Thermoplastic Polyurethane (TPU) Market Size, Share, By Type (Polyester TPU, Polyether TPU, and Polycaprolactone TPU), By Raw Materials (Diisocyanates, Polyols, Diols, Chain extenders, and Additives), By Application (Footwear, Automotive, Industrial, Medical, Electronics, Construction, and Others), and By Region - Trends, Analysis, and Forecast till 2034

• In 2024, the thermoplastic polyurethane (TPU) market size was worth USD 2.7 billion.
• It is expected that the market will worth USD 5.9 billion by 2034.
• The market is projected to grow at a CAGR of 9%.

Thermoplastic polyurethanes or TPUs belong to a special class of plastic produced using polyaddition reactions of diisocyanates with one or more diols. The term 'thermoplastic' refers to a material that gets soft and pliable on heating and hardens on cooling. Such materials can be melted and molded several times and can be reprocessed any number of times without undergoing any loss in their structural integrity. The term polyurethane represents one particular kind of useful polymer bonded with urethane monomers, which are a byproduct of the reaction between an isocyanate and a polyol. The growing demand for TPUs from key industries is expected to propel the thermoplastic polyurethane (TPU) market growth during the forecast period.

Key Takeaways:

• North America holds the largest share of the market due to the high demand from the electronics, automotive, and healthcare industries.
• Asia Pacific is expected to be the fastest-growing region in the market due to the increasing disposable incomes and urbanization.

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Key Drivers of Target Market:

Growing Demand from Key Industries to Aid Market Growth

• Versatility is one of the prime factors for TPU. This is because TPU is approached with growing interest by industries, such as footwear, automotive, and medical due to its remarkable properties that fulfill their requirement needs. In the case of footwear, for example, TPU offers superb durability and flexibility that would otherwise make for a very long life and comfort in shoes. TPU's resistance to oils, abrasion, and weather in the automotive industries makes it perfect for hoses, belts, and cables that should remain intact under tough operating conditions. Similarly, TPU is used for catheters and other medical equipment due to the biocompatibility and sterility of the material.

Growing Environmental Concerns to Propel Market Expansion

• Other positive influences include the eco-friendly material push. The growth of increasing interest and increased opportunities in several applications through biodegradable grades of TPU is already in the works. Fashion brands use TPU in their eco-conscious clotheslines, such as vegan leather jackets and sneakers with upcycled TPU.

Restraints:

High Manufacturing Costs May Hamper Market Growth

• That is also a multi-step process involving polymerization, extrusion, and injection molding for TPU production. Unique equipment and skilled labor are needed to guarantee the same quality. The interaction of these features increases the manufacturing cost over conventional materials, such as PVC or vinyl. This can constrain the potential for diffusion into cost-sensitive applications where bulk uses or less demanding end-use products are involved. This high initial investment in TPU processing machinery could discourage new entrants into the market and further competition and innovation, impeding the thermoplastic polyurethane (TPU) market growth.

Opportunities:

Sustainability Drive to Boost Market Opportunities in the Future

• Rising concerns for the environment are increasing the demand for green materials. Biodegradable TPU grades come to the front line, opening applications in packaging, textiles, and footwear. For the automotive industry, this could include the investigation of certain bio-based TPU applications for interior parts or tires. In the construction sector, TPU usage can be oriented to roofing membranes and other components, each with specific enhancements to promote biodegradability at the end-of-life phase. In this perspective, the potential for TPU in green building materials is very good.

The thermoplastic polyurethane (TPU) market is segmented into type, raw materials, application, and region.

Type:

On the basis of type, the market is divided into polyester TPU, polyether TPU, and polycaprolactone TPU. The polyester TPU is expected to dominate the market during the forecast period owing to its oil and grease resistance properties.

Raw Materials:

By raw materials, the market is classified into diisocyanates, polyols, diols, chain extenders, and additives. The diisocyanates segment is expected to hold the largest thermoplastic polyurethane (TPU) market share due to high usage for TPU production.

Application:

Under application, the market is categorized into footwear, automotive, industrial, medical, electronics, construction, and others. The market is being dominated by the footwear segment owing to TPU’s wide use in shoe production owing to its flexibility, durability, and comfort.

Regional Insights:

Geographically, the thermoplastic polyurethane (TPU) market is analyzed across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

• North America: Demand in North America is generally supported by the excellent demand created in the automotive, electronics segment and healthcare industries. Besides, technological innovations acted as the mainstay force with a large, well-developed manufacturing base to reckon with in this regional market.
• Asia Pacific: The TPU market is likely to see rapid growth in this region, especially in China and India, due to increasing industrialization, urbanization, and consumer expenditure. Major growth in the automotive and construction sectors is being observed in this region, which is significantly boosting demand for the TPU material.

Thermoplastic Polyurethane (TPU) Market Report Scope:

Segmentation:

By Type:

• Polyester TPU
• Polyether TPU
• Polycaprolactone TPU

By Raw Materials:

• Diisocyanates
• Polyols
• Diols
• Chain extenders
• Additives

By Application:

• Footwear
• Automotive
• Industrial
• Medical
• Electronics
• Construction
• Others

By Region:

North America

• U.S.
• Canada

Europe

• Germany
• U.K.
• France
• Russia
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• Israel
• South Africa
• Rest of the Middle East & Africa

The key competitors in the market include BASF SE, Covestro AG, Huntsman Corporation, American Polyfilm, Inc., and Wanhua Chemical Group Co. Ltd., among others. These major market players are expanding their portfolios by launching several production units globally to maintain their dominance in the market.

List of Key Players in the Market:

• BASF SE *
• The Lubrizol Corporation
• Covestro AG
• Huntsman Corporation
• Wanhua Chemical Group Co. Ltd.
• American Polyfilm, Inc.
• Epaflex Polyurethanes SpA
• COIM Group
• Mitsui Chemicals, Inc.
• Avient Corporation
• Kent Elastomer Products
• AMERICAN POLYFILM, INC.
• Entec Polymers

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• January 2024: BASF launched a material production unit in Zhanjiang. BASF, a German chemicals company, announced the opening of a thermoplastic polyurethane (TPU) facility on Thursday, the second plant to be built at the 10-billion-euro (USD 10.9 billion) Verbund complex in Zhanjiang, Guangdong Province. The new plant will better enable BASF to fulfill expanding demand in Asia-Pacific, particularly in the industrial, e-mobility, and new energy sectors, said Martin Jung, president of BASF's performance materials division, at a ceremony in Zhanjiang.
• September 2023: Trinseo launched a transparent thermoplastic elastomer. Trinseo, a materials solutions company, has introduced a new transparent thermoplastic elastomer (TPE) grade for footwear applications. The APILON 52 XB-75A CRISTALLO is Trinseo's first ester-based transparent thermoplastic polyurethane (TPU), and the company describes it as a significant addition to its increasing line of fashion and footwear solutions. APILON 52 XB-75A CRISTALLO, a new grade, will enter the market in 2023.Simac Tanning Tech is an expo for footwear and apparel in Milan, Italy.

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