Segments - Thermoplastic Polyurethane Market by Type (Polyester, Polyether, and Polycaprolactone), Raw Material (Polyols, Diisocyanate, and Diols), Application (Adhesives, Injection Molded Products, Extruded Products, and Others), End-user (Heavy Engineering, Footwear, Medical, Automotive, Construction, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global thermoplastic polyurethane market size was USD 3.0 Bn in 2022 and is likely to reach USD 5.6 Bn by 2031, expanding at a CAGR of 7.2% during 2023–2031. The growth of the market is attributed to increasing demand for high-performance durable materials from the footwear, automotive, and medical fields around the globe.
Thermoplastic polyurethane (TPU) is a block copolymer made up of hard and soft blocks in alternate sequences. TPU is also known as melt-processable polyurethane or polyurethane elastomer, which is a highly elastic thermoplastic elastomer. The varying proportions of hard and soft blocks are useful in producing TPU with customized hardness. TPU can be colored as well as transparent and may be smoothened or roughened for grip.
Isocyanates, classified as aliphatic or aromatic make up the hard blocks while the soft segments are made up of reacted polyol. TPU is known to be a material bridging the difference between plastics and rubbers. The hardness of thermoplastic polyurethane can be changed as per the requirements and can be manufactured in customized ways as soft as rubber and having rigidity as plastics.
The market report finds that the COVID-19 pandemic negatively impacted the thermoplastic polyurethane market with a severe shortage of skilled laborers with government-imposed lockdown restrictions. With the shutting down of manufacturing units the production of TPU was significantly impacted. Industries that make use of thermoplastic polyurethane such as the footwear industry faced a massive decline in the production of footwear products.
Thermoplastic polyurethane provides enhanced slip resistance with long-lasting tough material qualities. Superior abrasive resistance makes TPU an ideal material of choice for the footwear industry which is expected to further drive the market growth of the thermoplastic polyurethane market. Thermoplastic polyurethane is environment friendly and recyclable which is likely to boost the market growth.
High manufacturing costs may restraints the market growth. Manufacturing processes of thermoplastic polyurethane involve processes such as compression molding, extrusion, and injection molding. Heavy and expensive machinery is required for manufacturing TPU which increases the overall manufacturing costs and is likely to hamper the market growth.
The growing research to find substitutes for chlorinated plastic in the form of bioplastic composites is a major growth opportunity for the expansion of the thermoplastics polyurethane market. Government regulations for switching to eco-friendly products without the use of plastic will further expand the growth of the thermoplastic polyurethane market in the forecast period.
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Thermoplastic Polyurethane Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016 – 2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Polyester, Polyether, and Polycaprolactone), Raw Material (Polyols, Diisocyanate, and Diols), Application (Adhesives, Injection Molded Products, Extruded Products, and Others), and End-user (Heavy Engineering, Footwear, Medical, Automotive, Construction, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
BASF SE; Honeywell International Inc.; Covestro AG; KPX Chemical; Dow; The Lubrizol Corporation; Huntsman International LLC.; CALIFORNIA URETHANE, INC.; Wanhua Chemical Group Co. Ltd.; AMERICAN POLYFILM, INC.; and Avient Corporation |
Based on the type, the thermoplastic polyurethane market is divided into polyester, polyether, and polycaprolactone. The polyester segment is expected to expand at a significant growth rate during the projection period, owing to the resistance of thermoplastic polyurethane to water, fuels, and oils. TPU manufacturing out of polyester has superior transparency with growing use in construction and engineering applications, which is expected to boost the segment growth.
The polycaprolactone segment is anticipated to hold a key share of the market, owing to its inherited toughness properties and abrasion resistance. The favorable biodegradable properties of thermoplastic polyurethane in the use of drug delivery devices for tissue engineering and regenerative medicine applications and in surgical implants are likely to bolster the segment growth.
On the basis of the raw material, the market is segmented into polyols, diisocyanate, and diols. The polyols segment is anticipated to expand at a high CAGR, during the assessment period, due to the increasing demand for renewable bio-based polyols and TPUs. It reduced intrinsic value of the carbon footprint. This is a major factor that aids sustainable development which is likely to boost the segment growth.
The diisocyanate segment is anticipated to hold a key share of the market, due to its extensive use for furniture & bedding, carpet underlay, and in packaging applications. Increased applications in the production of sealants, adhesives, and coatings, and to make automobile parts lighter for enhancing fuel efficiency are expected to bolster segment growth in the coming years.
On the basis of the application, the thermoplastic polyurethane market is segregated into adhesives, injection molded products, extruded products, and others. The extruded products segment is projected to hold higher revenue shares in the market, owing to the translucent properties and the ability of thermoplastic polyurethane of being colored easily. TPU can be combined with various materials for enhancing strength, fuel and oil resistance, and abrasion resistance through the extrusion method, which is expected to drive segment growth.
The injection molded products segment is anticipated to gain significant revenue shares of the thermoplastic polyurethane market, due to its good rebound resilience and high foam ability. Thermoplastic polyurethane is preferred for injection molding applications for manufacturing industrial components such as rollers, castors, seals, and packings which is likely to boost the segment growth.
Based on the end-user, the market is fragmented into heavy engineering, footwear, medical, automotive, construction, and others. The footwear segment is expected to expand at a significant growth rate during the projection period, owing to the increasing demand for durable weather and terrain-resistant shoes. The extensive applications of TPU used primarily in the soles of shoes are expected to drive segment growth.
The automotive segment is anticipated to hold a key share of the market, due to the increasing use of thermoplastic polyurethane, owing to its anti-aging and scratch-resistant properties. The growing application of TPU in car interiors for adding aesthetic value is expected to boost segment growth during the projection period.
In terms of region, the global thermoplastic polyurethane market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, owing to the growing demand from the footwear industry and for insulation products from the construction industry with a rise in infrastructural developments in the region. The growing demand for high-performance and durable materials in the automotive and footwear market is likely to accelerate the market in Asia Pacific.
The market in North America is projected to grow at a rapid pace, due to the increasing demand for polyester-based thermoplastic polyurethane, owing to its high abrasion resistance necessary for its application in heavy industrial machinery. The presence of a well-established industrial base in North America is likely to propel market growth in the region in the coming years.
The thermoplastic polyurethane market has been segmented on the basis of
Key players competing in the global thermoplastic polyurethane market are BASF SE; Honeywell International Inc.; Covestro AG; KPX Chemical; Dow; The Lubrizol Corporation; Huntsman International LLC.; CALIFORNIA URETHANE, INC.; Wanhua Chemical Group Co. Ltd.; AMERICAN POLYFILM, INC.; and Avient Corporation.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide.
In September 2021, a leading Korean polyols producer for polyurethanes, KPX Chemical, announced a joint venture with Huntsman Corporation to provide Korean automakers with polyurethane solutions.