Expanded Thermoplastic Polyurethane Market Segmentation by Application (Injection Molded Products, Extruded Products, Adhesives, and Others¬¬); by End User (Footwear, Building & Construction, Automotive, Electronics, and Others) - Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3131 | Published Date: Feb 10, 2023
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:
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.
Our in-depth analysis of the expanded thermoplastic polyurethane market includes the following segments:
By Application
By End User
Growth Drivers
Challenges
May 21, 2019: BASF SE has planned to build thermoplastic polyurethane and engineering plastics plant at a new Verbund site in Zhanjiang, China with an investment of $10 billion. The plant is calculated to supply an additional capacity of 60,000 metric tonnes.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Ans: Easy availability of substitutes is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities on the back of rising demand for sports shoes from urban areas in the region.
Ans: The major players in the market are BASF SE, Huntsman International LLC, Sanhuang Co., Ltd, HSV Moulded Foams Group, IMG plastec LLC, and others.
Ans: 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.
Ans: The market is segmented by application, end user, and by region.
Ans: 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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