February
27, 2019: The global thermoplastic polyurethane market size is
expected to display higher growth rate in next five years. The thermoplastic
polyurethane market is subject to witness a substantial growth due to the
growing demand for lightweight & durable materials in various end-user
applications. Some of these applications include interior design industry,
building & construction industry, electronics & electrical sector,
automobile industry, and footwear & packaging industry.
The thermoplastic
polyurethane are increasingly used for production cushion foams, internal
components, and various light weighted automotive parts. These factors are
expected to drive the growth of thermoplastic polyurethane market. Globally,
the thermoplastic polyurethane market is predicted to generate massive revenue
in the forecast period, providing numerous opportunities for market players to
invest in research and development for the thermoplastic polyurethane market.
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Seat frames that are
manufactured with the help of thermoplastic polyurethane are light in weight in
comparison with other types of metal stamped frames. The recent technological
advancement coupled with development of the novel products such as matrix
resins and metal composites consisting of glass-fiber reinforced leaf springs
are expected to fuel market growth in the upcoming years. Factors such as
introduction of highly efficient and insulated foams and increasing demand for
green buildings & other sustainable infrastructure projects are predicted
to favor market growth over the forecast period.
Implementation in green
buildings & other sustainable infrastructure projects are lowering energy
costs in both developed & developing economies across the globe, thereby
propelling market expansion in the recent years. Advent of various green
building tools like LEED certification and the NAHB guidelines are offering
necessary product innovation that matches environmental building standards.
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The highly concentrated
& oligopolistic nature of the thermoplastic polyurethane market has led to
development of the products innovation, thereby driving market growth in the
last few years. Introduction of low cost solution and implementation of
aggressive marketing strategies by leading industry participants are expected
to boost market growth in the upcoming years. In addition, large number of
prominent industry players are entering into strategic alliances with local
manufactures to gain competitive advantage over their counterparts, thus
fostering market growth, in the recent years. Increasing demand form North
American and European region for thermoplastic polyurethane are anticipated to
boost the growth of thermoplastic polyurethane market in the upcoming years.
However, stringent laws
and regulation by local governments in regards to environmental hazards coupled
with volatile in cost of raw material are estimated to restrain market progress
to a certain extent. Additionally, constantly changing prices of toluene
diisocyanate (TDI) and methylenediphenyl diisocyanate (MDI), which vital for
production of thermoplastic polyurethane are negatively affecting market
growth. Variation in the cost of toluene diisocyanate (TDI) and
methylenediphenyl diisocyanate (MDI) is credited to create fluctuation in their
precursor markets, involving petrochemicals such as benzene.
The thermoplastic
polyurethane market is broadly categorized into four major segments based on
product type such as rigid & flexible foams, coatings, adhesives &
sealants, and elastomers. The elastomers is considered as one of the fastest
growing segment in the thermoplastic polyurethane market with substantial
revenue generation in the last couple of years. The rigid & flexible foam
segment has also witnessed massive growth, in the recent years, owing to their
inherent properties such as high flexibility impact & shock resistance.
The thermoplastic
polyurethane market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in implementation of latest technologies in
polyurethane market, favorable government laws & regulations and existence
of well-established infrastructure in the region.
Asia-Pacific region is
predicted to hold major market share in the thermoplastic polyurethane market
with massive growth in forecast period. Countries such as India, China and
Japan are leading the Asia-Pacific market with easy accessibility of skilled
workforce, availability of raw materials in abundance, strong economic growth
and significant investment by leading industry players considering the
potential growth opportunities in region.
The key players in the
thermoplastic polyurethane market are BASF Co., The Dow Chemical Co., Covestro
AG, Huntsman Co., Mitsui Chemicals Inc., Eastman Chemical Co., Nippon
Polyurethane Industry Co., Woodbridge Foam Co., Lubrizol Co., Rampf Holding
GmbH & Co., DIC Co., and RTP Company, Inc.
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