Key Companies Covered in the Global Expanded Thermoplastic Polyurethane (E-TPU) Market by Kenneth Research Include 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, HXPOL AB, and others.
New York, July 21, 2022 (GLOBE NEWSWIRE) -- According to the World Bank, 60-70% of the world’s ecosystems are deteriorating more quickly than they are recovering. In addition to that, according to the UN environment program, only 10% of the 7 million tonnes of plastic garbage produced worldwide has been recycled. In order to help the environment, industries are incorporating eco-friendly practices into their daily operations. Expanded thermoplastic polyurethane, which possesses greater flexible properties, is therefore employed widely by manufacturers in various industries worldwide.
In recent research titled “Global Expanded Thermoplastic Polyurethane (E-TPU) Market”, Kenneth Research provided a brief overview of the market elements including growth drivers, restraint factors, current market trends, and potential for future growth. The influence of COVID-19 and its effects on end users are both thoroughly examined in the market research report which covers the forecast period i.e., 2022-2031. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
According to the statistics by the International Trade Center (ITC), the export value of tubes, hoses, and pipes had annual growth in value of 33 percent from 2020 to 2021. The export value of tubes, pipes, and hoses in 2020 was USD 358,275 thousand which got elevated to USD 477,460 thousand in 2021. The rise in the trade value is predicted to drive the demand for expanded thermoplastic polyurethane and thereby help the growth of the global expanded thermoplastic polyurethane (E-TPU) market. TPU has several applications including coating textiles and adhesives, hose and tube construction, wire and cable jacketing caster wheels and as an impact modifier for other polymers. High-performance films and glass constructions with high impact resistance also employ it. The global expanded thermoplastic polyurethane (E-TPU) market garnered USD 2.1 billion in 2021 estimated to grow at a CAGR of ~7% during the forecast period.
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In addition to that, the overall square footage of shopping centers in Europe reached 169 million square meter in 2018, according to a study by the European government, with the completion of about 3 million square meter of brand-new spaces. The rise in the construction of commercial buildings, such as shopping centers raises the need for shopping carts and thereby caster wheels. As these wheels are made using E-TPU, it is expected to drive the demand for the chemical compound, and thereby expand the market growth. TPU is also used in a wide range of products such as drive belts, footwear, especially running shoes, inflatable rafts, power tools, sporting goods, medical equipment, and many more. Additionally, the growth in the trade value of sports shoes, the global export value of which was recorded to be USD 2,669,849 thousand in 2021 with annual growth in value of 10 percent from 2020 to 2021, is predicted to increase the demand for E-TPU, and thereby expand the growth of the market.
The global expanded thermoplastic polyurethane (E-TPU) is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. On the account of the expansion of industries in developing nations, the market in the Asia Pacific region is anticipated to experience notable growth over the forecast period. Expanded thermoplastic polyurethane, which is a high-performance material, is utilized in a variety of fields such as footwear, medical devices, construction, automobile, and others. As a result, the expansion of industries is projected to fuel the market in the region. The largest producer of medical equipment in 2021 was reported to be in China. In China, there were 27490 medical device businesses as of the 1st half of 2021. Despite occasional variations, the numbers increased overall from around 17,000 in 2018. The majority of Chinese medical device businesses-over 90%- are small and medium-sized businesses. In addition, China is increasing its exports of footwear and textiles These nations also adhere to environmental protection regulations to prevent pollution. Furthermore, in India, the building construction industry is expanding in light of the government’s approval of 100 percent foreign direct investment, which is also expected to create numerous opportunities for the growth of the market in the region.
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North America, on the other hand, owing to the rising demand for sports shoes, automobiles, and other products, witnessed a noteworthy market share in the region over the forecast period. The growing demand for the product is one of the major factors predicted to enhance the growth of the expanded thermoplastic (E-TPU) market in the region. According to the statistics by the Footwear Distributors and Retailers of America (FDRA), there were 218 shoe manufacturing units in the U.S. and 25 million pairs of shoes were produced there in 2021. Also, the annual spending by consumers on shoes was USD 100.7 billion in 2021.
The study further incorporates Y-O-Y Growth, demand, and supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [ Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa. South Africa, the Rest of the Middle East, and Africa)
The global expanded thermoplastic polyurethane E-TPU market is segmented by application into automotive, footwear, construction, engineering, and others. Amongst these segments, the construction segment is expected to account for the largest share of the market throughout the forecast period owing to the rise in the number of constructions worldwide. Growth in the construction sector is expected to drive the demand for E-TPUs and thereby contribute to the growth of the segment during the forecast period. For instance, the U.S. economy greatly benefits from the construction industry. The sector employs more than 7.6 million people, has over 745,000 employers, and, builds structures worth approximately USD 1.4 trillion annually.
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On the other hand, the automotive segment is also predicted to experience significant growth in the coming years. E-TPUs have a major role in the development of safer, lighter, more noise and pollution resistant, and energy absorbing vehicles owing to their flexibility, strength, resistance, lightweight, and energy absorption capabilities. The rise in the production of vehicles is therefore anticipated to increase the demand for E-TPU and hence enhance the growth of the segment. According to the statistics from the International Organization of Motor Vehicle Manufacturers (OICA), the total vehicle produced in 2020 was 77621582 vehicles which increased to 80145988 vehicles in 2021 with a slight annual growth value of 3 percent from 2020 to 2021.
The global expanded thermoplastic polyurethane (E-TPU) market is further segmented by type into polycaprolactone, polyester, and polyether. Owing to its high durability, strength, highly resistive, anti-shrinking, and wrinkling features, the polyester segment is predicted to witness a major share in the market during the forecast period. Polyesters are commonly used in garments, and household items, including bedspreads, cushions, furniture, carpets, and curtains. It is also utilized in the production of plastic bottles, high-strength ropes, threads, sails, floppy disc liners, power belting, balloons, and many other products in various industries. For instance, the global importing value for carpets has significant growth each year. In 2020, the importing value was USD 2,666,056 thousand and in 2021, the value raised to USD 3,863,059 thousand whereas in 2019 the value was USD 2,539,509 thousand. Also, the annual growth in value from 2020 to 2021 was 42 percent. In addition to that, the global exporting value for polyester fabrics was USD 1,332,133 thousand in 2021 with an annual growth value of 13 percent from 2020 to 2021. India was the top exporter in 2021 with a value of USD 165,812 thousand. The rise in the trade for carpets and fabrics is therefore anticipated to increase the demand for E-TPUs and hence drive the growth of the segment during the forecast period.
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Some of the prominent industry leaders in the global expanded thermoplastic polyurethane (E-PTU) 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.
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