Expanded Thermoplastic Polyurethane Market to Expand at a CAGR of ~7% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2035
Global Expanded Thermoplastic Polyurethane Market Key Insights
Global expanded thermoplastic polyurethane markets are expected to grow at a CAGR 7% during the forecast period 2023-2035. In 2022, the market generated revenue of approximately USD 2 million. The two main factors driving the global expansion of the expanded thermoplastic polyurethane industry are growing demand for footwear and stricter regulations by governments to limit harmful chemical emissions.
Definition of Market Expanded Thermoplastic Polyurethane
Thermoplastic Polyurethane (TPU), a type of thermoplastic rubber elastomer, is used in construction, aviation, aerospace, and the medical industry. TPU’s properties include flexibility, transparency, resistance against oil and grease, as well as its ability to withstand abrasion and oil. TPU is also shock-absorbing, which makes it useful for sports footwear. TPU labels can withstand high and low temperatures, making them ideal for activewear. TPU labels are more recyclable and less harmful than vinyl or other plastic films due to the presence of urethane.
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Global Expanded Thermoplastic Polyurethane Growth drivers in the market
The growing number of health problems in animals and humans due to plastic usage can be majorly responsible for the growth of the global expanded thermoplastic Polyurethane market. Infertility, obesity, diabetes, and prostate and breast carcinoma are just a few of the many health problems caused by plastics. Plastic use can damage many oceans as well as terrestrial habitats. It also causes air pollution and microplastics. Plastic pollution is responsible for approximately 380,000 million deaths annually and causing health problems in the world. Market growth can also be attributed the TPU used in the textile sector to print labels and make them more appealing. Many clothing brands use TPU, particularly in activewear and sportwear. TPU labels are used by garment manufacturers to withstand extreme high and low temperatures. This makes them suitable for activewear. According to the reports, over 60% of people wear sportswear and shoes at least once a day.
The following are major factors that will drive the global expanded thermoplastic polyurethane (ETP) market:
- Consumers are choosing biodegradable products to help reduce environmental harm
- For a variety of applications, there is a growing demand for thermoplastic Polyurethane.
- With growing residential and complex constructions, there is an increasing demand for the construction industry.
- Medical devices are being used more frequently in healthcare.
- Globally, increasing use in the automotive and footwear industries
Global Expanded Thermoplastic Polyurethane Market Restraining Factor
Thermoplastic polyurethane is more expensive than most other materials. This has made it difficult for many manufacturers to adopt them. The production of thermoplastic materials is expensive due to the high costs involved in compression, molding, extrusion and extrusion. This increases the final product’s price. The market for expanded thermoplastic polyurethane will face major challenges in the future due to availability of other products at lower prices and the existence of alternatives.
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Global Expanded Thermoplastic Polyurethane Market Segmentation
· By Application (Injection Molded Products and Extruded Products), Adhesives and Other
· By End User (Footwear, Building & Construction, Automotive, Electronics, and Others)
It is predicted that the footwear segment will be the biggest revenue generator among all the segments by the end 2035. The growing popularity of footwear across the globe can be attributed in part to their growth. There are many types of footwear available, including sandals, shoes for school, athletic wear, footwear for everyday use, slippers for medical purposes, footwear that can be worn in public places, sportswear and ethnic footwear. Shoes are used to enhance the beauty and elegance of an outfit. The footwear industry is growing with an increase in fashion designers, models and actors. According to estimates, consumers buy shoes worth between USD 15 billion and USD 20 billion each year.
Asia Pacific’s expanded thermoplastic polyurethane markets are expected to have the largest market share among all other regions by 2035. The market will grow in Asia Pacific over the forecast period due to rising demand for shoes and disposable income. For instance, over 30% of the world’s plastic production, i.e., 366 million metric tons, is produced in China, which is the world’s major producer of plastic.
The market research report on global expanded thermoplastic polyurethane also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Global Profile of Key Market Players Expanded Thermoplastic Polyurethane Market
The global expanded thermoplastic polyurethane (ETP) market is dominated by the following players: BASF SE, Huntsman International LLC, Sanhuang Co., Ltd, HSV Moulded Foams Group, IMG plaster LLC, Kuraray Co., Ltd., Koninklijke DSM N.V, The Lubrizol Corporation, Covestro AG, Wanhua Industrial Group, as well as others.
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