thermoplastic polyurethane market size
Owing to its properties such as elasticity, transparency, and resistance to grease, oil, and abrasion, thermoplastic polyurethane is commonly used in the automobile, manufacturing, aerospace, and medical industries for different applications. In addition, thermoplastic polyurethane is biodegradable, environmentally safe, and fully recyclable, making it an acceptable alternative to PVC and other polymers. This is projected during the forecast period to be one of the primary reasons for the growth of the industry. In addition, demand for thermoplastic polyurethane during the forecast period is expected to be driven by the development of these end-use industries.
In addition, the steady growth of the medical & healthcare industry due to demographic growth, income levels, and recognition, along with technological developments, is projected to further increase the growth of the thermoplastic polyurethane market size during the forecast period. Moreover, the vigorous growth of the automobile industry, powered by growing disposable income per capita, rapid urbanization, and worldwide economic growth, is projected to be the key driver of the growth of the global demand for thermoplastic polyurethanes. Therefore, the market for thermoplastic polyurethane in the aerospace industry is projected to increase due to the rapid growth of the aerospace industry across the world, due to the rising air passenger traffic, the growing tour and travel sector, and the growing affluent population.
The sector is set for a challenging challenge on the flip side, where it would go head-to-head with bio-based alternatives. Environmental problems can pose a serious challenge to the industry and have a negative effect on the market. Around the same time, fluctuating raw material costs can also be used as a rein on the projected growth of the market.
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Based on form, application, and area, the global thermoplastic polyurethane market has been segmented.
The global market is segmented into polyether, polyester, and polycaprolactone, depending on the form.
The global market is segmented into automobile, manufacturing, aerospace, energy & power, medical, and others, depending on the end-use industry.
the global thermoplastic polyurethane market has been analyzed in five main areas, namely, Asia-Pacific, Latin America, Europe, North America, and the Middle East & Africa.
The global thermoplastic polyurethane market has been dominated by Asia-Pacific and is expected to retain its domination over the forecast period and to see robust expansion. In countries such as China, India, Japan, and Indonesia, this strong rise in the thermoplastic polyurethane industry is due to rising car demand, rising construction spending and the growing electrical and electronics industries.
The thermoplastic polyurethane demand in North America is predicted to be the world's second-largest, followed by Europe. Due to growing use in the aerospace industry and rising automotive production, the thermoplastic polyurethane market in North America is expected to see healthy growth. Moreover, the revival of construction industry growth in the US is expected to help demand growth during the forecast period.
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The European market is led by Germany, the United Kingdom, Spain, Italy, and France, which are projected to see steady growth fuelled by the rising aerospace and automotive sectors. In addition, due to its low weight, high strength, and biodegradability, the trend of producing lightweight vehicles to increase fuel efficiency and strict environmental legislation is expected to benefit the growth of the thermoplastic polyurethane industry. During the forecast era, the Middle East, Africa and Latin America are expected to see substantial development.
Some of the leading players in the global thermoplastic polyurethane market are BASF SE (Germany), The Lubrizol Corporation (US), 3M Amco Polymers (US), Covestro AG (Germany), (US), Permali Gloucester Limited (UK), Hexpol AB (Sweden), American Polyfilm Inc. (US), PolyOne Corporation (US), Wanhua Chemical Group Co., Ltd. (China), API Plastics (Italy), and Kuraray Co., Ltd. (Japan), Huntsman International LLC (US), and others.
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