Market Research Future (MRFR) asserts the global expanded thermoplastic polyurethane (E-TPU) market size to reach a valuation of USD 440,018 thousand by 2030, by showcasing 10.76% CAGR over the forecast period 2022-2030. The massive market growth can be credited to the increasing use of E-TPU in shoe midsoles. The properties exhibited by the polymer such as excellent cushioning, superior resilience, and high elasticity can facilitate market demand. Moreover, demand for various styles of shoes due to changing fashion trends can aid in the E-TPU market growth.
Attractive properties of E-TPU has created an opportunity to expand its application in various end-use industries. It has found increased use in the automotive sector due to its elasticity and strong mechanical properties. The sports & leisure sector is another benefiter thanks to the use of E-TPU in building sports surfaces. In 2017, BASF and DuBaiCheng Environmental Protection Engineering Co., Ltd., collaborated and launched a new flooring structure derived from E-TPU.
Sport events present an opportunity for the market as well. The 2022 Beijing Winter Olympics and 2020 Tokyo Olympics are likely to surge the demand of the expanded thermoplastic polyurethane market exponentially.
The global expanded thermoplastic polyurethane (E-TPU) market is segmented by application.
By application, footwear accounted for the largest market share in 2017. It can purportedly touch USD 350,307.5 thousand by 2023. This can be attributed to use of the polymer in producing shoe soles. Moreover, preference of safety footwear and sports shoes is likely to drive the application growth till 2023. The inclination towards lightweight and high-strength shoes by consumers can facilitate growth in the expanded thermoplastic polyurethane market.
The sports and leisure segment can accrue high returns over the forecast period owing to inclination of consumers towards recreational sports and outdoor activities. The need for comfortable shoes is likely to drive the expanded thermoplastic polyurethane market sales in the forthcoming years. The segment is predicted to exhibit 8.99% CAGR over the forecast period.
Geographically, the expanded thermoplastic polyurethane (E-TPU) market is segmented into Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW).
The expanded thermoplastic polyurethane industry globally has been spread into different regions like North America, Europe, Asia-Pacific, and the rest of the world. In the global market, the largest share of about 59.93% is held by Asia-Pacific and this region dominates the global market. It is expected to show a CAGR of 12% during the forecasted period from 2017 to 2023 owing to the increasing demand for sports shoes in the urban area in the Asia-Pacific region. Another factor that contributes to the growing demand for expanded thermoplastic polyurethane is the increase in disposable income of consumers.
Major players in the expanded thermoplastic polyurethane (E-TPU) market include BASF SE (Germany), Huntsman International LLC (U.S.), Plymouth Foam (U.S.), Ningbo GMF New Material Technology Co., Ltd. (China), Guo Sheng Enterprise Co., Ltd. (China), Miracll Chemicals Co., Ltd. (China), API (Italy), The Lubrizol Corporation (U.S.), Wanhua Chemical Group Co., Ltd. (China), and Royal DSM (The Netherlands).
Read More: https://www.marketresearchfuture.com/reports/expanded-thermoplastic-polyurethane-e-tpu-market-7731
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