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APAC Is Dominating Thermoplastic Polyurethane (TPU) Market
The global thermoplastic polyurethane (TPU) market is projected to be worth USD 5,326 million by 2030, growing at a CAGR of 7.0%.
By: P&S Intelligence
The therapeutic sector provides numerous opportunities for thermoplastic polyurethane builders as it is a renowned material in this sector and can be utilized in many healing applications and healthcare items including wound care products, orthodontic products, medical instrument cables, dental materials, compression stockings, healthcare mattresses, catheters, and gel shoe orthotics. TPU-based items are far more flexible to temp and can be rigid at the time of pull-out and flexible once injected inside the body part. All these reasons are accountable for the development of the industry in this category.
Based on type, in 2022, the polyester category had the largest revenue share, and the category is also projected to be in the dominant position in the future as well. This is mainly because of the growing need for polyester in the automobile, construction, and textile sectors as it offers extreme transparency.
Further, this material is utilized mostly in the textile sector, credited to its toughness and water resistance, and its thread is quicker and simpler to join into the fabric than other natural fibers such as cotton. Worldwide, polyester was a largely accepted fiber with a size of 57 million tons, which is responsible for 52% of the fiber industry, in recent years.
In 2022, worldwide, the APAC region dominated the thermoplastic polyurethane (TPU) market with a revenue share of over 55%, and the region is also projected to remain in the top spot throughout the projection period. This is mainly because of the wide utilization of TPU in the automotive and medical sectors, the region is the world's biggest exporter of vehicles, and the majority of OEMs are using polyurethane for manufacturing parts of automobiles.
Furthermore, the existence of a huge populace base, industry expansion, fast urbanization, growing per-capita income, and fast-emerging nations in the region is growing the demand for high-performance materials and making the region an industrial hub, globally.
Hence, the wide utilization of TPU in numerous applications like medical devices, automobile parts, and wound care items are the major factors propelling the market.
Thermoplastic Polyurethane Market Size and Share Analysis Report@ https://www.psmarketresearch.com/