Overview and Scope
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.
Sizing and Forecast
The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from <b>$2.76 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. </b> 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 <b>$4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. </b> 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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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the thermoplastic polyurethane market in 2023. <b>Asia-Pacific</b> 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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Major Driver Impacting Market Growth
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 September 2022, according to World Footwear, a Portugal-based footwear industry news provider, in 2021 global footwear production increased by 8.6%, exceeding 22 billion pairs. Also, according to RunRepeat, a US-based shoe review site, in 2022, the footwear industry by volume is projected to grow by 16.2% and is expected to produce 2,360 million pairs by 2025. Therefore, increasing product demand from the footwear industry will drive the thermoplastic polyurethane market.
Key Industry Players
Major companies operating in the thermoplastic polyurethane market include <b> Badische Anilin- und SodaFabrik, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Polyone Corporation, Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, Asahi Songwon Colors Limited., 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., TPC Inc., Weaver Industries Inc., Uniflex Inc., Master Bond Polychem, Innovative mold designs, Urethane Source LLC, Akay Plastik A.S., Alliance Polymers & Services, Alphagary Limited, Americhem Inc., Arkadia Plastics Inc. </b>
The thermoplastic polyurethane market report table of contents includes:
1. Executive Summary
2. Thermoplastic Polyurethane Market Characteristics
3. Thermoplastic Polyurethane Market Trends And Strategies
4. Thermoplastic Polyurethane Market – Macro Economic Scenario
5. Global Thermoplastic Polyurethane Market Size and Growth
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31. Global Thermoplastic Polyurethane Market Competitive Benchmarking
32. Global Thermoplastic Polyurethane Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Thermoplastic Polyurethane Market
34. Thermoplastic Polyurethane Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Badische Anilin- und SodaFabrik
Covestro AG
Huntsman Corporation
Wanhua Industrial Group Co. Ltd
Coim India Private Limited
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