LONDON--(BUSINESS WIRE)--Technavio market research analysts predict the global thermoplastic polyurethane (TPU) market to grow at a CAGR of over 6% during the period 2018-2022, according to their latest report.
The upcoming developments in bio-based products are one of the major trends that are being witnessed in the market. The properties such as biodegradability, low density, and recyclability of bio-based TPU films have increased their demand. These advantages place bio-based TPUs at a commercially competitive position with synthetic TPUs. Bio-based TPUs are replacing their synthetic counterparts in several applications such as household objects, packaging, automobiles, and furniture. Bio-based blends of commercially available polyester-based TPU and castor oil-based polyamide11 of different ratios are prepared by melt processing.
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In this report, Technavio analysts have highlighted the increasing opportunities in APAC as a major factor contributing to the growth of the global thermoplastic polyurethane market:
Increasing opportunities in APAC
In the automotive industry, TPUs are used in several automotive components such as door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. This is because of their properties such as elasticity, strength, chemical and grease resistance, and high performance at high temperatures. The growth of the automotive industry in APAC is anticipated to drive the demand for TPU. APAC is likely to register the highest growth in the TPU market during the forecast period owing to the rapidly increasing population and rising purchasing power of individuals. Also, the automotive industry in China records high sales due to its strong government support and ad-hoc tax incentives.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “The increased local production of automobiles relieves the low plant capacity use of few local manufacturers in China and helps domestic brands to increase their market shares. The demand for domestic automobiles in India has increased owing to the growing popularity of light vehicles. These factors will increase the demand for chemicals and materials used in automotive components, thereby positively affecting the TPU market.”
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Global thermoplastic polyurethane market segmentation
This market research report segments the global thermoplastic polyurethane market based on product type (polyester, polyether, and polycaprolactone), application (footwear, consumer goods and electronics, automotive, and construction), and geography (APAC, Europe, North America, and ROW). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three product type segments, polyester held the largest market share in 2017, accounting for more than 51% of the market. This market share contributed by this segment is expected to increase by nearly 1% through the forecast period.
APAC led the global thermoplastic polyurethane market in 2017, accounting for the highest market share of more than 34%. This region is anticipated to post significant growth during the forecast period.
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