Emergen Research: Global Expanded Thermoplastic Polyurethane (E-TPU) Market Size, Share, Trends, By Type, By Material, By Application, and By Region
VANCOUVER, B.C., Nov. 25, 2021 /PRNewswire/ -- The Global Expanded Thermoplastic Polyurethane (E-TPU) market size reached USD 350.1 Million in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing usage of E-TPU for production of shoe soles and helmets is a major factors expected to drive market revenue growth.
Increasing demand for and production of bicycles and rising demand for E-TPU as this material is used in saddles and increasing use in manufacture of sports equipment are major factors driving revenue growth of the market. Besides, Rising usage of expanded thermoplastic polyurethane for shoe soles is expected to continue to support market revenue growth between 2021 and 2028. For instance, Adidas already uses E-TPU in soles of its shoes. With E-TPU shoe soles, the shoes are lighter in weight and give the wearer better leaping ability, resulting in better running performance.
However, high cost of E-TPU and increased fluctuation in raw material costs of E-TPU are factors expected to limit adoption and hamper growth of the Expanded Thermoplastic Polyurethane (E-TPU) market to a certain extent over the forecast period.
The global E-TPU market is expected to register a revenue CAGR of 9.2% over the forecast period and revenue is projected to increase from USD 350.1 Million in 2020 to USD 694.8 Million in 2028.
COVID-19 Impact Analysis:
Market revenue decreased slightly in early 2020 as a result of the COVID-19 outbreak, which resulted in lockdowns. Various automotive manufacturing facilities around the world temporarily halted operations, resulting in a decline in vehicle sales. This had a negative impact on market revenue.
Cycling is becoming increasingly popular among a number of individuals. Use of helmets mandatory in some countries, while in many others cyclists prefer to wear one due to safety aspects as well as high number of vehicles on the roads. Increasing demand for lightweight helmets made of E-TPU is expected to augment market revenue growth in the near future.
Europe expanded thermoplastic polyurethane market revenue is expected to expand at a significantly steady CAGR over the forecast period due to robust presence of major market players including BASF SE and Koninklijke DSM N.V. among others in countries in the region.
Some major companies included in the global market report include BASF SE, Plymouth Foam, LLC, Koninklijke DSM N.V., Guo Sheng Enterprise Co. Ltd., The Lubrizol Corporation, Great Eastern Resins Industrial Co. Ltd. (GRECO), Ningbo GMF New Material Technology Co., Ltd, Guangdong Gelin New Material Technology Co., Ltd., Wanhua Chemical Group Co., Ltd., and Miracll Chemicals Co., Ltd.
In September 2020, BASF SE introduced a new marketing strategy called Empowering Movement, which gives Infinergy's expanded thermoplastic polyurethane a revised brand identity that emphasizes the power of movement. BASF also launched a cutting-edge virtual showroom showcasing Infinergy's various uses and features.
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