Europe Thermoplastic Polyurethane (TPU) Market Segmentation, By Raw Material (Diisocyanate, Polyols, Diols, Others), Type (Polyester, Polyether, Polycaprolactone), Application (Extruded Products, Injection Molded Products, Adhesives, Other Applications), End-User (Footwear, Industrial Machinery, Automotive, Electronics, Medical, Consumer Goods, Sports and Leisure, Building and Construction, Textile, Heavy Engineering, Others) – Industry Trends and Forecast to 2031
Europe Thermoplastic Polyurethane (TPU) Market Analysis
The thermoplastic polyurethane market trends for the current forecast period show a progressive shift in attention toward creating bio-based goods, which offers the market remarkable features in terms of growth, expansion, and revenue expansion. In addition, the degree of research and development activity has increased. Therefore, the market is estimated to have lucrative growth over he forecasted period.
Europe Thermoplastic Polyurethane (TPU) Market Size
Europe thermoplastic polyurethane (TPU) market size was valued at USD 794.82 million in 2023 and is projected to reach USD 1,396.58 million by 2031, with a CAGR of 7.30% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
|
Attributes
|
Thermoplastic Polyurethane (TPU) Key Market Insights
|
|
Segmentation
|
|
|
Countries Covered
|
Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe
|
|
Key Market Players
|
BASF SE (Germany), The Lubrizol Corporation (U.S.), Covestro AG (Germany), HEXPOL AB (Japan), Huntsman Internaional LLC (U.S.), Wanhua (China), Sanyo Corporation of America ( U.S.), COIM Group (Italy), Mitsui Chemicals, Inc., (Japan), Tosoh India Pvt. Ltd. (Japan), American Polyfilm Inc., (U.S.), Kuraray Co., Ltd (Japan), HEXPOL AB (Sweden), AVERY DENNISON CORPORATION (U.S.), APi GROUP (U.S.), Kolon Industries (South Korea) and Avient (U.S.)
|
|
Market Opportunities
|
|
Europe Thermoplastic Polyurethane (TPU) Market Definition
Thermoplastic polyurethane (TPU) is basically a special kind of material that bridges the gap between rubber and plastic. A polyaddition reaction creates a translucent, melt-processable, and extremely elastic thermoplastic elastomer. The characteristics of this material are transparency, high elasticity, resistance to high-energy radiation, abrasion, solvents, oil, and grease, string mechanical qualities, and can be as soft as rubber or as unyielding as rigid plastics. It is also environmentally friendly, biodegradable, and 100% recyclable as compared to polyvinyl chloride (PVC). It's largely utilized in specialty molded components, footwear, adhesives, hose, tubes, film, sheets, and wire and cable jacketing and other applications.
Thermoplastic Polyurethane (TPU) Market Dynamics
Drivers
- Increased Demand for Various Applications
The increasing textile demand, increasing usage of the product in automotive applications, rising presence of medium- and large-scale aerospace and component manufacturers, and emerging applications such as animal identification tags are the major factors driving market growth. Additionally, its extensive usage across construction, automotive, aerospace and medical industry for numerous applications and the growing replacement of traditional materials by thermoplastic polyurethane is estimated to carve a way for the market's growth.
The rising agriculture production in various economies will further propel the growth rate of thermoplastic polyurethane (TPU) market. Additionally, the product's durability, high strength, exceptional fungal and abrasion resistance will also drive market value growth.
Opportunities
- Emerging Market, Research and Developments
Furthermore, the growing replacement of polyvinyl chloride (PVC) in medical application by thermoplastic polyurethane (TPU) and rising emerging market for bio-based thermoplastic polyurethane extend profitable opportunities to the market players in the forecast period of 2024 to 2031. Additionally, the increase in the degree of research and development activities coupled with the development of market products through their manufacturing units will further expand the future growth of the thermoplastic polyurethane (TPU) market.
Restraints/Challenges
- High Costs
The higher cost of thermoplastic polyurethane, when compared to other conventional materials, is estimated to create hindrances for the growth of the thermoplastic polyurethane (TPU) market.
- Volatility in Raw Material Prices
Moreover, the fluctuations in the prices of raw materials will prove to be a demerit for the thermoplastic polyurethane (TPU) market. Therefore, this will challenge the thermoplastic polyurethane (TPU) market growth rate.
This thermoplastic polyurethane (TPU) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the thermoplastic polyurethane (TPU) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Thermoplastic Polyurethane (TPU) Market
The recent outbreak of coronavirus had a negative impact on the thermoplastic polyurethane (TPU) market. The pandemic's atrocities have largely affected the market as they have evolved and emerged. As global governments focus on implementing measures that will help and play a positive role in curbing the obnoxious spread of the novel coronavirus, market players have been facing a variety of market issues. However, these measures will have negative effects on demand and supply chain mechanisms, resulting in market losses, as predicted by trends. Furthermore, the market's ability to grow and expand is being hampered by the rising changes and preferences of the global target audience that is exposed to market operations. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.
On the brighter side, the governments throughout the world are lifting constraints that will aid in sustaining demand and supply and allow production units to operate in accordance with thermoplastic polyurethane market trends. Furthermore, rising market investments are anticipated to assist market firms in focusing on research and development departments, improving market portfolios and presenting target audiences with novel and imaginative options to pick from, which will aid the market to revive.
Europe Thermoplastic Polyurethane (TPU) Market Scope
The thermoplastic polyurethane (TPU) market is segmented on the basis of raw material, type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw Material
- Diisocyanate
- Polyols
- Diols
- Others
Type
- Polyester
- Polyether
- Polycaprolactone
Application
- Extruded Products
- Injection Molded Products
- Adhesives
- Other Applications
End-User
- Footwear
- Industrial Machinery
- Automotive
- Electronics
- Medical
- Consumer Goods
- Sports and Leisure
- Building and Construction
- Textile
- Heavy Engineering
- Others
Thermoplastic Polyurethane (TPU) Market Regional Analysis
The thermoplastic polyurethane (TPU) market is analyzed and market size insights and trends are provided by country, raw material, type, application and end-user as referenced above.
The countries covered in the thermoplastic polyurethane (TPU) market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey and Rest of Europe in Europe.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Thermoplastic Polyurethane (TPU) Market Share
The thermoplastic polyurethane (TPU) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to thermoplastic polyurethane (TPU) market.
Thermoplastic Polyurethane (TPU) Market Leaders Operating in the Market Are:
- BASF SE (Germany)
- The Lubrizol Corporation (U.S.)
- Covestro AG (Germany)
- HEXPOL AB (Japan)
- Huntsman Internaional LLC (U.S.)
- Wanhua (China)
- Sanyo Corporation of America (U.S.)
- COIM Group (Italy)
- Mitsui Chemicals, Inc., (Japan)
- Tosoh India Pvt. Ltd. (Japan)
- American Polyfilm Inc., (U.S.)
- Kuraray Co., Ltd (Japan)
- HEXPOL AB (Sweden)
- AVERY DENNISON CORPORATION (U.S.)
- API GROUP (U.S.)
- Kolon Industries (South Korea)
- Avient (U.S.)
SKU-