Because that it has many qualities in common with other polymers like rubber, thermoplastic polyurethane films are frequently utilised in clothing and footwear. The production method for thermoplastic polyurethane films and their composite products has advanced greatly with the advancement of science and technology, which has produced the ideal conditions for their acceptance.
Thermoplastic polyurethane market sales were estimated to be $3 billion globally in 2021. The market is anticipated to reach a valuation of US$ 5.8 billion by the end of 2032, with a 6% CAGR between 2022 and 2032. Thermoplastic Polyurethanes of the Polyester Type are anticipated to generate the highest level of revenue over the forecast period (2022–2032).
Thermoplastic Polyurethane (TPU) Market Trends
Footwear is estimated to be the largest end-use Thermoplastic Polyurethane (TPU) industry
- The TPU market has been divided into footwear, industrial machinery, automotive, electronics, medical, and other end-use industries. The automotive industry is anticipated to develop at the quickest rate over the forecast period, while the footwear market was the largest consumer of TPU in 2018.
Polycaprolactone TPU is projected to register the highest CAGR during the forecast period
- The TPU market has been divided into three types based on type: polyester, polyether, and polycaprolactone. Because to its inherent hardness and excellent abrasion resistance capabilities, polycaprolactone is the TPU type that is expanding the fastest, but polyester is the largest type.
Increasing TPU Usage in the Footwear and Apparel Industries
- The demand for TPU films is anticipated to increase significantly during the projected period due to an increase in the production of footwear and clothing as well as technical developments that have made TPU a more flexible and preferred material for the footwear and apparel sectors.
Why Polyester Thermoplastic Polyurethanes is projected to Witness the Fastest Growth?
Polyester is the Thermoplastic Polyurethane kind that is most frequently utilised. Now valued at US$ 1.1 billion, the demand for thermoplastic polyurethanes through polyester is anticipated to increase at a CAGR of 7.0% to US$ 2.3 billion by 2032. With a global share of almost 40%, the polyester market also commands the revenue.
Polyester-based TPU is frequently used in applications where resistance to lubricants, fuel, and water is required. In addition, because it often provides higher transparency, polyester is frequently used in engineering and construction applications. Polyester is used to make a variety of items, including bottles, films, sails, filters, and insulating tapes. In order to create fabric blends that are used to make clothing, polyester can be combined with other natural fibres.
The market will expand in the upcoming years as a result of the growing demand for polyether in the automotive sector. The market sector with the quickest growth is polycaprolactone because of its natural toughness and resistance to abrasion. TPU is frequently regarded as a potential application material for bone tissue because of its mechanical and antimicrobial qualities.
Impact of Covid-19 on Thermoplastic Polyurethane Market
The COVID-19 pandemic’s government limitations had a tremendous impact on TPU production, essentially putting a stop to it. In addition, thermoplastic polyurethane manufacturing and processing remained closed as a result of a significant labour shortage, including both experienced and untrained workers, equipment shutdown, and a lack of raw supplies. The consumption area also experienced the significant effects. Due to the shutdown of assembly plants and disruptions in the supply chain, several end-use sectors experienced significant disruptions.
Globally, the footwear industry suffered a terrible slump during the epidemic. According to the prediction of the CSIR-Central Leather Research Institute, the demand for shoes will decrease globally by 22.5%, or 5.1 billion fewer pairs, than expected. The consumption is expected to decline by 27% in Europe, 20% in Asia, and 21% in North America.
According to Confcommercio, a trade group, sales of footwear and clothes to Italian companies without access to an e-commerce network decreased to zero during the lockdown in March 2020. Moreover, across all channels, sales of clothes and footwear decreased by 67.4% during the same time period. But, in 2020, as the footwear industry began to recover, demand for TPU once more increased.
- BASF SE
- Covestro AG
- The Lubrizol Corporation
- Huntsman International LLC
- Wanhua Chemical Group Co. Ltd.
- COIM Group
- Kuraray Co., Ltd
- Entec Polymers
- American Polyfilm Inc