Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The thermoplastic polyurethane (TPU) market has witnessed significant growth and evolving trends in recent years. TPU, a versatile polymer known for its durability, elasticity, and resistance to abrasion, chemicals, and weathering, has found widespread applications across various industries such as automotive, footwear, electronics, and medical devices. One prominent market trend is the increasing demand for TPU in the automotive sector, driven by the growing emphasis on lightweight and fuel-efficient vehicles. TPU's properties make it an ideal material for automotive interior and exterior components, including instrument panels, bumpers, and airbag covers, contributing to reduced vehicle weight and improved performance.
The thermoplastic polyurethane market report helps the market investors and product buyers to understand the basis of the market functioning followed by the trends that will enhance the productivity of the manufacturing units to meet the rising needs of the target audience during the period. The report provides qualitative market insights to make better investment decisions.
Moreover, the footwear industry has emerged as a key consumer of TPU, with the material being used in the production of athletic shoes, casual footwear, and specialty footwear like hiking boots. The demand for comfortable, durable, and aesthetically pleasing footwear has propelled the adoption of TPU, which offers flexibility, shock absorption, and excellent grip properties. Additionally, the electronics sector has witnessed a surge in the utilization of TPU for manufacturing protective cases, covers, and cables due to its ability to provide insulation, impact resistance, and flexibility, ensuring the safety and longevity of electronic devices.
Another notable trend in the TPU market is the increasing focus on sustainable and eco-friendly alternatives. As environmental concerns continue to escalate, manufacturers are exploring bio-based and recyclable TPU formulations to reduce carbon footprint and address consumer preferences for green products. This shift towards sustainability aligns with regulatory initiatives promoting the use of eco-friendly materials and circular economy principles, fostering innovation and market growth in the TPU sector.
Furthermore, advancements in TPU technology have led to the development of specialized grades tailored to specific applications. For instance, medical-grade TPUs are extensively used in healthcare products such as catheters, tubing, and wound dressings due to their biocompatibility, sterilizability, and chemical resistance. Similarly, flame-retardant TPUs have gained traction in the construction and electrical industries for manufacturing cables, hoses, and protective coatings, meeting stringent safety standards and regulations.
Globalization and the expansion of manufacturing capabilities in emerging economies have also influenced the dynamics of the TPU market. The Asia-Pacific region, particularly China, has emerged as a major production hub and consumer of TPU, driven by rapid industrialization, urbanization, and growing consumer spending. The availability of raw materials, skilled labor, and supportive government policies have further fueled the growth of the TPU industry in this region, attracting investments from key players and driving technological innovation.
Thermoplastic Polyurethane Market Highlights:
Global Thermoplastic Polyurethane Market Overview
The Thermoplastic Polyurethane Market Size was valued at USD 2.76 Billion in 2022. The Thermoplastic Polyurethane industry is projected to grow from USD 3.01 Billion in 2023 to USD 4.71 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.89% during the forecast period (2023 - 2030). A thermoplastic polyurethane (TPU) is a full-fledged thermoplastic elastomer. On the back of its transparency, flexibility, and resistance to grease, oil, and abrasion, thermoplastic polyurethane is widely utilized in the construction, automotive, aerospace, and medical industries for various applications. Additionally, thermoplastic polyurethane is recyclable, biodegradable, and eco-friendly, making it a good substitute for PVC and other polymers. The demand for leather is increasing at a healthy rate due to the population's rapid growth and the continued expansion of numerous economies. The typical leather industry takes up a lot of resources and pollutes the environment. The public's focus on environmental issues presents serious challenges for the leather industry. TPU film is frequently used in footwear and clothing since it has many of the same characteristics as other polymers and rubbers.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoplastic Polyurethane Market Trends
-
Increased Activity in the Automotive Sector
One of the key reasons propelling the growth of the market is the increase in global automotive industry expansion. The substance is extensively used in car parts, including doors, seats, airbags, and vehicle wiring, among others.
Footwear Manufacturers' Adoption
Due to its abrasion resistance, traction, and aesthetic qualities, thermoplastic polyurethane is widely used by shoemakers to make the soles for safety shoes, which hastens the market's expansion. The market has benefited from the rise in demand for TPU in the automotive and medical sectors.
February 2023: The largest Thermoplastic Polyurethane (TPU) plant will be built by Covestro AG. This facility will expand in three phases. They are scheduled to complete the first phase by the end of 2025, the last one in 2033, and this new location will be established in Zhuhai, South China having an annual capacity of 120 thousand tons of TPU after full expansion.
