The global expanded thermoplastic polyurethane market is anticipated to garner a large revenue by recording a CAGR of ~7% throughout the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the rising interest to use expanded thermoplastic polyurethane for protective purposes and increasing applications of the material in different industries such as sports, cars, building and gadgets. Furthermore, growing awareness about the beneficial properties of thermoplastic polyurethane such as high resistance to physical and heat related deformation and superior abrasion resistance impact are also projected to positively impact the market in the upcoming years. Additionally, the escalating use of this plastic material in logistics industry on the back of its property to keep moisture as well as other environmental elements out of packaging units is expected to offer lucrative opportunities to the market in the near future. In 2020, the market for sustainable plastic packaging was valued to be approximately USD 90 billion, with the highest presence in the food and beverage packaging industry.
The market is segmented by end user into footwear, building & construction, automotive, electronics and others, out of which, the footwear segment is anticipated to hold the largest share as expanded thermoplastic polyurethane provides softness as well as excellent cushioning to sports shoe midsoles. In addition, on the basis of application, the segment for extruded products is estimated to acquire the largest market share during the forecast period, which can be credited to the rising growth of medical and electronics industries, and growing innovations in extrusion process. Along with this, increasing sales of automobiles are also assessed to boost the growth of this market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of regional analysis, the expanded thermoplastic polyurethane market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is anticipated to hold the largest market share and witness significant market growth during the forecast period on the back of rising demand for sports shoes from urban areas in the region. On the other hand, growing disposable income of the consumers in APAC is also expected to fuel the growth of the market in the coming years. High manufacturing output of china is also evaluated to boost market growth in the region. For instance, China is the world’s largest producer of plastic. More than 30% of the world’s plastic is manufactured in this country amounting to about 366 million metric tonnes. Moreover, Europe is also estimated to gain significant market share over the forecast period owing to the strong presence of well-established leather and automotive industries in nations such as France, Spain and Italy, and increasing agricultural production in the region.
The expanded thermoplastic polyurethane market is further classified on the basis of region as follows:
Our in-depth analysis of the expanded thermoplastic polyurethane market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are rising demand for expanded thermoplastic polyurethane from end user industries and increasing interest to use the material for protective purposes.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Easy availability of substitutes is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities on the back of rising demand for sports shoes from urban areas in the region.
The major players in the market are BASF SE, Huntsman International LLC, Sanhuang Co., Ltd, HSV Moulded Foams Group, IMG plastec LLC, 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, end user, and by region.
The footwear segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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