The Business Research Company’s report on the Thermoplastic Polyurethane Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the thermoplastic polyurethane market further?
Increasing product demand from the footwear industry is expected to propel the growth of the thermoplastic polyurethane market going forward. The footwear industry comprises companies that design, manufacture, and sell shoes. Footwear is intended to protect feet from physical hazards such as sharp or falling objects, extreme heat, and cold, wet, and slippery surfaces. Footwear industries are incorporating thermoplastic polyurethane into the soles of shoes to enhance their footwear’s durability, mechanical strength, abrasion resistance, and slip resistance. For instance, in February 2023, according to World Footwear, a Portugal based footwear industry, Portuguese footwear and leather goods exports reached 2.35 million euros in 2022, a new all-time high, up by 22.2% as compared to the prior year. Therefore, increasing product demand from the footwear industry will drive the thermoplastic polyurethane market.
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What are the key factors influencing the forecasted market size of the thermoplastic polyurethane industry?
The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from $2.97 billion in 2024 to $3.22 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to versatile material properties, consumer goods and footwear, automotive sealing solutions, film and sheet production, medical device applications
The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing demand in 3D printing, sustainable and recyclable tpus, expansion in renewable energy, urbanization and infrastructure, rise in athletic wear. Major trends in the forecast period include bio-based tpu, recyclable tpu formulations, medical device advancements, low-voc and eco-friendly additives, customized color and aesthetics.
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Who are the leading competitors in the thermoplastic polyurethane market?
Major companies operating in the thermoplastic polyurethane market include BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, Trinseo plc, Avient Corporation, Epaflex Polyurethanes SpA, Coim Group, Miracll Chemicals Co. Ltd., Huafeng Group, Dongsung Corporation, Sumei Chemical Co. Ltd., Suzhou New Mstar Technology Ltd., Tosoh Corporation, American Urethane Inc., Weaver Industries Inc., Uniflex Inc., Master Bond Polychem, Urethane Source LLC, Akay Plastik A.S., Alliance Polymers & Services, Alphagary Limited, Americhem Inc., Arkadia Plastics Inc.
Which emerging trends are set to transform the thermoplastic polyurethane market landscape?
Major companies operating in the thermoplastic polyurethane sector are focused on improving their previous thermoplastic polyurethane grades which offers exceptional grip and durability and have been developed with circularity in mind. For instance, in August 2024, Huntsman a US based manufacturer and marketer of thermoplastic polyurethane company, launched AVALON GECKO TPU. AVALON GECKO TPU portfolio offer comparable slip performance to rubber in both wet and dry conditions. AVALON 6044 AG – an opaque, injectable grade that is ideal for safety shoes, AVALON 6053 AG, a transparent, extrusion grade optimized for running applications and AVALON 6055 AG, a transparent, injectable grade for exceptional wet slip performance.
How do different geographies compare in terms of market share and growth potential in the thermoplastic polyurethane market?
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Thermoplastic Polyurethane Market Report 2025, Share And Size By 2034
Which major segments of the thermoplastic polyurethane market are experiencing the fastest growth?
The thermoplastic polyurethane market covered in this report is segmented –
1) By Type: Polyester, Polyether, Polycaprolactone, Other Types
2) By Raw Material: Diisocyanate, Polyols, Diols, Other Raw Materials
3) By Application: Automotive, Construction, Engineering, Footwear, Hose And Tubing, Wire And Cable, Other Applications
Subsegments:
1) By Polyester TPU: Aromatic Polyester TPU, Aliphatic Polyester TPU
2) By Polyether TPU: Aromatic Polyether TPU, Aliphatic Polyether TPU
3) By Polycaprolactone TPU: Standard Polycaprolactone TPU, High-performance Polycaprolactone TPU
4) By Other Types: Hybrid TPUs, Specialty TPUs
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Thermoplastic Polyurethane Market Report 2025, Share And Size By 2034
What defines the structure and scope of the thermoplastic polyurethane market?
Thermoplastic polyurethane (TPU) is an elastomer that offers outstanding performance and processing flexibility. TPU is an excellent polymer having various applications, including wire and cable, custom molded parts, footwear, film and sheet, compounding, and adhesives. Thermoplastic polyurethanes are used as soft manufacturing plastics or as a substitute for hard rubber.
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