TPU market to hit $2.48 billion by 2021

The thermoplastic polyurethane (TPU) market is projected to reach US$2.48 billion by 2021, at a CAGR of 6.8% from 2016 to 2021 in terms of value, according to a study by Research and Markets.

Increased investments in new automotive manufacturing plants across the globe are fueling the growth of the TPU market as TPU is being increasingly used in manufacturing interior and exterior components, such as panels for inner parts of hoods of automobiles (hoodliners), engine parts, and impact absorbers, among others.

Higher costs of thermoplastic polyurethane as compared to conventional plastics, such as polyethylene (PE), polypropylene (PP), polyurethane, and others is expected to restrain the growth of the thermoplastic polyurethane (TPU) market between 2016 and 2021.

The Asia-Pacific TPU market is projected to post the highest growth rate during the forecast period due to the rising number of manufacturing industries, availability of cheap labor, increase in foreign investments, and rise in use of TPU across automotive, engineering, and footwear applications.