Northrook, IL -- (SBWIRE) -- 07/16/2020 -- The report "Thermoplastic Polyurethane Market by Type (Polyester, Polyether, and Polycaprolactone), End-Use Industry (Automotive, Footwear, Engineering, Building & Construction, Wires & Cables, Hose & Tubing, and Medical), and Region – Global Forecast to 2027", is projected to reach USD 3.9 billion by 2027, at a CAGR of 6.8%

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The growth of the market is driven by replacement of conventional materials by thermoplastic polyurethane in applications demanding high dimensional stability and increased abrasion resistance.
"The Asia-Pacific region is the largest market for TPU."
The Asia-Pacific region is currently the largest market for TPU due to increasing demand for TPU from emerging economies, such as India and China. China is the largest market for thermoplastic polyurethanes in the Asia-Pacific region.

Forces driving the market for TPU in the Asia-Pacific region are:
Presence of major manufacturers of TPU in the region
Growing end-use industries, such as footwear, engineering, automotive, and building & construction in major countries, such as China, India, and Japan of the region.
"Among end-use industries, the footwear segment led the TPU market, in terms of volume."
TPU is used in various end-use industries, such as footwear, engineering, building & construction, automotive, hose & tubing, wires & cables, and medical. These are the main end-use industries that have been considered in this report on the TPU market. In terms of volume, the footwear end-use industry segment led the TPU market. It was followed by the engineering, wires & cables, automotive, building & construction, hose & tubing, and medical segments. The footwear end-use industry is largely influenced by consumer trends and fashions. Rising demand for fancy and trendy comfortable footwear among all age groups is a key factor driving the growth of the footwear industry across the globe, which, in turn, is driving the TPU market. The medical end-use industry segment of the TPU market is projected to grow at the highest CAGR between during forecast period, in terms of both, value as well as volume.

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"Among types, the polyester segment led the TPU market"
On the basis of type, the TPU market has been classified into polyester, polyether, and polycaprolactone. The polyester type segment led the TPU market, in terms of value as well as volume. It was followed by the polyether and polycaprolactone type segments. Polyester-based TPU possesses stronger cut and tear resistance combined with better oil and heat resistance properties than polyether-based TPU. In addition, cost of polyester-based TPU is lower in comparison to polyether-based TPU. All these factors are expected to drive the growth of the polyester type segment of the TPU market during forecast period.

The key players in the TPU market are BASF Polyurethanes (Germany), The Lubrizol Corporation (U.S.), Covestro AG (Germany), Huntsman Corporation (U.S.), and Wanhua Chemical Group Co., Ltd. (China), among others.

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BASF SE (Germany) is among the key players in the TPU market. The company adopted the strategies of new product launch, expansion, and acquisition to strengthen its competitiveness in the global TPU market. For instance, in May 2019, BASF has planned to expand the production capacity of TPU and engineering plastics in the Verbund site in Zhanjiang, China, by 2022. This expansion of production capacity will bring the total capacity of these products in APAC to 290,000 MTPA. This expansion will help the company to meet the immediate need of the customers in APAC.

Covestro (Germany) is one of the leading manufacturers of TPU. The company adopted new product launch as one of its key business strategies. In October 2018, Covestro developed a new series of TPU-containing polyether carbonate polyols based on the carbon dioxide technology as Desmopan 37385A. The new series of TPU lowers carbon footprint and also conserves fossil resources. The company also plans to expand the TPU series with variants of different hardness. This new product launch has expanded the TPU portfolio of the company.

Critical questions the report answers:
- Are there any upcoming hot bets for the TPU market?
- How are the market dynamics in the different end-use industries of TPU?
- What are the upcoming opportunities for the different types of TPU in emerging economies?
- What are the significant trends in end-use industries that are influencing the TPU market?
- Who are the major manufacturers of TPU?
- What are the factors governing the TPU market in each of the regions?

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