The global thermoplastic polyurethane (TPU) market size is expected to reach USD 3.81 billion by 2028 from USD 2.32 billion in 2021, exhibiting a CAGR of 7.3% between 2021 and 2028. The growing innovations in TPU by OEMs can have an excellent effect on this market in the forthcoming years, states Fortune Business Insights, in a report, titled “Thermoplastic Polyurethane (TPU) Market, 2021-2028.” The market size stood at USD 2.34 billion in 2020.
Information Source- https://www.fortunebusinessinsights.com/thermoplastic-polyurethane-tpu-market-102389
Development of Bio-based Polymers to Incite Growth
The usage of thermoplastic polyurethane will be fueled by the growing development of bio-based polymers, in turn, uplifting the TPU market growth. Chlorinated plastic can leach hazardous chemicals into the soil, leaking groundwater and other nearby water sources. Humans and animals may suffer serious health consequences as a result of this. Furthermore, countries have established several rules requiring the use of environmentally friendly polymers. TPU has abrasion resistance, grease resistance, and excellent mechanical characteristics in addition to being biodegradable. TPUs are also regarded as environmentally friendly by the U.S. National Library of Medicine since they are produced utilizing either degradable chain extenders or biodegradable chain extenders. However, the high manufacturing costs may hinder the market growth.
Expansion Strategies of Major Brands to Elevate Industry
BASF SE, Lubrizol Corporation, Covestro AG, and Huntsman Corporation are the major thermoplastic polyurethane producers in the market. These businesses operate on development programs, brand image, and industry alliances. Covestro LLC recently extended its biodegradable polymer capabilities at a production site in the U.S.
