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Thermoplastic Polyurethane Market Size, Share, Analysis 2031

Thermoplastic Polyurethane Market

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Segments - 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

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Riddhesh Dani

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Report Description

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 Market Dynamics

Major Drivers

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.

Existing Restraints

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.

Emerging Opportunities

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.

Scope of Thermoplastic Polyurethane Market Report

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

Thermoplastic Polyurethane Market Segment Insights

Type Segment Analysis

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.

Raw Material Segment Analysis

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.

Application Segment Analysis

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.

End-User Segment Analysis

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.

Regional Analysis

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.

Segments

The thermoplastic polyurethane market has been segmented on the basis of

Type

Polyester
Polyether
Polycaprolactone

Raw Material

Polyols
Diisocyanate
Diols

Application

Adhesives
Injection Molded Products
Extruded Products
Others

End-user

Heavy Engineering
Footwear
Medical
Automotive
Construction
Others

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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.
Avient Corporation

Competitive Landscape

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.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Hermoplastic Polyurethane Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Hermoplastic Polyurethane Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Hermoplastic Polyurethane Market - Supply Chain
  4.5. Global Hermoplastic Polyurethane Market Forecast
     4.5.1. Hermoplastic Polyurethane Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Hermoplastic Polyurethane Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Hermoplastic Polyurethane Market Absolute $ Opportunity
5. Global Hermoplastic Polyurethane Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     5.3.1. Polyester
     5.3.2. Polyether
     5.3.3. Polycaprolactone
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Hermoplastic Polyurethane Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     6.3.1. Adhesives
     6.3.2. Injection Molded Products
     6.3.3. Extruded Products
     6.3.4. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Hermoplastic Polyurethane Market Analysis and Forecast by End Users
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by End Users
     7.2.2. Y-o-Y Growth Projections by End Users
  7.3. Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     7.3.1. Heavy Engineering
     7.3.2. Footwear
     7.3.3. Medical
     7.3.4. Automotive
     7.3.5. Construction
     7.3.6. Others
  7.4. Absolute $ Opportunity Assessment by End Users
  7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Hermoplastic Polyurethane Market Analysis and Forecast by Region
  8.1. Market Trends
  8.2. Introduction
     8.2.1. Basis Point Share (BPS) Analysis by Region
     8.2.2. Y-o-Y Growth Projections by Region
  8.3. Hermoplastic Polyurethane Market Size and Volume Forecast by Region
     8.3.1. North America
     8.3.2. Latin America
     8.3.3. Europe
     8.3.4. Asia Pacific
     8.3.5. Middle East and Africa (MEA)
  8.4. Absolute $ Opportunity Assessment by Region
  8.5. Market Attractiveness/Growth Potential Analysis by Region
  8.6. Global Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
9. North America Hermoplastic Polyurethane Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
  9.2. North America Hermoplastic Polyurethane Market Size and Volume Forecast by Country
     9.2.1. U.S.
     9.2.2. Canada
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. North America Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     9.4.1. Polyester
     9.4.2. Polyether
     9.4.3. Polycaprolactone
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. North America Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     9.7.1. Adhesives
     9.7.2. Injection Molded Products
     9.7.3. Extruded Products
     9.7.4. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. North America Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     9.10.1. Heavy Engineering
     9.10.2. Footwear
     9.10.3. Medical
     9.10.4. Automotive
     9.10.5. Construction
     9.10.6. Others
  9.11. Basis Point Share (BPS) Analysis by End Users
  9.12. Y-o-Y Growth Projections by End Users
  9.13. Market Attractiveness/Growth Potential Analysis
     9.13.1. By Country
     9.13.2. By Product Type
     9.13.3. By Application
  9.14. North America Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
10. Latin America Hermoplastic Polyurethane Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Latin America Average Pricing Analysis
  10.2. Latin America Hermoplastic Polyurethane Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
  10.4. Latin America Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     10.4.1. Polyester
     10.4.2. Polyether
     10.4.3. Polycaprolactone
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Latin America Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     10.7.1. Adhesives
     10.7.2. Injection Molded Products
     10.7.3. Extruded Products
