Expanded Thermoplastic Polyurethane (E-TPU) Market Segmentation by Application (Automotive, Footwear, Construction, Engineering, and Others); and by Type (Polycaprolactone, Polyester, and Polyether)-Global Demand Analysis & Opportunity Outlook 2031
21 Oct 2022
Impact Analysis on the Growth of Market
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Global Expanded Thermoplastic Polyurethane (E-TPU) Market Highlights Over 2022 - 2031
The global expanded thermoplastic polyurethane (E-TPU) market is estimated to grow at a ~7 % CAGR over the forecast period, i.e., 2022 – 2031. Moreover, the market registered a revenue of approximately USD 2.0 billion in 2021. The growth of the market can be attributed to the presence of biodegradable properties of the chemical compound that protect the environment from being degraded. According to the World Bank, 60-70% of the world’s ecosystems are degrading faster in comparison to their recovery. Furthermore, as per the UN environment programme, only 10 % of world plastic has been recycled from the seven million tonnes of plastic waste generated. Industries are adopting eco-friendly measures in their business operations in order to contribute to the environment. Therefore, considering its flexibility, expanded thermoplastic polyurethane is used by manufacturers in different sectors, and it is expected to boost the growth of the global expanded thermoplastic polyurethane (E-TPU) market.
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The global expanded thermoplastic polyurethane (E-TPU) market is segmented by application into automotives, footwear, construction, engineering, and others. Out of these, the footwear segment is expected to grow at the highest share over the forecast period. This can be attributed to the flexibility of expanded thermoplastic polyurethane, the footwear industry is using it more in its manufacturing and packaging. Furthermore, there has been a rise in disposable income, which is expected to increase the growth of the footwear segment.
Global Expanded Thermoplastic Polyurethane (E-TPU) Market Regional Synopsis
Regionally, the global expanded thermoplastic polyurethane (E-TPU) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the expansion of industries in emerging countries. Expanded thermoplastic polyurethane is considered a high-performance material owing to the way it is used in different industrial sectors such as footwear, construction, automotive, and others. Therefore, as the number of industries increases, it is expected to drive the growth of the market in the region. The construction sector is growing in India considering the 100% FDI approved by the government. On the other hand, as per the National Bureau of Statistics of China, there has been an increase in China’s resident nominal disposable income by 9.1% in 2021. Moreover, China is expanding its trade in textiles and footwear to other countries. Additionally, these countries are following the measures to protect the environment from being polluted. Therefore, the Asia Pacific region is anticipated to grow in the global expanded thermoplastic polyurethane market.
Our in-depth analysis of the global expanded thermoplastic polyurethane (E-TPU) market includes the following segments:
Growth Drivers and Challenges Impacting the Growth of the Global Expanded Thermoplastic Polyurethane (E-TPU) Market
Biodegradable properties of expanded thermoplastic polyurethane
Flexibility in terms of its usage
Costlier as compared to other plastic
Lack of skilled labor
Key Companies Dominating the Global Expanded Thermoplastic Polyurethane (E-TPU) Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global expanded thermoplastic polyurethane (E-TPU) market that are included in our report are BASF SE, Avient Corporation, Donsung Co., Ltd., Huntsman International LLC, Lubrizol Corporation, American Polyfilm, Inc. Covestro AG, Miracll Chemicals Co., Ltd, Suzhou new Mstar Technology Ltd, HEXPOL AB, and others.
Latest Developments in the Global Expanded Thermoplastic Polyurethane (E-TPU) Market:
8 December 2021: Huntsman International LLC., introduced recyclable TPU foam for use in footwear. The foam sheets are used in midsole, forepart, and insole insert applications by the footwear brands.
6 December 2021: BASF SE provides a long-lasting solution with the help of Elastollan Thermoplastic Polyurethane (TPU) for premium leather usage in furniture, automotive, and fashion consumables.
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
The report includes detailed company profiles of the major players dominating the market.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- 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), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
What are the major factors driving the growth of the expanded thermoplastic polyurethane (E-TPU) market?
Biodegradable properties of expanded thermoplastic polyurethane and flexibility in terms of its usage are the major factors driving the growth of the market.
What would be the CAGR of expanded thermoplastic polyurethane (E-TPU) market over the forecast period?
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
Expanded thermoplastic polyurethane is costlier as compared to other plastics and lack of skilled labor for the use of the product are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of expanded thermoplastic polyurethane (E-TPU) market in future?
Asia Pacific region will provide more business opportunities for growth of the market in future.
The major players in the market are BASF SE, Avient Corporation, Donsung Co., Ltd., Huntsman International LLC, Lubrizol Corporation, American Polyfilm, Inc. Covestro AG, Miracll Chemicals Co., Ltd, Suzhou new Mstar Technology Ltd, HEXPOL AB, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, type, and by region.
Which segment captures the largest market size in application segment in the expanded thermoplastic polyurethane (E-TPU) market?
The footwear segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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- BASF SE
- Avient Corporation
- Donsung Co., Ltd.
- Huntsman International LLC
- Lubrizol Corporation
- American Polyfilm.Inc.
- Covestro AG
- Miracll Chemicals Co.Ltd
- Suzhou new Mstar Technology Ltd
- HEXPOL AB