July 20, 2021 08:28 ET | Source: ReportLinker ReportLinker

New York, July 20, 2021 (GLOBE NEWSWIRE) - Reportlinker.com announced the release of the report "Thermoplastic Polyurethane (TPU) Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)"-https: // www.reportlinker.com/p06106025/?utm_source=GNW In the auto industry, many auto and parts manufacturing plants around the world temporarily closed production and office operations, resulting in a sharp decline in auto sales. Companies such as Nissan, Volkswagen, Ford, Renault, Fiat Chrysler, Toyota, Hyundai, Maruti Suzuki and Mahindra have suspended manufacturing and assembly lines to curb the spread of COVID-19. In addition, due to the COVID-19 pandemic, many countries are planning to establish domestic manufacturing for key manufacturing activities to reduce dependence on imports. This in turn has promoted the demand for thermoplastic polyurethane in the medical industry. -In the short term, the main factors driving the growth of the thermoplastic polyurethane market are the increase in applications in the medical industry, as well as environmental protection and recyclability. -On the other hand, the decline in automobile production in the global market and the negative impact of COVID-19 on the overall market are expected to hinder the growth of the studied market. -Shifting the focus to the development of bio-based products and increasing R&D activities may create opportunities for the market in the next few years. -The Asia-Pacific region is expected to dominate the market, and the highest compound annual growth rate may also occur during the forecast period. Major market trends continue to increase demand for extrusion products-thermoplastic polyurethane has the characteristics of oil and grease resistance, abrasion resistance, and strong mechanical properties, making it of great value in many industrial applications. Like other thermoplastic elastomers, TPU can be melt-processed and has high elasticity. It is transparent and easy to color. Therefore, it is widely used in extrusion product applications. -In addition, TPU can be compounded with a variety of materials using an extrusion process to enhance its properties, such as increasing strength, fuel and oil resistance, and abrasion resistance. Composite TPU is widely used in fields that require excellent structural integrity, such as hoses and pipes (pressure hoses, fire hoses, pneumatic pipes and air pipes), belts (conveyor belts, air cushions and transmission belts), wires (vehicle wiring, computer wiring) And wire and power cable sheath), disposable medical supplies and OA equipment connectors. -These extruded TPU products are used in many industries, such as electrical and electronic, oil and gas, medical, automotive, etc. -The shrinking of global automobile production and global oil production in 2018-19 has affected the demand for extruded TPU products. Due to the continuing pandemic, the decline in the automotive industry and the temporary closure of automotive manufacturing units and various industrial activities have led to a decline in the consumption of thermoplastic polyurethanes. According to OICA, automobile production in 2020 is down by about 15.8% compared with the same period in 2019, with a total production of 77.62 million vehicles, which has a negative impact on the demand for the thermoplastic polyurethane market. -As China is the world's largest automobile producer, the global TPU market is affected by the Chinese automobile industry. As of 2019, China has produced 25.72 million vehicles and reached 25.26 million in 2020. Due to the COVID-19 pandemic, the decline rate is about 2%, which in turn has a negative impact on the demand for the regional thermoplastic polyurethane (TPU) market .-However, the continued growth of the medical and electronics industries has been driving the demand for extruded TPU products. -In addition, the continuous innovation of extrusion process is also expected to promote the growth of this market segment in the researched market. For example, in 2020, Novatec has developed a new extrusion technology, which includes a new downstream system for online cutting and curing of TPU medical tubing. This technology helps to significantly reduce the post-extrusion shrinkage that occurs in TPU tubing. -The above factors may affect the demand for TPU for extrusion product applications, and it may recover in the next few years. The Asia-Pacific region dominates the market-the Asia-Pacific region accounts for the largest share of the TPU regional market. Due to the increasing demand for automobiles and the increasing demand for textiles and footwear, TPU-based adhesives and sealants are expected to achieve healthy growth in the region. -China's footwear industry is the largest in the world, with a strong network of domestic sales and exports to major countries. As leather shoes account for the largest share of China's footwear industry, compared with other parts of the world, China's demand for TPU adhesives is expected to be the strongest. -With urbanization projects and new construction activities such as bridges, dams, highways, railways (subway), urban infrastructure, buildings, etc., India's construction industry is growing at a higher rate. About 100% of foreign direct investment in the construction industry also helps the industry develop. It is expected that the industry will grow further at a higher rate during the forecast period as the population increases. -At present, there are many airport construction projects in China, or they are in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, and Guangzhou Baiyun International Airport. In addition, the government has also launched a large-scale construction plan to migrate 250 million people to new megacities in the next 10 years. -In addition, thermoplastic polyurethane (TPU) has been widely used in the automotive industry. Several parts of the car, such as bumpers, internal ceiling parts, doors and windows, use a lot of TPU. India’s US$118 billion auto industry is expected to reach US$300 billion by 2026. According to data from OICA, India's car production in 2019 was 4.52 million, and in 2020 it will be reduced to 3.39 million, a decrease of about 25%. However, India is expected to become the world's third largest passenger car market in 2021. -In India, the government’s US$120.5 billion investment target is used to develop 27 industrial clusters, which is expected to promote the country’s commercial construction. -The Indonesian government plans to invest approximately US$450 billion in the construction sector by 2021, which is expected to promote residential construction in the country. -All these factors are expected to increase the TPU market in the region during the forecast period. Competitive landscape The global thermoplastic polyurethane market is inherently integrated, with the top five participants occupying a major share of the research market. Some of the major players in the market include BASF, Covestro, Lubrizol, Huntsman International Co., Ltd., and Wanhua Chemical Group Co., Ltd. Reasons for purchasing this report:-Market Estimate (ME) table in Excel format-3 months of analyst support Read the full report: https://www.reportlinker.com/p06106025/?utm_source=GNW About Reportlinker ReportLinker is an award -Successful market research solutions. Reportlinker finds and organizes the latest industry data so that you can get all the market research you need instantly in one place. __________________________