GLOBAL THERMOPLASTIC POLYURETHANE (TPU) MARKET: OVERVIEW
Thermoplastic polyurethane refers to a highly versatile elastomer that comes with unique characteristics that offer flexibility in processing and superior performance as well. Thermoplastic polyurethane is considered an ideal polymer for use across a wide variety of applications in several end use segments, including specialty molded parts, film and sheet, footwear, adhesives, wire and cable, and compounding. Thermoplastic polyurethane has been offering several benefits to various end users, manufacturers, and designers for more than 60 years. The growing demand for the product is likely to drive the global thermoplastic polyurethane (TPU) market in the years to come.
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Thermoplastic polyurethane refers to an unusual type of plastic that bridges the gap between plastics and rubbers. The key to the versatility of thermoplastic polyurethane lies in its highly customized hardness. Thermoplastic polyurethane can be as rigid as hard plastics or as soft a rubber. It can be either colored or transparent.
Application, end use, and region are the three key parameters based on which the global thermoplastic polyurethane (TPU) market has been divided. The objective of such segmentation is to provide a clearer, 360-degree view of the market.
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Global Thermoplastic Polyurethane (TPU) Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global thermoplastic polyurethane (TPU) market is mentioned below:
- In May 2019, The Lubrizol Corporation entered into a partnership with Netherlands-based Ultimaker, 3D printer manufacturing company. Following the partnership, the former is developing new grades of thermoplastic polyurethane for the printers of Ultimaker. This new thermoplastic polyurethane come with various features such as fast printing time and renewability. This strategic move is likely to diversify the product portfolio of thermoplastic polyurethane, which is estimated to expand its market reach as well..
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Some well-known organizations in the global thermoplastic polyurethane (TPU) market include the below-mentioned:
- The Lubrizol Corporation
- Wanhua Industrial Group
- Polyone Corporation
- BASF SE
- Kuraray Co., Ltd
- Huntsman Corporation
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Global Thermoplastic Polyurethane (TPU) Market: Key Trends
The following drivers, restraints, and opportunities characterize the global thermoplastic polyurethane (TPU) market over the assessment period.
Growing Application in Diverse Industries to Shoot Up Demand
Thermoplastic polyurethane-based sealants and adhesives find use in a wide range of applications in various industries benefitting from their blend of features. Flexible sealing adhesion and temperature to several substrates make these adhesives ideal for use in many end use sectors, such as textile, transportation, footwear, and furniture. This factor is likely to encourage growth of the global thermoplastic polyurethane (TPU) market in the forthcoming years.
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