For more than 60 years, thermoplastic polyurethane has provided numerous advantages to diverse producers, designers, and end consumers. The product is regarded as an excellent polymer for a wide range of applications, including specialized molded parts, footwear, wire & cable, and specialty molded components. TPU is a thermoplastic elastomer that is completely thermoplastic. TPU, like other thermoplastic elastomers, is elastic and flammable. Extrusion, injection, blast, and compression molding machines can all be used to process it.
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Global Thermoplastic Polyurethane Market was valued at USD 2.89 billion in 2021 and is expected to reach USD 5.15 billion by 2029, registering a CAGR of 7.50% during the forecast period of 2022-2029. One of the primary factors driving the growth of the thermoplastic polyurethane market is the global expansion of the automotive industry. The material is commonly used in automobile components such as seats, doors, vehicle wiring, attachment clips, and airbags.
Growing usage in footwear and apparel industry is expected to drive the market's growth rate
With the rapid growth of the world's population and the continued expansion of many economies, demand for leather is increasing at a strong clip. The traditional leather industry consumes a lot of resources and pollutes the environment. The public's focus on environmental issues creates considerable challenges for the leather industry. TPU film has the essential features of other polymers and rubbers, which makes it frequently used in footwear and clothing. With the expansion of science and technology, the manufacturing technology of TPU film and its composite products has experienced substantial growth, creating excellent conditions for the adoption of TPU film and its composite goods. Producers have recently launched numerous advancements in the footwear and garment industries.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Raw Material (Diisocyanate, Polyols, Diols, Others), Type (Polyester, Polyether, Polycaprolactone), End-User (Footwear, Industrial Machinery, Automotive, Electronics, Medical, Consumer Goods, Sports and Leisure, Building and Construction, Textile, Heavy Engineering, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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KURARAY CO., LTD. (Japan), BASF SE (Germany), The Lubrizol Corporation (US), Covestro AG (Germany), Taiwan PU Corporation (Taiwan), Novotex Italiana S.p.A. (Italy), AMERICAN POLYFILM, INC. (US), Coim Group (Italy), Mitsui Chemicals, Inc. (Japan), Sanyo Corporation of America ( US), Huntsman International LLC (US), Wanhua Chemical Group Co.,Ltd. (China), Avient Corporation (US), HEXPOL AB (Sweden), SONGWON (South Korea), AVERY DENNISON CORPORATION (US), Tosoh Corporation (Japan), and Kolon Industries, Inc (South Korea)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The thermoplastic polyurethane market is segmented on the basis of raw material, type and end-user.
- On the basis of raw material, the market is segmented into diisocyanate, polyols, diols, and others. In 2022, the demand for diisocyanate segment is increasing due to the easy availability of raw materials in the region.
- On the basis of type, the market is segmented into polyester, polyether, and polycaprolactone.
The polycaprolactone segment will dominate the type segment of the thermoplastic polyurethane market
In 2022, olycaprolactone TPU combines the properties of both polyester and polyether TPUs. It offers good low-temperature flexibility, durability, and chemical resistance. Polycaprolactone TPU is often used in applications that require high resilience and resistance to environmental stress cracking.
- On the basis of end user, the market is segmented into footwear, industrial machinery, automotive, electronics, medical, consumer goods, sports and leisure, building and construction, textile, heavy engineering, and others.
The footwear segment will dominate the end user segment of the thermoplastic polyurethane market
In 2022, footwear segment is expected to dominate the market due to the increasing demand for durable and high-performance footwear materials. TPU's properties like flexibility, abrasion resistance, and slip resistance make it an ideal choice for footwear applications.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: KURARAY CO., LTD. (Japan), BASF SE (Germany), The Lubrizol Corporation (US), Covestro AG (Germany), Taiwan PU Corporation (Taiwan), Novotex Italiana S.p.A. (Italy), AMERICAN POLYFILM, INC. (US), Coim Group (Italy), Mitsui Chemicals, Inc. (Japan), Sanyo Corporation of America ( US), Huntsman International LLC (US), Wanhua Chemical Group Co.,Ltd. (China), Avient Corporation (US), HEXPOL AB (Sweden), SONGWON (South Korea), AVERY DENNISON CORPORATION (US), Tosoh Corporation (Japan), and Kolon Industries, Inc (South Korea).
Market Development
- In 2021, KPX Chemical, a prominent polyols producer for polyurethanes in Korea, formed a joint venture with Huntsman Corporation called KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA) in September. The collaboration will develop and supply novel polyurethane system solutions to Korean automakers.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the thermoplastic polyurethane market during the forecast period 2022 - 2029
Given the expanding government regulations favoring various businesses, as well as the rise of the medical, automotive, and construction sectors in this area, Asia-Pacific (APAC) dominates the thermoplastic polyurethane market.
North America is estimated to be the fastest growing region in the thermoplastic polyurethane market in the forecast period 2022 - 2029
North America is predicted to grow at a stable rate from 2022 to 2029, owing to the increasing presence of medium- and large-scale aircraft and component manufacturers, as well as increased agricultural production in this region.
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