The latest market research report by Technavio on the global thermoplastic polyurethane (TPU) market predicts a CAGR of more than 6% during the period 2017-2021.
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Technavio has published a new market research report on the global thermoplastic polyurethane market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
The report segments the global thermoplastic polyurethane market by product (polyester, polyether, and polycaprolactone), by end-user (footwear, engineering, automotive, and construction), and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global thermoplastic polyurethane market, according to Technavio chemicals and materials researchers:
- Advances in TPU grade used in medical industry: a major market driver
- In 2016, the polyester segment dominated the market by occupying almost 50% share
- APAC dominated the global thermoplastic polyurethane market with around 33% share in 2016
- BASF, Covestro, Huntsman International, PolyOne, and Wanhua Chemical Group are some of the players in the market
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Advances in TPU grade used in medical industry: a major market driver
Advances in TPU grade used in medical industry is one of the major factors driving the global thermoplastic polyurethane market. The medical plastics compounder and processor Biomerics has launched its Quadrathane family of polycarbonate-based TPU for the medical device market, particularly to be used in implantable devices. This new product family is available in aliphatic and aromatic formulations. The Quadrathane aliphatic polycarbonate grades are non-yellowing and can be used in applications where softening and bio-durability are required such as hemodialysis, drainage, vascular access, and pacemaker leads.
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APAC: largest thermoplastic polyurethane market
The TPU market in APAC is witnessing high growth because of the continuous rise in the production of end-products for internal use and exports. The key drivers for this regional market are the growing middle-class population, growing industrialization, and rise in the manufacturing sector of the region. APAC was the largest regional market in 2016 and it is expected to project the highest growth rate during the forecast period. Increasing production and the expansion of existing facilities by producers in China and India is expected to foster market growth in the next few years.
According to Ajay Adikhari, a lead analyst at Technavio for research onplastics, polymers, and elastomers, "The high economic growth rate, the increase in the number of manufacturing industries, the increase in foreign investments, the availability of cheap labor, and the rise in the use of TPU across various industries and applications are the few major factors that are likely to propel the growth of the TPU market in APAC."
Competitive vendor landscape
The players in the global TPU market compete based on technology, trait leadership, price, quality, and cost. The market consists of several global and regional players. It is highly competitive and is dominated by large-scale vendors such as BASF, Covestro, Huntsman International, PolyOne, and Wanhua Chemical Group. These players have a vast geographical presence with numerous production facilities. There are also a substantial number of small regional vendors with a considerable amount of market share.
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