SAN FRANCISCO, January 21, 2019
SAN FRANCISCO, January 21, 2019 /PRNewswire/ --
The global thermoplastic polyurethane market size is expected to display higher growth rate in next five years. The thermoplastic polyurethane market is subject to witness a substantial growth due to the growing demand for lightweight & durable materials in various end-user applications. Some of these applications include interior design industry, building & construction industry, electronics & electrical sector, automobile industry, and footwear & packaging industry.
The thermoplastic polyurethane are increasingly used for production cushion foams, internal components, and various light weighted automotive parts. These factors are expected to drive the growth of thermoplastic polyurethane market. Globally, the thermoplastic polyurethane market is predicted to generate massive revenue in the forecast period, providing numerous opportunities for market players to invest in research and development for the thermoplastic polyurethane market. Seat frames that are manufactured with the help of thermoplastic polyurethane are light in weight in comparison with other types of metal stamped frames. The recent technological advancement coupled with development of the novel products such as matrix resins and metal composites consisting of glass-fiber reinforced leaf springs are expected to fuel market growth in the upcoming years. Factors such as introduction of highly efficient and insulated foams and increasing demand for green buildings & other sustainable infrastructure projects are predicted to favor market growth over the forecast period. Implementation in green buildings & other sustainable infrastructure projects are lowering energy costs in both developed & developing economies across the globe, thereby propelling market expansion in the recent years. Advent of various green building tools like LEED certification and the NAHB guidelines are offering necessary product innovation that matches environmental building standards.
The highly concentrated & oligopolistic nature of the thermoplastic polyurethane market has led to development of the products innovation, thereby driving market growth in the last few years. Introduction of low cost solution and implementation of aggressive marketing strategies by leading industry participants are expected to boost market growth in the upcoming years. In addition, large number of prominent industry players are entering into strategic alliances with local manufactures to gain competitive advantage over their counterparts, thus fostering market growth, in the recent years. Increasing demand form North American and European region for thermoplastic polyurethane are anticipated to boost the growth of thermoplastic polyurethane market in the upcoming years. However, stringent laws and regulation by local governments in regards to environmental hazards coupled with volatile in cost of raw material are estimated to restrain market progress to a certain extent. Additionally, constantly changing prices of toluene diisocyanate (TDI) and methylenediphenyl diisocyanate (MDI), which vital for production of thermoplastic polyurethane are negatively affecting market growth. Variation in the cost of toluene diisocyanate (TDI) and methylenediphenyl diisocyanate (MDI) is credited to create fluctuation in their precursor markets, involving petrochemicals such as benzene. The thermoplastic polyurethane market is broadly categorized into four major segments based on product type such as rigid & flexible foams, coatings, adhesives & sealants, and elastomers.
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The elastomers is considered as one of the fastest growing segment in the thermoplastic polyurethane market with substantial revenue generation in the last couple of years. The rigid & flexible foam segment has also witnessed massive growth, in the recent years, owing to their inherent properties such as high flexibility impact & shock resistance. The thermoplastic polyurethane market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in polyurethane market, favorable government laws & regulations and existence of well-established infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the thermoplastic polyurethane market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with easy accessibility of skilled workforce, availability of raw materials in abundance, strong economic growth and significant investment by leading industry players considering the potential growth opportunities in region. The key players in the thermoplastic polyurethane market are BASF Co., The Dow Chemical Co., Covestro AG, Huntsman Co., Mitsui Chemicals Inc., Eastman Chemical Co., Nippon Polyurethane Industry Co., Woodbridge Foam Co., Lubrizol Co., Rampf Holding GmbH & Co., DIC Co., and RTP Company, Inc. The global market for thermoplastic polyurethane (TPU) will grow at a CAGR of 7.5% by 2022. The report segments the market and forecasts its size, by volume and value, on the basis of application (automotive, construction, electronic & electrical, engineering, footwear, hose & tubing, medical, wires & cables, etc.), and by geography (North America, Europe, Asia-Pacific, MEA and South America).
The report covers forecast and analysis for the thermoplastic polyurethane market on a global and regional level. The study provides historic data of 2012-2016 along with a forecast from 2017 to 2022 based on both output/volume and revenue. The study then describes the drivers and restraints for the thermoplastic polyurethane market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the thermoplastic polyurethane market on a global level. The report has been prepared based on the synthesis, analysis, and interpretation of information about the global thermoplastic polyurethane market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. Company overview, financial overview, product portfolio, new project launched, recent development analysis are the parameters included in the profile. Demand for this market rises from the automotive, construction, electronic & electrical, engineering, footwear, hose & tubing, medical, wires & cables, and other applications. All the segments have been analyzed based on present and future trends and the market is estimated from 2017 to 2022. Relevantly, the report and company profiles specify the key drivers that are impacting the demand in global thermoplastic polyurethane market.
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