Thermoplastic Polyurethane Market Segment Insights
Thermoplastic Polyurethane Type Insights
The market segmentation, based on Type, includes Polyester, Polyether, and Polycaprolactone. The polyether segment may dominate the market. Polyether TPU films have the lowest specific gravity and are softer to the touch than polyester or polycaprolactone films. These films are often used in a variety of items, including surgical gowns, infusion bags, and blood pressure cuffs. Polyether TPU films provide high UV stability, low-temperature flexibility, body oil resistance, and moisture resistance.
Thermoplastic Polyurethane End-Use Insights
Based on End Use, the global market segmentation includes Automotive, Construction, Aerospace, Energy & Power, Medical, and Others. The automotive segment accounted for the major share of the market. The increasing use of TPU films in automotive components such as instrument panels, levers, and sensors is expected to drive market growth in automotive applications.
Figure 2: Thermoplastic Polyurethane Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoplastic Polyurethane Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The thermoplastic polyurethane (TPU) films market was led by Asia Pacific. The expanding automotive and railroad infrastructure sectors are expected to drive considerable expansion in the Asia Pacific TPU film market in the upcoming years. Every nation in Asia and the Pacific has a different climate. The region has harsh winters, a lot of rain, and dry seasons, which might damage the paint on the cars.
Figure 3: THERMOPLASTIC POLYURETHANE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Thermoplastic Polyurethane Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Thermoplastic Polyurethane industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Thermoplastic Polyurethane industry to benefit customers and expand the market sector. Major market players, including The Lubrizol Corporation, American Polyfilm Inc, 3M, Avery Dennison, Bayer Material Science, and others, are attempting to increase market demand by funding R&D initiatives.
In 2024, BASF will open its Thermoplastic Polyurethane (TPU) facility in Zhanjiang Verbund. The new factory is BASF's largest single TPU production line globally. The smart factory is equipped with cutting-edge technologies such as automated guided vehicles and modern automation systems, which result in increased efficiency.
Lubrizol Corporation is a global specialty chemical company. Its product segments include engine oils, industrial lubricants, fuel additives, and performance coatings. The company's products are used in various applications, including automotive, marine, aviation, and energy industries. The company's key product segments include engine oils, industrial lubricants, fuel additives, and performance coatings. The company's products are used in various applications, including automotive, marine, aviation, and energy industries.
American Polyfilm Inc is a leading manufacturer of custom-engineered flexible packaging films, serving various industries across the U.S. and internationally. American Polyfilm specializes in producing high-quality films made from materials such as polyethylene, polypropylene, polyester, and nylon. Its products are used in various applications, including food packaging, medical packaging, construction, and industrial packaging. The company's product offerings include a broad range of film products, including custom-made films, co-extruded films, barrier films, and printed films. American Polyfilm's films are designed to meet specific customer requirements, including thickness, strength, flexibility, and durability.
In 2023, Trinseo, a materials solutions provider, will introduce 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. The new grade, APILON 52 XB-75A CRISTALLO, will be offered to the market at the 2023 Simac Tanning Tech expo for footwear and fashion.
Key Companies in the Thermoplastic Polyurethane market include
- PAR Group
- BASF SE
- The Lubrizol Corporation
- American Polyfilm Inc
- 3M
- Avery Dennison
- Bayer Material Science
- Huntsman Corporation
- KPX Chemical
- Permali Gloucester Limited
Thermoplastic Polyurethane Industry Developments
August 2022 – Huntsman Corporation officially informed Archroma, a portfolio company of SK Capital Partners, that it has completed the acquisition of the Textile Effects business line from them. In support of the transaction, Huntsman will provide up to $80 million in preferred equity, while SK Capital Partners aims to syndicate it prior to closing.
August 2022, BASF SE brand RODIM launched its new invisibly coated TPU paint protection film (PPF) for the Asia Pacific region. This innovation reflects BASF’s commitment to move forward with TPU technology in automotive coatings protecting that offer comprehensive and long lasting coating solutions.
September 2021- KPX Chemical, Korea’s leading polyols producer for polyurethanes, went into partnership with Huntsman Corporation, thus forming a joint venture known as KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO.LTD (KHPUA). Korean automaker firms would take advantage from innovative polyurethane system solutions which are developed and provided by the joint venture.
Thermoplastic Polyurethane Market Segmentation
Thermoplastic Polyurethane Type Outlook
- Polyester
- Polyether
- Polycaprolactone
Thermoplastic Polyurethane End-Use Outlook
- Automotive
- Construction
- Aerospace
- Energy & Power
- Medical
- others
Thermoplastic Polyurethane Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
