Analysis of Potential Impact of COVID-19 on Thermoplastic Polyurethane (TPU) Market
Global Thermoplastic Polyurethane (TPU) Market: Overview
Thermoplastic polyurethane refers to a highly versatile elastomer that comes with unique characteristics that offer flexibility in processing and superior performance as well. Thermoplastic polyurethane is considered an ideal polymer for use across a wide variety of applications in several end use segments, including specialty molded parts, film and sheet, footwear, adhesives, wire and cable, and compounding. Thermoplastic polyurethane has been offering several benefits to various end users, manufacturers, and designers for more than 60 years. The growing demand for the product is likely to drive the global thermoplastic polyurethane (TPU) market in the years to come.
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Thermoplastic polyurethane refers to an unusual type of plastic that bridges the gap between plastics and rubbers. The key to the versatility of thermoplastic polyurethane lies in its highly customized hardness. Thermoplastic polyurethane can be as rigid as hard plastics or as soft a rubber. It can be either colored or transparent.
Application, end use, and region are the three key parameters based on which the global thermoplastic polyurethane (TPU) market has been divided. The objective of such segmentation is to provide a clearer, 360-degree view of the market.
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Global Thermoplastic Polyurethane (TPU) Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global thermoplastic polyurethane (TPU) market is mentioned below:
- In May 2019, The Lubrizol Corporation entered into a partnership with Netherlands-based Ultimaker, 3D printer manufacturing company. Following the partnership, the former is developing new grades of thermoplastic polyurethane for the printers of Ultimaker.
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- This new thermoplastic polyurethane come with various features such as fast printing time and renewability. This strategic move is likely to diversify the product portfolio of thermoplastic polyurethane, which is estimated to expand its market reach as well..
Some well-known organizations in the global thermoplastic polyurethane (TPU) market include the below-mentioned:
- The Lubrizol Corporation
- Wanhua Industrial Group
- Polyone Corporation
- BASF SE
- Kuraray Co., Ltd
- Huntsman Corporation
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Global Thermoplastic Polyurethane (TPU) Market: Key Trends
The following drivers, restraints, and opportunities characterize the global thermoplastic polyurethane (TPU) market over the assessment period.
Growing Application in Diverse Industries to Shoot Up Demand
Thermoplastic polyurethane-based sealants and adhesives find use in a wide range of applications in various industries benefitting from their blend of features. Flexible sealing adhesion and temperature to several substrates make these adhesives ideal for use in many end use sectors, such as textile, transportation, footwear, and furniture. This factor is likely to encourage growth of the global thermoplastic polyurethane (TPU) market in the forthcoming years.
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Thermoplastic polyurethane-based adhesives come with certain properties, such as excellent final bond and high green strength. This has bolstered their demand in the automotive industry for the making of interior parts of automotives, such as instrument panel, door panel, attachment clip, and others. Thermoplastic polyurethane-based adhesives find extensive use in heat sealable fabrics, such as foam lamination and soft trim, in the automotive industry.
Thermoplastic polyurethane-based adhesives find extensive use in the furniture sector where it is utilized in the lamination of plastic films onto bathroom or kitchen furniture. These adhesives offer excellent bonding to plastics and wood. In addition, textile industry makes wide use of these adhesives to produce heat sealable fabrics. In addition, thermoplastic polyurethane-based adhesives find wide use in the footwear industry for the purpose of joining shoes parts. Such diverse applications of the product is estimated to support the expansion of the global thermoplastic polyurethane (TPU) market in the years to come.
Global Thermoplastic Polyurethane (TPU) Market: Geographical Analysis
In the global thermoplastic polyurethane (TPU) market, the Asia-Pacific region is estimated to account for a leading share. The growth of the market is ascribed to the rising demand for footwear and textile. A major demand for thermoplastic polyurethane-based adhesives for use in the footwear industry is likely to arise from India, China, and Thailand.
In addition, burgeoning demand for automotives in the Asia Pacific region due to rising disposable income is expected to drive the demand for thermoplastic polyurethane in the region.
