Thermoplastic Polyurethane Global Market Report 2024

Thermoplastic polyurethane (TPU) is an elastomer renowned for its exceptional performance and processing flexibility. This versatile polymer finds applications in various industries, including wire and cable, custom molded parts, footwear, film and sheet production, compounding, and adhesives. Thermoplastic polyurethanes are employed as soft manufacturing plastics or as substitutes for hard rubber.

The primary types of thermoplastic polyurethane include polyester, polyether, polycaprolactone, and others. Polyester is utilized to impart flexibility and elastomeric properties to TPU. Polyesters, characterized by the presence of an ester group in their chain, contribute to the flexibility and elastomeric nature of TPU. Different raw materials, such as diisocyanate, polyols, diols, and others, are utilized in various applications across industries like automotive, construction, engineering, footwear, hose and tubing, wire and cable, among others.

The thermoplastic polyurethane market research report is one of a series of new reports that provides thermoplastic polyurethane market statistics, including thermoplastic polyurethane industry global market size, regional shares, competitors with thermoplastic polyurethane market share, detailed thermoplastic polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the thermoplastic polyurethane industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from $2.76 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historical period can be attributed to the versatile material properties of thermoplastic polyurethane (TPU), making it suitable for a wide range of applications. Notable contributors to this growth include its use in consumer goods and footwear, automotive sealing solutions, film and sheet production, and medical device applications.

The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for thermoplastic polyurethane (TPU) in 3D printing, the rise of sustainable and recyclable TPU formulations, the expansion of renewable energy initiatives, ongoing urbanization and infrastructure development, and the growing popularity of athletic wear. Key trends expected during this period encompass the development of bio-based TPU, formulations that are recyclable, advancements in medical devices incorporating TPU, the use of low-VOC (volatile organic compounds) and eco-friendly additives, and a focus on customized color and aesthetics in TPU products.

The anticipated rise in demand from the footwear industry is set to drive the growth of the thermoplastic polyurethane market in the foreseeable future. Within the footwear sector, companies involved in the design, manufacturing, and sale of shoes are increasingly incorporating thermoplastic polyurethane into shoe soles. This integration aims to enhance footwear durability, mechanical strength, abrasion resistance, and slip resistance. Notably, global footwear production saw an 8.6% increase in 2021, surpassing 22 billion pairs, as reported by World Footwear, a Portugal-based footwear industry news provider. Additionally, projections from RunRepeat, a US-based shoe review site, indicate a 16.2% growth in the footwear industry by volume in 2022, with an expected production of 2,360 million pairs by 2025. Thus, the growing demand from the footwear industry is poised to be a driving force for the thermoplastic polyurethane market.

The expansion of the automotive industry is another factor expected to contribute significantly to the growth of the thermoplastic polyurethane market. In the automotive sector, thermoplastic polyurethanes find application in enhancing heat dissipation and improving thermal management for electronic components like microprocessors, power modules, and sensors. Recent data from the Board of Governors of the Federal Reserve System reveals an increase in total vehicle production in the United States, reaching 11.06 million units in September from 10.77 million units in June 2023. This expansion in the automotive industry is anticipated to be a driving factor for the thermoplastic polyurethane market.

A prominent trend in the thermoplastic polyurethane market is the focus on product innovation by major industry players. These companies are committed to enhancing the properties of their thermoplastic polyurethane grades, characterized by ultra-high molecular weight polymers. The goal is to improve durability, process efficiency, and waste reduction in manufacturing. For example, Huntsman International LLC, a US-based specialty chemical manufacturer, introduced a new thermoplastic polyurethane grade, IROGRAN A 85 P 4394 HR TPU, in June 2021. This grade offers higher melt strength and improved extrusion quality for films compared to its predecessor, making it ideal for blown film applications. The enhanced melt strength reduces the risk of film breakage during production, leading to lower scrap rates, increased manufacturing throughput, and reduced waste.

Innovation in the thermoplastic polyurethane market also extends to the introduction of products such as the invisible TPU paint protection film (PPF), with the aim of enhancing vehicle aesthetics, protection, and longevity. This clear, protective coating is applied to a vehicle's exterior surfaces to safeguard against scratches and chips while providing long-lasting protection for automotive coatings. In August 2022, BASF, a Germany-based manufacturer of thermoplastic polyurethane, launched the invisible TPU paint protection film (PPF) in the Asia Pacific region. This product demonstrated exceptional resilience to environmental elements during an accelerated UV test, showcasing its effectiveness in protecting vehicles against various factors, including tree sap, bugs, bird droppings, acid rain, and more.

In November 2022, Celanese Corporation, a US-based chemical and specialty materials company, acquiring the majority of the Mobility & Materials (M&M) business of DuPont. This acquisition positions Celanese as a leading global specialty materials company, leveraging the renowned brands and product portfolios of Mobility & Materials to accelerate growth and create value for customers and shareholders. DuPont, a US-based manufacturer of materials and chemicals, including polymers and thermoplastic polyurethane products, strengthens Celanese's position in the market.

Major companies operating in the thermoplastic polyurethane market include 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.

Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the thermoplastic polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The thermoplastic polyurethane market consists of sales of thermoplastic polyurethane grades including 85, 90 and 95. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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