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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
Save big with Technavio this May!
Find out what companies are venturing in to beat the heat this summer! Technavio indulges you with a massive 20% OFF on all non-alcoholic beverages reports for the entire month.
Technavio honors the achievements and efforts of Motherhood this Mother's Day by offering a whopping 30% OFF on all cosmetics and toiletry reports. Offer valid from 7th May for a limited period.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.