Thermoplastic Polyurethane (TPU) Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 2.68 Billion |
| Market Size (2028) | USD 3.73 Billion |
| CAGR (2023 - 2028) | 6.86 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thermoplastic Polyurethane (TPU) Market Analysis
The Thermoplastic Polyurethane (TPU) Market size is expected to grow from USD 2.68 billion in 2023 to USD 3.73 billion by 2028, at a CAGR of 6.86% during the forecast period (2023-2028).
During the Covid-19 pandemic, the demand for TPU declined heavily as TPU is majorly used in consumer products. The unfavorable macroeconomics affected people's finances and reduced purchasing power, negatively affecting the TPU demand. The supply chain restrictions further compounded the decline. However, as the restrictions eased, the demand returned to pre-pandemic levels in 2021.
- The major driving factor of the market studied is TPU's increasing usage in the footwear and apparel industries.
- On the flip side, the rising prices of raw materials are hindering the studied market's growth.
- Bio-based TPU films will likely offer growth opportunities for the market studied over the forecast period.
- Asia-Pacific is the largest consumer of TPU for various applications, and this demand is expected to grow rapidly during the forecast period.
Thermoplastic Polyurethane (TPU) Market Trends
This section covers the major market trends shaping the Thermoplastic Polyurethane (TPU) Market according to our research experts:
Increasing TPU Usage in the Footwear and Apparel Industries
· With the fast rise of the population and the ongoing expansion of many economies, the demand for leather is growing at a healthy rate. The conventional leather sector has high consumption and causes pollution. The public's attention to environmental concerns poses significant difficulties for the leather business.
· TPU film possesses the essential properties of other plastics and rubbers, making it widely utilized in footwear and clothes.
· The production technology of TPU film and its composite products has seen significant growth with the advancement of science and technology, which has generated ideal conditions for the adoption of TPU film and its composite products. Numerous innovations have been introduced lately in the footwear and apparel industries by producers.
· For instance, Lubrizol unveiled a prototype shoe made entirely of TPU. This 100% TPU prototype shoe can deliver improved "circularity" solutions. TPU waste can not only be reused by shoemakers during manufacturing but also ease the post-consumer recycling process.
· Huntsman's Specialty Elastomers expertise led to the creation of IROGRAN A 85 P 4394 HR, a novel thermoplastic polyurethane (TPU) grade, ideal for providing a waterproof, breathable layer in demanding performance garments (including gloves and footwear).
· With a surge in footwear and apparel production and technological advancements making TPU a more flexible and preferable material for the footwear and apparel sectors, the demand for TPU films is expected to grow considerably during the forecast period.
Asia-Pacific Region to Dominate the Market
· Asia-Pacific accounted for the largest regional thermoplastic polyurethane market. Owing to the increasing automotive demand and the increasing demand for textile and footwear, TPU-based adhesives and sealants are expected to witness a healthy growth rate in the region.
· The Chinese footwear industry is the largest in the world, with a robust network of domestic sales and exports to major countries. As leather footwear accounts for the largest share of the footwear industry in China, the demand for TPU adhesives is estimated to be the strongest in China compared to other parts of the world.
· The rising household income levels, combined with the population migrating from rural to urban areas, are expected to continue to drive the demand for the market studied in China.
· China dominates the global footwear industry and is the world’s largest manufacturer and exporter. China exported nearly 7.9 billion pairs of shoes and boots in the first 11 months of 2021. While the footwear industry faced a major decline in past years, it is projected to grow faster during the forecast period.
· According to OICA data, automotive vehicle production in India increased by 30% in 2021 compared to 2020. The country registered a total production of 43,99,112 units in 2021.
· In India, the government’s investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
· All these factors are expected to boost the region's thermoplastic polyurethane market during the forecast period.
Thermoplastic Polyurethane (TPU) Industry Overview
The global thermoplastic polyurethane market is consolidated in nature, with the top five players accounting for major shares of the market studied. Some major players in the market include BASF SE, Covestro AG, The Lubrizol Corporation, Huntsman International LLC, and Wanhua Chemical Group Co. Ltd.
