North America Thermoplastic Polyurethane (TPU) Market – Industry Trends and Forecast to 2031

North America Thermoplastic Polyurethane (TPU) Market, By Raw Material (Diisocyanate, Polyols, Diols, and Others), Type (Polyester, Polyether, and Polycaprolactone), End-User (Footwear, Industrial Machinery, Automotive, Electronics, Medical, Consumer Goods, Sports and Leisure, Building and Construction, Textile, Heavy Engineering, and Others)  - Industry Trends and Forecast to 2031.

North America Thermoplastic Polyurethane (TPU) Market Analysis and Size

In the thermoplastic polyurethane (TPU) market, advancements have led to enhanced properties, including durability, flexibility, and chemical resistance. These improvements benefit various industries, such as footwear, automotive, and electronics, by offering innovative solutions for manufacturing processes and product design. TPU's versatility continues to drive growth, meeting evolving consumer demands for high-performance materials in diverse applications.

The North America thermoplastic polyurethane (TPU) market size was valued at USD 708.54 million in 2023, is expected to reach USD 1,163.86 million by 2031, growing at a CAGR of 6.40% during the forecast period of 2024 to 2031. 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.

Report Scope and Market Segmentation

Market Definition

Thermoplastic polyurethane (TPU) is a versatile material known for its elasticity, durability, and resistance to oil, grease, and abrasion. It is commonly used in various industries, including footwear, automotive, and electronics, for applications such as flexible hoses, seals, and protective cases. TPU can be easily molded and recycled, making it an environmentally friendly choice for manufacturing processes.

North America Thermoplastic Polyurethane (TPU) Market Dynamics

Drivers

• Increasing Demand in the Automotive Sector

Thermoplastic polyurethane (TPU) is widely utilized in automotive applications due to its lightweight nature, durability, and flexibility, making it an ideal choice for various automotive components. With the automotive industry witnessing rapid growth, particularly in emerging markets such as India and China, the demand for TPU is on the rise. For instance, TPU is utilized in automotive interior components such as instrument panels, door trims, and airbag covers, where its properties contribute to enhanced performance and aesthetics.

• Rising Demand in the Footwear Industry

TPU is increasingly favored in the footwear industry for its durability and flexibility. It is utilized in manufacturing shoe soles, uppers, and various components. The expanding global footwear market, fueled by evolving fashion trends and increasing participation in sports activities such as running and hiking, is amplifying the demand for TPU. For instance, major shoe brands are incorporating TPU plastic in their product lines to offer enhanced performance and longevity.

Opportunities

• Growing Awareness of Sustainable Materials

Increasing environmental concerns drive a preference for eco-friendly thermoplastic polyurethane materials. Thermoplastic Polyurethane (TPU), recyclable and boasting a low carbon footprint compared to other plastics, gains traction as a sustainable alternative. For instance, TPU use in footwear, where brands such as Adidas have introduced shoes made from recycled TPU, showcases its potential to meet both performance and sustainability demands, driving its market growth.

• Advancements in Processing Technologies

Ongoing advancements in processing technologies such as injection molding, extrusion, and 3D printing have expanded the application scope of thermoplastic polyurethane (TPU), fueling market expansion and adoption across various industries and product categories. For instance, in 3D printing, TPU's flexibility and durability enable the production of custom prototypes, medical devices, and even footwear. This versatility encourages industries to adopt TPU, expanding its presence in the automotive, healthcare, and consumer goods sectors.

 Restraints/Challenges

• Limited Heat Resistance

Despite its elasticity and abrasion resistance, polyurethane's thermal stability limitations hinder its suitability in environments requiring high heat endurance. This constraint prompts the exploration of alternative materials in industries demanding sustained performance under extreme temperatures. Polyurethane's limited heat resistance presents challenges in applications such as automotive and electronics, where the ability to withstand elevated temperatures is crucial for long-term functionality and reliability.

• Mechanical Properties Limitations

This constraint requires a thorough evaluation of TPU's appropriateness for various applications prioritizing superior mechanical strength. While TPU offers elasticity and abrasion resistance, its mechanical properties may occasionally not align with specific application requirements, presenting obstacles to adoption as users seek solutions that precisely match their needs.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In February 2023, Covestro AG announced the construction of the largest TPU facility in Zhuhai, South China. This expansion, occurring in three phases and slated for completion by 2033, aims to reach an annual capacity of 120 thousand tons of TPU polyurethane, bolstering production capabilities
• In May 2020, BASF SE commenced the development of electronics plastics compounding and TPU plants in Zhanjiang, China, as part of its advanced chemical manufacturing facility ('Verbund'). These facilities, the first on-site, will enhance support for Southern China's market and global clientele, promoting proximity and productivity
• In August 2022, RODIM, a BASF SE brand, introduced its new invisible TPU paint protection film (PPF) in the Asia Pacific region. Engineered to deliver comprehensive and enduring protection for automotive coatings, the innovation underscores BASF's commitment to TPU advancements in the market

North America Thermoplastic Polyurethane (TPU) Market Scope

The market is segmented on the basis of type, raw material, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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

North America Thermoplastic Polyurethane (TPU) Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by type, raw material, and end-user as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico in North America.

The U.S. is expected to dominate the market, propelled by its significant role in reducing fuel combustion in North American vehicles. This innovation underscores TPU's pivotal contribution to enhancing sustainability and efficiency in automotive applications within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Thermoplastic Polyurethane (TPU) Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• HEXPOL AB (Sweden)
• AVERY DENNISON CORPORATION (U.S.)
• Huntsman International LLC (U.S.)
• Avient Corporation (U.S.)
• Tosoh Corporation (Japan)
• AMERICAN POLYFILM, INC. (U.S.)
• BASF SE (Germany)
• Coim Group (Italy)
• Covestro AG (Germany)
• KURARAY CO., LTD. (Japan)
• Mitsui Chemicals, Inc. (Japan)
• Novotex Italiana S.p.A. (Italy)
• Sanyo Corporation of America (U.S.),
• SONGWON (South Korea)
• The Lubrizol Corporation (U.S.)
• Wanhua Chemical Group Co., Ltd. (China)