     10.7.4. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Latin America Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     10.10.1. Heavy Engineering
     10.10.2. Footwear
     10.10.3. Medical
     10.10.4. Automotive
     10.10.5. Construction
     10.10.6. Others
  10.11. Basis Point Share (BPS) Analysis by End Users
  10.12. Y-o-Y Growth Projections by End Users
  10.13. Market Attractiveness/Growth Potential Analysis
     10.13.1. By Country
     10.13.2. By Product Type
     10.13.3. By Application
  10.14. Latin America Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
11. Europe Hermoplastic Polyurethane Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Europe Average Pricing Analysis
  11.2. Europe Hermoplastic Polyurethane Market Size and Volume Forecast by Country
     11.2.1. Germany
     11.2.2. France
     11.2.3. Italy
     11.2.4. U.K.
     11.2.5. Spain
     11.2.6. Russia
     11.2.7. Rest of Europe
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Europe Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     11.4.1. Polyester
     11.4.2. Polyether
     11.4.3. Polycaprolactone
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Europe Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     11.7.1. Adhesives
     11.7.2. Injection Molded Products
     11.7.3. Extruded Products
     11.7.4. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Europe Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     11.10.1. Heavy Engineering
     11.10.2. Footwear
     11.10.3. Medical
     11.10.4. Automotive
     11.10.5. Construction
     11.10.6. Others
  11.11. Basis Point Share (BPS) Analysis by End Users
  11.12. Y-o-Y Growth Projections by End Users
  11.13. Market Attractiveness/Growth Potential Analysis
     11.13.1. By Country
     11.13.2. By Product Type
     11.13.3. By Application
  11.14. Europe Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
12. Asia Pacific Hermoplastic Polyurethane Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Asia Pacific Average Pricing Analysis
  12.2. Asia Pacific Hermoplastic Polyurethane Market Size and Volume Forecast by Country
     12.2.1. China
     12.2.2. Japan
     12.2.3. South Korea
     12.2.4. India
     12.2.5. Australia
     12.2.6. Rest of Asia Pacific (APAC)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Asia Pacific Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     12.4.1. Polyester
     12.4.2. Polyether
     12.4.3. Polycaprolactone
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Asia Pacific Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     12.7.1. Adhesives
     12.7.2. Injection Molded Products
     12.7.3. Extruded Products
     12.7.4. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Asia Pacific Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     12.10.1. Heavy Engineering
     12.10.2. Footwear
     12.10.3. Medical
     12.10.4. Automotive
     12.10.5. Construction
     12.10.6. Others
  12.11. Basis Point Share (BPS) Analysis by End Users
  12.12. Y-o-Y Growth Projections by End Users
  12.13. Market Attractiveness/Growth Potential Analysis
     12.13.1. By Country
     12.13.2. By Product Type
     12.13.3. By Application
  12.14. Asia Pacific Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
13. Middle East & Africa Hermoplastic Polyurethane Market Analysis and Forecast
  13.1. Introduction
     13.1.1. Basis Point Share (BPS) Analysis by Country
     13.1.2. Y-o-Y Growth Projections by Country
     13.1.3. Middle East & Africa Average Pricing Analysis
  13.2. Middle East & Africa Hermoplastic Polyurethane Market Size and Volume Forecast by Country
     13.2.1. Saudi Arabia
     13.2.2. South Africa
     13.2.3. UAE
     13.2.4. Rest of Middle East & Africa (MEA)
  13.3. Absolute $ Opportunity Assessment by Country
  13.4. Middle East & Africa Hermoplastic Polyurethane Market Size and Volume Forecast by Types
     13.4.1. Polyester
     13.4.2. Polyether
     13.4.3. Polycaprolactone
  13.5. Basis Point Share (BPS) Analysis by Types
  13.6. Y-o-Y Growth Projections by Types
  13.7. Middle East & Africa Hermoplastic Polyurethane Market Size and Volume Forecast by Applications
     13.7.1. Adhesives
     13.7.2. Injection Molded Products
     13.7.3. Extruded Products
     13.7.4. Others
  13.8. Basis Point Share (BPS) Analysis by Applications
  13.9. Y-o-Y Growth Projections by Applications
  13.10. Middle East & Africa Hermoplastic Polyurethane Market Size and Volume Forecast by End Users
     13.10.1. Heavy Engineering
     13.10.2. Footwear
     13.10.3. Medical
     13.10.4. Automotive
     13.10.5. Construction
     13.10.6. Others
  13.11. Basis Point Share (BPS) Analysis by End Users
  13.12. Y-o-Y Growth Projections by End Users
  13.13. Market Attractiveness/Growth Potential Analysis
     13.13.1. By Country
     13.13.2. By Product Type
     13.13.3. By Application
  13.14. Middle East & Africa Hermoplastic Polyurethane Demand Share Forecast, 2019-2026
14. Competition Landscape
  14.1. Global Hermoplastic Polyurethane Market: Market Share Analysis
  14.2. Hermoplastic Polyurethane Distributors and Customers
  14.3. Hermoplastic Polyurethane Market: Competitive Dashboard
  14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     14.4.1. BASF SE
     14.4.2. Honeywell International Inc.
     14.4.3. Covestro AG
     14.4.4. KPX Chemical
     14.4.5. Dow
     14.4.6. The Lubrizol Corporation
     14.4.7. Huntsman International LLC
     14.4.8. CALIFORNIA URETHANE, INC.
     14.4.9. Wanhua Chemical Group Co. Ltd.
     14.4.10. AMERICAN POLYFILM, INC.
     14.4.11. Avient Corporation

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