Thermoplastic Polyurethane (TPU) Market Demand: Influence of Major Players on Market Dynamics
The TPU market is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1%. Crucial information accessible in this market research report includes thermoplastic polyurethane (TPU) market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details. The market growth is driven by influencing factors such as significant demand from end industries such as footwear, automotive, medical, industrial machinery, and electronics industries.
Thermoplastic Polyurethane (TPU) Companies
The key global players in the TPU market include BASF SE (Germany), The Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Chemical Group Co. Ltd. (China), American Polyfilm, Inc. (US), Epaflex Polyurethanes SpA (Italy), COIM Group (Italy), Mitsui Chemicals, Inc. (Japan), and Avient Corporation (US) are the key players in the TPU market. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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BASF SE
BASF SE is a leading chemical company. The company operates under six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. It offers TPU through the functional materials business segment. The company's research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research, and Bioscience Research. It supplies products and services to 90,000 customers. The company holds one of the top three market positions in around 80% of the business areas in which it is active. It operates six Verbund sites and 232 additional production sites across Europe, Asia Pacific, North America, South America, Central America, and the Middle East & Africa., In 2020, the company announced a collaboration with Maincal to launch South America's first safety shoe made with Infinergy. Infinergy TPU will help the company to meet the growing demand for the expanded TPU, especially in Asia Pacific. In September 2018, BASF SE launched a new production plant for expanded TPU, Infinergy, at the Changhua manufacturing site (Taiwan).
THE LUBRIZOL CORPORATION
The Lubrizol Corporation is one of the leading chemical manufacturers and a fully owned subsidiary of Berkshire Hathaway (US). The company is comprised of two primary business segments: Lubrizol Additives and Lubrizol Advanced Materials. It offers TPU through the Lubrizol advanced materials segment. serves its products to various markets such as 3D printing, coatings, life sciences, personal care & beauty, medical devices, industrial cleaning and home care, and separation. The company serves customers in more than 100 countries, including the US, Belgium, Brazil , China, France, Germany, India, Japan, Spain, and the UK, among others. The Lubrizol Corporation operates 40 technical facilities, 56 manufacturing sites, and 45 sales offices.
“Diisocyanates raw material is projected to grow at fastest CAGR, in terms of volume, during the forecast period.”
Diisocyanates raw material is projected to be the fastest-growing segment in the global TPU market, in terms of volume, during the forecast period. Diisocyanates are an essential material used in the manufacturing of TPU as it reacts with polyols to form polyurethane chains that offer the material desirable its properties, including elasticity, durability, and resistance to chemicals and abrasion.
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“Polycaprolactone is projected to be the fastest growing type in the TPU market, in terms of value.”
Polycaprolactone provides superior mechanical and physical properties, including high tensile strength, excellent elasticity, and resistance to oil and chemicals. Polycaprolactone-based TPU has a lower melting point and can be easily processed, making them ideal for a wide range of applications, such as medical devices, automotive parts, and coatings.
“Asia Pacific is expected to be the fastest growing market for TPU during the forecast period, in terms of value and volume.”
The markets of the Asia Pacific and South America are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, South Korea, Brazil, and Argentina are investing in various industrial developments that are driving the TPU market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as TPU contains isocyanates.