Thermoplastic Polyurethane (TPU) Market Leaders
The Lubrizol Corporation
Covestro AG
Huntsman International LLC
Wanhua Chemical Group Co. Ltd
BASF SE
*Disclaimer: Major Players sorted in no particular order
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Thermoplastic Polyurethane (TPU) Market News
- · In September 2021, KPX Chemical, a leading polyols producer for polyurethanes in Korea, established a joint venture with Huntsman Corporation named KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA). The joint venture will create and provide innovative polyurethane system solutions to Korean automakers.
Thermoplastic Polyurethane (TPU) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Applications in the Medical Industry
4.1.2 Rising Usage in Industrial Applications
4.2 Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Extruded Products
5.1.2 Injection Molded Products
5.1.3 Adhesives
5.1.4 Other Applications
5.2 End-user Industry
5.2.1 Construction
5.2.2 Automotive
5.2.3 Footwear
5.2.4 Medical
5.2.5 Electrical and Electronics
5.2.6 Heavy Engineering
5.2.7 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Trinseo
6.4.2 Avient Corporation (Formerly PolyOne Corporation)
6.4.3 Epaflex Polyurethanes SpA
6.4.4 BASF SE
6.4.5 Covestro AG
6.4.6 Coim Group
6.4.7 Miracll Chemicals Co. Ltd
6.4.8 Huafeng Group
6.4.9 Huntsman International LLC
6.4.10 Dongsung Corporation
6.4.11 Sumei Chemical Co. Ltd
6.4.12 Suzhou New Mstar Technology Ltd
6.4.13 The Lubrizol Corporation
6.4.14 Tosoh Corporation
6.4.15 Wanhua Chemical Group Co. Ltd
6.4.16 Hexpol AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shifting Focus Toward the Development of Bio-based Products
7.2 Increasing R&D Activities
Thermoplastic Polyurethane (TPU) Industry Segmentation
Thermoplastic polyurethane (TPU) is a complete thermoplastic elastomer. As with other thermoplastic elastomers, TPU is elastic and can be melted. It can also be processed on extrusion, as well as on injection, blast, and compression molding machines. It can be vacuum-formed or solution-coated and is well-suited to a wide range of manufacturing methods. The thermoplastic polyurethane (TPU) market is segmented by application, end-user industry, and region. By application, the market is segmented into extruded products, injection molded products, adhesives, and other applications. By end-user industry, the market is segmented into construction, automotive, footwear, medical, electrical and electronics, heavy engineering, and other end-user industries. The report also covers the size and forecasts for the thermoplastic polyurethane market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Application | |
| Extruded Products | |
| Injection Molded Products | |
| Adhesives | |
| Other Applications |
| End-user Industry | |
| Construction | |
| Automotive | |
| Footwear | |
| Medical | |
| Electrical and Electronics | |
| Heavy Engineering | |
| Other End-user Industries |
| Geography | ||||||||
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Thermoplastic Polyurethane (TPU) Market Research FAQs
How big is the Thermoplastic Polyurethane (TPU) Market?
The Thermoplastic Polyurethane (TPU) Market size is expected to reach USD 2.68 billion in 2023 and grow at a CAGR of 6.86% to reach USD 3.73 billion by 2028.
What is the current Thermoplastic Polyurethane (TPU) Market size?
In 2023, the Thermoplastic Polyurethane (TPU) Market size is expected to reach USD 2.68 billion.
Who are the key players in Thermoplastic Polyurethane (TPU) Market?
The Lubrizol Corporation, Covestro AG, Huntsman International LLC, Wanhua Chemical Group Co. Ltd and BASF SE are the major companies operating in the Thermoplastic Polyurethane (TPU) Market.
Which is the fastest growing region in Thermoplastic Polyurethane (TPU) Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2022-2028).
Which region has the biggest share in Thermoplastic Polyurethane (TPU) Market?
In 2022, the Asia-Pacific accounts for the largest market share in Thermoplastic Polyurethane (TPU) Market.
Thermoplastic Polyurethane (TPU) Industry Report
Statistics for the 2023 Thermoplastic Polyurethane (TPU) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermoplastic Polyurethane (TPU) analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
