Improved Fuel Efficiency of TPU Elastomers Stimulating Adoption in Automotive Sector, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global TPU elastomer market is estimated at US$ 3.65 billion in 2024, as per the latest market study published by Fact.MR, a market research and competitive intelligence provider. Sales of TPU elastomers are predicted to increase at 6% CAGR from 2024 to 2034. Rising demand for high-performance and lightweight materials in several industries, including medical, electronics, footwear, etc., is forecasted to drive the sales of TPU elastomers.
Thermoplastic polyurethane (TPU) elastomers exhibit excellent mechanical properties, including abrasion resistance, high tensile strength, and flexibility. In addition, the durability and good chemical resistance of TPU elastomers are also contributing to their increased adoption. These properties make them more suitable for end-use industries, including automotive.
TPU elastomers can replace conventional materials, including metal, rubber, etc. in end-use industries. Moreover, a growing concentration on eco-friendly and sustainable materials is projected to fuel demand for TPU elastomers due to their lower carbon footprints and recyclability compared to other materials.
Report Attribute
Details
Value Projection (2034)
US$ 6.55 Billion
Growth Rate (2024-2034)
6% CAGR
No. of pages
170 Pages
No. of Tables
62 Tables
No. of Figures
48 Figures
Key Takeaway from Market Study
Worldwide demand for TPU elastomers reached a market value of US$ 3.44 billion in 2023.
The global TPU elastomer market is pegged at US$ 3.65 billion in 2024.
Sales of TPU elastomers are projected to reach US$ 6.55 billion by the end of 2034.
The market is predicted to expand at a CAGR of 6% from 2024 to 2034.
Footwear & sporting goods are projected to account for a leading share of the market by 2034.
“Rising demand for sustainable and bio-based thermoplastic polyurethane elastomers is attributed to increasing environmental concerns and efforts by industries to minimize their environmental footprints,” says a Fact.MR analyst.
Extensive Use of TPU Elastomers in Footwear and Sporting Goods
TPU elastomers are becoming popular among manufacturers of footwear owing to their abrasion resistance, lightweight, durability, comfort, and flexibility. They are used significantly in the footwear sector as a prominent raw material.
Some key market players have collaborated with prominent footwear brands, sporting goods market players, and shoe sole manufacturers to capitalize on the rising demand for TPU elastomers.
Key Market Players
Leading manufacturers of TPU elastomers are BASF SE, Kuraray Co. Ltd., Miracll Chemical Co. Ltd., Ravago Petrokimya Uretim A.S., COIM SPA, Zibo Hengjiu Pu Technology Company Ltd., Coating Chemical Industry Company, Huafon Group, Evermore Chemical Industry Company Ltd., Xuchuan Chemical Group, Sunko Ink Co. Ltd., DuPont Tate & Lyle Bio Products, Songwon Industrial Group, Blackwell Plastics LLP, Mitsui Chemicals, Inc., Hexpol AB, Lanxess Aktiengesellschaft, PolyOne Corp., Honeywell International Inc., Tosoh Corporation, APS Elastomers, Nihon Matai Co., Ltd., and Townsend Chemicals Pty. Ltd.
Country-wise Insights
Which variables are anticipated to increase TPU elastomer sales in the US?
"TPU Elastomers Are Widely Used in the Healthcare and Automotive Sectors"
Gaskets, interior pieces, and seals are just a few of the automotive components for which TPU elastomers are utilised. TPU elastomers are among the strong, lightweight, and high-performance materials that are becoming more and more popular as the automotive industry develops.
Thermoplastic polyurethane elastomers are utilised in the healthcare industry due of their chemical resistance and biocompatibility. It is anticipated that ongoing improvements in healthcare would increase demand for TPU elastomers for catheters, surgical equipment, and other products.
Competition Analysis:
In order to accomplish their objectives, players are using a variety of tactics, such as managing supply chain systems, guaranteeing product quality control, and implementing new innovations. Players use various methods like as acquisitions, mergers, collaborations, and others to gain a competitive edge and extend their influence across different geographies.
Lubrizol International Inc., in January 2019, announced the acquisition of the TPU business of The Dow Chemical Company. This acquisition aims to leverage Dow’s strong brand recognition.
Fact.MR, in its new offering, presents an unbiased analysis of the TPU elastomer market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (polyester, polyether), processing method (injection molding, lamination, extrusion, adhesives), and application (footwear & sporting goods, building & construction, automotive, industrial products, medical products, wires & cables), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Thermoplastic Copolyester Elastomers Market: Global demand for thermoplastic copolyester elastomers amounts to a market valuation of US$ 23.1 billion in 2023 and is forecasted to reach US$ 39.1 billion by the end of 2033.
Thermoplastic Elastomers Market: The market for thermoplastic elastomers (TPEs) is estimated at US$ 21 billion in 2022 and is forecasted to reach US$ 38.8 billion by the end of 2032.
Thermoplastic Polyolefin (TPO) Elastomers Market: The global thermoplastic polyolefin (TPO) elastomers market is valued at US$ 1.73 billion in 2023 and is forecasted to reach US$ 2.85 billion by 2033-end.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact: US Sales Office 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D) Sales Team: sales@factmr.com Follow Us: LinkedIn | Twitter | Blog
