Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) -- Driven By the Rising Consumption of Thermoplastic Polyurethane Material In Automotive and Footwear Industries, Global Thermoplastic Polyurethane Market is forecasted to Cross US$5 Bn by 2028 says Ken Research Study.
Thermoplastic Polyurethane is an elastomer that can be processed by using various forms of conventional methods such as injection molding, extrusion, and compression molding. Thermoplastic Polyurethane (TPU) has the characteristics of both plastic and rubber and thus exhibits properties like durability, flexibility as well as excellent tensile strength. It is a type of block copolymer consisting of alternating sequences of hard and soft segments that makes it ideal to be used for applications such as footwear, wire and cable, film and sheet, compounding, adhesives, and specialty molded parts.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study”
1. Replacement of Polyvinyl Chloride (PVC) in Medical Applications by Thermoplastic Polyurethane (TPU) provides an opportunity for the Market Growth
According to Ken Research Analysis, the Global Thermoplastic Polyurethane Market was ~US$ 3 billion in 2022 and is forecasted to reach a market size of ~US$ 5 billion by 2028, growing at a CAGR of ~7% during 2022 to 2028, due to the increasing usage of Thermoplastic Polyurethane in footwear, automotive, and construction industries. Thermoplastic Polyurethane materials are used in almost all markets, owing to their high-performance properties. In the healthcare industry, applications can range from artificial heart components, blood plasma bags, to isolation tents in hospitals. TPU is the only polymer material desirable for medical applications since it does not contain any plasticizers.
Medical Grade TPUs are some of the most versatile plastic materials available today for use in medical devices. It offers the medical industry an environmentally friendly replacement to PVC without sacrificing flexibility. Poly Vinyl Chloride (PVC) material has been extensively used for making blood bags and other non-breakable containers in healthcare due to its low cost and excellent functions after softening. However, manufacturers are gradually getting rid of dependence on PVC as medical devices containing PVC release harmful chemicals during routine use and disposal.
Thermoplastic Polyurethane (TPU) is considered a reliable and high-quality alternative to PVC in all medical applications from devices to normal usage containers. According to the commercial development manager of Bayer Material Science, TPU healthcare grades are currently used to create oxygen masks and medical tubing. The material is also used in a variety of catheters such as central venous, intra-aortic balloon catheters.
2. Rising Adoption of Thermoplastic Polyurethane (TPU) by Footwear and Automotive Manufacturers is Fuelling the Market Worldwide
Footwear is the largest end-use industry of Thermoplastic Polyurethane (TPU) as it is used to manufacture various parts of footwear, such as upper yarns, midsoles/foam & cushioning, outsoles, eyelets, heel cups, logos, shanks & toe caps. Rising demand for durability and performance among people from all age groups is driving the market in the footwear industry. The advanced TPU technology allows shoe manufacturers to use versatile materials during production, simplifying processes and using less energy. The TPU waste generated during the production process can also be reused, helping in reducing waste. Shoes made of 100% TPU can also be recycled at the end of their life cycle. Thermoplastic polyurethane films are widely used in the automotive industry to increase the fuel efficiency of vehicles. These films can be used in various vehicle components such as car seats, airbags, doors, and acoustic panels to improve comfort and safety.
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3. High Manufacturing Cost of Thermoplastic Polyurethane is the Major Challenge Faced by The Thermoplastic Polyurethane Market
Thermoplastic polyurethane is usually costlier than traditional materials. Its higher price may limit its adoption, especially in less demanding applications. The excessive price is due to the high production costs incurred due to the great degree of customization. Additionally, extrusion, injection molding, and compression molding are among the TPU production processes that require big machinery and skilled laborers, thereby raising the overall manufacturing cost of the product. The graph below represents the high costs of machines that are used for manufacturing various products from Thermoplastic Polyurethane.
Market Taxonomy
Raw Material
- Polyols
- Diisocyanate
- Diols
Type
- Polyester
- Polyether
- Polycaprolactone
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Application
- Extruded Products
- Injection Molded Products
- Adhesives
- Others
End-User
- Footwear
- Automotive
- Construction
- Aerospace
- Energy & Power
- Medical
- Others
By Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- 3M
- BASF SE
- Coim Group
- Covestro AG
- Huntsman International LLC
- KURARAY CO., LTD.
- Tosoh Corporation
- Sumei Chemical Co. Ltd
- The Lubrizol Corporation
- Epaflex Polyurethanes Spa
For more insights on the market intelligence, refer to below link:-
Global Thermoplastic Polyurethane Market
According to Ken Research Analysis, the Global Packaging Machinery Market is expected to record a positive CAGR of ~5% during the forecast period (2022-2028) and is expected to reach nearly US$ 63 billion by 2028, owing to the increasing demand for consumer goods along with rising popularity of e-commerce platform to shop different products. The COVID-19 pandemic negatively impacted the Packaging Machinery market initially due to the imposed lockdown, the demand and supply for packaging machinery got impacted. International packaging machine deliveries were delayed to curb the pandemic situation. In addition, COVID-19 affected consumer shopping at convenience and retail stores and also impacted the E-commerce sector due to which the demand for packaging and packaging machinery declined.
The Asia Pacific Commercial and Industrial Robots Market is expected to record a positive CAGR of ~17% during the forecast period 2022-2027, due to the shortage of skilled labor, the emergence of smart factories, and the increase of warehouse automation in diverse industry sectors. A rise in the tendency to make online purchases is anticipated to promote the expansion in the usage of these robots in the e-commerce business, especially in logistics hubs and warehouses. Increased investment in R&D and advancements in AI, IoT, and Machine learning are creating new opportunities in the market as well. Of late, commercial robots are also getting deployed in healthcare as they are widely used for surgical procedures, sanitation, and delivering medicines.
Over the next five years, the Automated Guided Vehicles market in North America is forecasted to grow at nearly 15% CAGR, owing to the rise in demand for automation in material handling industries, leading to improvements in productivity and accuracy and reduction in utility cost. Automated Guided Vehicles (AGV), leveraging sensors, visual indicators, emergency stop buttons, and navigation technology features, ensure that the working environment is safe. With rise in demand for e-commerce, supply chains are implementing AGVs in distribution centers enabling industries to operate at high output. The utilization of AGVs in the pharmaceutical industry increased to meet the excessive demand and sustain hygiene.
The Robotic Arms Market in the Asia Pacific is expected to witness strong growth of more than 15% over the next five years. The use of robotic arms will continue to grow due to the increasing requirement of automation in almost all industries and for being used for most applications from material handling to assembling. The demand and development of technologies such as artificial intelligence and machine learning which support the increase in the number of applications for robotic arms are also going to drive its growth.
The UAE 3D printing market is expected to witness positive growth at a double-digit CAGR over the forecast period, 2021P-2026F. Technological Advancement will be seen in the industry such as, new and upcoming technologies like WASP & color jet printers might overpower the existing FDM Technology in the 3D Printing industry. Over the forecasted period, it is predicted that the application of 3D Printing will shift from prototyping to manufacturing, and there will be a significant change in the type of materials that are used for the 3D Printing Technology.
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