TPU Elastomer Market Size, Share, Scope and Forecast 2034

 The global TPU elastomer market size is projected to be US$ 3.65 billion in 2024, according to the latest available market study released by Fact.MR, a market research and competitive intelligence company. Sales of TPU elastomers are estimated to grow at 6% CAGR between 2024 and 2034. Increased demand for lightweight and high-performance materials in a number of industries such as medical, electronics, footwear, etc., is projected to propel sales of TPU elastomers.

TPU elastomers have very good mechanical properties such as abrasion resistance, high tensile strength, and good flexibility. The good durability and chemical resistance of TPU elastomers are also responsible for their growing use. Due to these properties, they are finding more applicability in end-use industries like automotive.

TPU elastomers have the potential to substitute traditional materials, such as metal, rubber, etc., in end-use markets. In addition, increasing focus on green and sustainable materials is also expected to drive demand for TPU elastomers due to their reduced carbon footprints and recyclability than other materials.

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Key Findings from Market Analysis

  • Global demand for TPU elastomers was a market size of US$ 3.44 billion in 2023.
  • The market size of the global TPU elastomer industry stands at US$ 3.65 billion in 2024
  • TPU elastomer sales will grow to US$ 6.55 billion by the end of 2034
  • The market is predicted to grow with a CAGR of 6% between 2024 and 2034.
  • Footwear & sports equipment are anticipated to hold a dominant market share by 2034.

"Growing demand for bio-based and sustainable thermoplastic polyurethane elastomers is driven by mounting environmental pressures and initiatives taken by industries to reduce their carbon footprint," reveals a Fact.MR analyst.

Widespread Application of TPU Elastomers in Footwear and Sporting Goods

TPU elastomers are gaining popularity among footwear manufacturers due to their abrasion-resistant nature, light weight, durability, comfort, and elasticity. They are also used extensively in the footwear industry as a major raw material.

A few major market players have partnered with major footwear companies, sporting goods industry players, and sole shoe manufacturers to benefit from the growing demand for TPU elastomers.

Key Market Players

Major producers of TPU elastomers include BASF SE, Kuraray Co. Ltd., Miracll Chemical Co. Ltd., Ravago Petrokimya Uretim A.S., COIM SPA, Zibo Hengjiu Pu Technology Company Ltd., Coating Chemical Industry Company, Huafon Group, Evermore Chemical Industry Company Ltd., Xuchuan Chemical Group, Sunko Ink Co. Ltd., DuPont Tate & Lyle Bio Products, Songwon Industrial Group, Blackwell Plastics LLP, Mitsui Chemicals, Inc., Hexpol AB, Lanxess Aktiengesellschaft, PolyOne Corp., Honeywell International Inc., Tosoh Corporation, APS Elastomers, Nihon Matai Co., Ltd., and Townsend Chemicals Pty. Ltd.

Country-wise Insights

Which variables are expected to drive TPU elastomer sales in the US?

"TPU Elastomers Are Extensively Used in the Healthcare and Automotive Industries"

Gaskets, interior components, and seals are a few of the automotive parts that TPU elastomers are used for. TPU elastomers are one of the tough, light, and high-performance materials that are gaining increasing popularity as the automotive technology evolves.

Thermoplastic polyurethane elastomers find application in the healthcare sector because of their chemical resistance and biocompatibility. Demand is expected to grow for TPU elastomers for catheters, surgical instruments, and other devices with continued advancements in healthcare.

Competitive Analysis:

To achieve their targets, players are implementing different strategies like managing supply chain systems, ensuring product quality control, and introducing new innovations. Players utilize different strategies like acquisitions, mergers, alliances, and others to acquire competitive advantages and increase their reach through various geographies.

Lubrizol International Inc. in January 2019 announced that it had acquired The Dow Chemical Company's TPU business. The acquisition will seek to take advantage of Dow's brand equity.

Browse Full Report: https://www.factmr.com/report/3445/tpu-elastomers-market 

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the TPU elastomer market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (polyester, polyether), processing method (injection molding, lamination, extrusion, adhesives), and application (footwear & sporting goods, building & construction, automotive, industrial products, medical products, wires & cables), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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