Covina, July 25, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global thermoplastic polyurethane (TPU) market size and share are expected to grow steadily in the coming decade, registering a moderate CAGR of 9% from 2024 to 2034. The market is anticipated to reach a valuation of USD 2.7 Billion in 2024, which is expected to increase to USD 5.9 Billion by 2034.
Thermoplastic Polyurethane (TPU) Market Report Snapshot
Diisocyanate and diol polyaddition processes provide a material called thermoplastic polyurethanes. They are applicable to different industries since they become soft and flexible upon heating and rigid upon cooling. They can be re-processed many times through multiple melting and molding cycles without affecting the structure of TPUs. They have the advantages of flexibility, resistance to oils and greases, elasticity, abrasion resistance, and impact resistance. They are formed by condensation of a polyol, a diisocyanate, and a short-chain diol in an alternate block of hard and soft blocks in the chain. The most used diisocyanate to produce TPU is methylene diisocyanate (MDI), while 1,4-butanediol (BDO) is the more common chain extender.
The applications of TPU are in a variety of products, such as phone cases, rafts, housing, boots, and wheels, among others, and piping. Since they are able to melt and extrude, they are quite helpful in 3D printing. They will be ideal for various processes, including extrusion, laser sintering, fused filament deposition printing, and 3D inkjet printing. The key benefits of TPUs include tensile strength, flexibility, and adjustability during assembly, which makes them very useful in rigorous and cold conditions. Since they are highly resistant to abrasion and chemical actions, the application prospects of polyurethane-based TPU in industry and car machinery become very large. The good resistance to hydrolysis and microbiological attack, coupled with excellent flexibility at a wide temperature range, makes polyether-based TPUs useful for medical applications. This adaptability makes TPU a good option for a reach of commercial applications.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Thermoplastic Polyurethane (TPU) Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- BASF SE
- The Lubrizol Corporation
- Covestro AG
- Huntsman Corporation
- Wanhua Chemical Group Co. Ltd.
- American Polyfilm, Inc.
- Epaflex Polyurethanes SpA
- COIM Group, Mitsui Chemicals, Inc.
- Avient Corporation
- Kent Elastomer Products
- AMERICAN POLYFILM, INC.
- Entec Polymers
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Analyst View:
Thermoplastic polyurethanes find very broad applications in extrusion, laser sintering, fused filament deposition printing, and 3D inkjet printing. They are condensation products of polyol, diisocyanate, and short-chain diol in a chain. A very valuable feature of TPUs is that they have both tensile strength and adjustability, which makes them quite useful under the harshest conditions. They show very high abrasion resistance, and very good chemical resistance, owing to which they find application in industry and car machinery. The medical sector is another area where the application of polyether-based TPUs is quite worthwhile since they demonstrate resistance to hydrolysis and microbiological attack. Another fast-growing field of application is bio-based TPUs, as more and more consumers wish for green products. Manufactured from renewable raw materials like castor beans or maize starch, bio-based TPUs are compostable, therefore doing less harm to the environment. PPU is an important factor in many aero and auto industries if higher performance and better fuel economy have to be achieved. Raw materials in TPUs result from reactions with polyols, diols, stabilizers, pigments, and flame retardants.
Market Dynamics:
Drivers:
Growing demand from a range of end-use sectors
- TPU is a material of general utility; it has found application through the years due to its tolerance. Depending on the type of application, it is soft, resistant to chemicals, and abrasive. Resistance to oil, grease, and high temperatures makes it useful in the automobile sector for parts such as airbags, gaskets, hoses, belts, seals, and greases. More in relevance to biocompatible material, TPU finds applications to be used with medical devices like blood bags, catheters, and electronic applications because of the chemical resistance and electrical insulating attributes and abrasion resistance against dynamic flexing. This translational work will help the construction industry by using the supply of TPU with its resistance to weather and durability factors in expansion joint fillers, waterproofing compounds, roofing membranes, etc. TPU is a versatile material that is very useful to almost all industries.
The use of bio-based TPUs is expanding.
