Excellent Mechanical Properties Paves Way for Growth of TPU Elastomers Market

The global TPU elastomers market is likely to experience considerable growth over the projection period, from 2019 to 2027. TPU elastomers come with excellent properties such as resistance to ageing, weathering and ozone resistance, resistance to chemicals, durability, resistance to heat, and flexibility. Properties of the product make it suitable for use in many industries, which is likely to encourage the growth of the global TPU elastomers market over the assessment tenure.

The growing scope of application of TPU elastomers in the footwear, medical devices, and automotive industry will continue to fuel developments in the global TPU elastomers market. The global TPU elastomers market is estimated to rise at a healthy CAGR of 5.9% over the forecast timeframe, from 2019 to 2027. High demand from the automotive industry is likely to propel the global TPU elastomers market reach prominence acquiring a market valuation of US$ 2.7 billion toward the end of the forecast period.

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Huge Demand from the Footwear Industry Bolsters its Demand in the Market

TPU elastomers find use in a wide variety of applications across many industries, such as industrial machinery, automotive and transportation, building and construction and footwear industries. Of these TPU elastomers are extensively used in the footwear industry for a perfect blend of microclimate, ergonomics, and sensation to provide a comfortable experience to customers. For the hardwearing of shoe soles, the lightweight, high resistance to abrasion, and outstanding long-term mechanical features of TPU elastomers are most suitable. TPU elastomers have emerged as an extremely popular raw material for the footwear-manufacturing cluster.

The growth of the global TPU elastomers market is supported mostly owing to its physical properties such as lower shrinkage, softness and durability, high rigidity, high filler capacity, and hydrolysis resistance. Low-density compact TPU elastomers are particularly used for the outer soles and mid-soles of footwear.

In addition, innovations in the automotive industry are likely to open up growth opportunities for the global TPU elastomers market in years to come. With ongoing focus on making automotives lightweight, the metal parts are getting replaced with plastics, which is likely to widen the scope of application for TPU elastomers in the automotive industry.

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Adverse Impact on the Environment to Restrict Growth of the Market

On the other hand, the global TPU elastomers market is likely to be impeded by the adverse impact on the environment. TPU elastomers leave a more severe impact on the environment as compared to other variants and this has resulted in limited adoption of the product in several countries. Furthermore, prominent market players are making efforts to reduce the adverse effects of TPU elastomers on the environment so as to meet up with the changing regulatory requirements. These factors are likely to hamper the development of the global TPU elastomers market over the assessment period.

Booming Construction and Automotive Industries Drive the Asia Pacific Market

Asia-Pacific is estimated to lead the global TPU elastomers market owing to a rapid rise in the production and sale of automotive in the regions, particularly in India, Taiwan, China, Indonesia, and Thailand. In the recent years, China has emerged as one of the prominent markets for the consumption of TPU elastomers, thanks to the rapid expansion of the footwear, construction, automotive, and electrical and electronics industries in the country. Besides, augmented Public-Private Partnership (PPP) initiatives play a significant role in the immense development of the construction industry in China.

Other countries in the region, such as Taiwan, India have witnessed rapid development in the automotive and construction industry. Booming population together with rapid urbanization has fuelled growth of the construction industry, which further generates demand for TPU elastomers in these countries.

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