forecast period owing to developments in major end-use industries such as footwear, consumer goods and medical. Europe is also one of the prominent consumers of thermoplastic polyurethane. The demand in the region is expected to grow steadily over the forecast period due to the maturity in the market. However, the successful applications of TPU in 3D printing may create lucrative growth opportunities in the upcoming years. The demand in North America is predominantly driven by the US. The region is also expected to follow a similar trend to that of Europe. Moreover, innovation in TPU products is likely to increase consumption over the forecast period. Middle East & Africa is relatively small market. The region is expected to witness moderate growth over the forecast period owing to the developments and rising income of the consumers. Emerging economies such as Brazil, Mexico and Chile are expected to drive Latin America market over the foreseeable period. However, the political unrest in the region may hinder the market growth.
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