LONDON--(BUSINESS WIRE)--The thermoplastic polyurethane (TPU) market is expected to grow by USD 863.90 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The rapidly expanding population, strong economic growth, and rising purchasing power have increased the sales of automobiles in countries such as China, India, Indonesia, and Thailand. Besides, favorable government policies in these countries have been continuously supporting the growth of the automobile industry. TPU is widely used in the automobile industry for various applications such as door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. This is because of their properties such as elasticity, strength, chemical and grease resistance, and high-temperature resistance. Therefore, the thriving automobile industry in APAC is expected to drive the growth of the global thermoplastic polyurethane market during the forecast period.
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As per Technavio, the superior properties of TPU will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Thermoplastic Polyurethane Market: Superior Properties Of TPU
TPU exhibits excellent physical and chemical properties such as flexibility, resistance to alkali and chemical reactions, abrasion resistance, resistance to UV radiation, high-temperature resistance, and high tear strength. These properties have increased the use of TPU in various end-user industries such as automotive, footwear, consumer goods, electronics, and construction. This is one of the key trends fueling the growth of the global thermoplastic polyurethane market.
“Recyclability of TPUs and rising investments in the healthcare industry will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Thermoplastic Polyurethane Market: Segmentation Analysis
This market research report segments the thermoplastic polyurethane market by Product (Polyester, Polyether, and Polycaprolactone), Application (Consumer goods and electronics, Automotive, Construction, and Others), and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the thermoplastic polyurethane market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the thriving medical tourism industry in China and India.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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