- Increasingly, in response to heightened demand by consumers for environmentally friendly products, companies have developed bio-based TPUs made from renewable raw materials such as castor beans or maize starch. Environmentally friendly alternatives are produced to be compostable and have fewer impacts on the environment. Further demand increase of bio-based TPUs is likely to happen as countries impose stricter plastic laws. This change in consumer demand toward more eco-friendly products significantly influences the development of bio-based TPUs.
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Market Trends:
Growing demand for strong, lightweight materials
- This is a light, strong polymer, widely used in the aero and auto industries to save weight. TPU improves performance and fuel economy; as such is used in airbags, instrument panels, and car seats. TPU is used in the aerospace industry in the production of wings and fuselage panels, as well as components for internal finishing. By reducing the weight of the airplane, it increases fuel efficiency and range.
Segmentation:
Thermoplastic Polyurethane (TPU) Market is segmented based on Type, Raw Materials, Application, and Region.
Type Insights
- Polythermoplastic Polyethylene As one of the thermoplastic polyurethane plastics, polyurethane holds very excellent physical qualities since it is resistant to abrasion, oil, and grease. It falls under the category of a thermoset polymer and hence needs an ester functional group in the main chain. is highly resilient and impervious to abrasion, oil, and grease. Some grades of Polyether TPUs also exhibit improved resistance to microbiological attack, moisture/humidity, and weak acids/bases. Another class of materials under the Polycaprolactone TPU family comprises materials that have some of the following desired characteristics: low molecular weight distribution, low acid value, and excellent end-termination functionality. It is also resistant to oil, grease, and abrasion.
Raw Materials Insights
- Their reaction with polyols generates thermoplastic polymers, TPU, and hence determines the hardness and rigidity of the final product. The TPU obtains its flexibility and impact resistance from the long-chain polymers, the polyols. There are two primary varieties, namely: polyether and polyester polyols, and they differ in several aspects. Diols, sometimes referred to as chain extenders, combine with polyols and diisocyanates to boost molecular weight and enhance characteristics like elasticity and strength. Small chemicals, and chain extenders, lengthen the chains of the polymer and give a very good mechanical and thermal stability. Additives in the form of stabilizers, pigments, and flame retardants change TPU characteristics concerning color, fire resistance, and UV resistance, among others, for certain uses.
Application Insights
- TPU is a versatile material applied to various industries. It is used in shoes since it allows for flexibility and strength, and even is comfortable—it provides support and cushioning. It has also been used in automobiles in protective coatings, gaskets, and seals due to its elasticity and abrasive resistance. Because TPU has properties of wear, oil, and chemical attack resistance, it finds its way into applications involving seals, hose, and conveyor belts in industries. Further, it has applications in medical devices because of its sterilizing properties and biocompatibility in catheters and surgical instruments. In the electronic field, TPU is used in protective cases, connectors, and cable insulation. It also has applications in construction for coatings, sealants, and waterproof membranes.
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Recent Development:
- In January 2024, BASF launched a material production unit in Zhanjiang. BASF, a German chemicals company, announced the opening of a thermoplastic polyurethane (TPU) facility on Thursday, the second plant to be built at the 10-billion-euro ($10.9 billion) Verbund complex in Zhanjiang, Guangdong Province.
Regional Insights
- North America: Strong demand generated in the automotive, electronics and healthcare sectors generally supports the market in North America. Technological developments have also been a mainstay in this local market due to a significant and sophisticated manufacturing base to address.
- Europe: Beginning from the footwear and automobile industries to the medical, it is a large consumer market for TPU in Europe. Tight laws and increasing emphasis on sustainability have also boosted demand, hence fastening the production of TPU materials suitable for the environment.
Browse Detail Report on "Thermoplastic Polyurethane (TPU) Market Size, Share, By Type (Polyester TPU, Polyether TPU, and Polycaprolactone TPU), By Raw Materials (Diisocyanates, Polyols, Diols, Chain extenders, and Additives), By Application (Footwear, Automotive, Industrial, Medical, Electronics, Construction, and Others), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/thermoplastic-polyurethane-market-5521
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