According to Transparency Market Research’s new report, “Thermoplastic Polyurethane (TPU) Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2012-2018”, global TPU market is expected to reach US$1.7469 billion in 2018. Global TPU demand was worth US$987.2 million in 2010, and will grow at a Compound Annual Growth Rate (CAGR) of over 5.5% from 2013-2018, reaching US$1.7469 billion by 2018.
Europe, Middle East and Africa (EMEA) dominates the global market in terms of demand, although Asia Pacific is expected to be the most promising market in the near future. The global market for TPU is mainly driven by the growth in the global footwear and cars market. However, due to volatility in raw material prices and increasing environmental concerns the market is being restrained, says the research company.
The TPU market by application in terms of volume and revenue is dominated by extrusion. Extrusion market by volume is growing at a CAGR of 5.1% from 2013 to 2018. Following extrusion, the market for injection molding and adhesive and sealants is also witnessing significant growth. In terms of revenue, the market of extrusion is growing at a CAGR of 5.7% from 2013 to 2018. With respect to end use, TPU is widely used in wire and cable, hose and tubing and automotive sectors. Wire and cable dominates the market in terms of revenue and volume followed by hose and tubing and automotive.
The automotive sector occupies the largest market share in the TPU market and the growth is primarily driven by the expansion of the global automobiles market where TPU is being used to manufacture interior design products for automobiles including dash boards. In terms of revenue the market for wire and cable is growing at a CAGR of 5.9% from 2013 to 2018.
EMEA is the market leader for TPU, growing at a CAGR of 4.9% from 2013 to 2018 in terms of revenue, the report says. But in future, growth is expected to be robust in the market of Asia Pacific. In EMEA, Germany dominates the market for TPU in terms of revenue and volume followed by UK and Italy. In Asia Pacific, China is the most attractive market growing at a CAGR of 7.8% from 2013 to 2018 in terms of volume. The markets of RoW are also showing huge signs of growth.