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 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.
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 (000’ 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