The Thermoplastic Polyurethane Market is Projected to Register a CAGR of 7.1%, in Terms of Value, Between 2019 and 2024 - ResearchAndMarkets.com
2019-12-31    [Source:plastics-technology.com]
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The "Thermoplastic Polyurethane (TPU) Market by Raw Material (Polyols, Diisocyanate, Diols), Type (Polyester, Polyether, Polycaprolactone), End-use industry (Footwear, Industrial Machinery, Automotive, Electronics, Medical), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The market size of TPU is estimated at USD 2.5 billion in 2019 and is projected to reach USD 3.5 billion by 2024, at a CAGR of 7.1%.

The TPU market is projected to register a CAGR of 7.1%, in terms of value, between 2019 and 2024.

The growth of this market is attributed to increasing consumer spending and demand for high-performance materials. There is an increased demand for TPU in automotive and medical applications along with the increased consumer spending in emerging countries of APAC such as China, India, Indonesia, South Korea, and others. However, the high cost of TPU when compared to other conventional materials is restraining the growth of the TPU market. Technological advancements in the manufacturing of different grades of TPU with new properties are, however, providing growth opportunities for TPU manufacturers.

Footwear industry to be the largest consumer of TPU.

Footwear was the largest end-use industry of TPU in 2018. TPU is used to form various parts of footwear, such as upper yarns, midsoles/foam & cushioning, outsoles, eyelets, heel cups, logos, shanks & toe caps. Growing demands for comfort, performance, and durability, are driving the market in the footwear industry

APAC is projected to be the largest TPU market during the forecast period.

The APAC TPU market is projected to register the highest CAGR during the forecast period. The footwear market in APAC is driven by increased consumer spending, strong economic growth, greater disposable incomes, growing awareness of healthy lifestyles, popularity of sports footwear, and a growing sports-driven consumer base. The footwear market in APAC remains strong with the presence of Nike and Adidas in Japan, South Korea, and Taiwan.

source:https://www.plastics-technology.com/pressreleases/the-thermoplastic-polyurethane-market-is-projected-to-register-a-cagr

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