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Redding, California - May 3, 2024

Thermoplastic Polyurethane (TPU) Market to be Worth $5.3 Billion by 2031

Thermoplastic Polyurethane (TPU) Market Size, Share, Forecast, & Trends Analysis by Type (Polyether, Polyester, Polycaprolactone, Others), Processing Method (Injection Molding, Extrusion, Others), Sector (Footwear, Medical Devices, Automotive, Others), Geography - Forecasts to 2031


Meticulous Research®—a leading global market research company, published a research report titled, ‘Thermoplastic Polyurethane (TPU) Market by Type (Polyether, Polyester, Polycaprolactone, Others), Processing Method (Injection Molding, Extrusion, Others), Sector (Footwear, Medical Devices, Automotive, Others), Geography - Forecast to 2031

According to this latest publication from Meticulous Research®, the thermoplastic polyurethane market is projected to reach $5.3 billion by 2031, at a CAGR of 7.3% from 2024 to 2031. By 2031, Thermoplastic Polyurethane Consumption is Expected to Reach 1519 K Tons. The growth of this market is driven by factors such as the rising use of thermoplastic polyurethane in the automotive sector, the increasing demand for TPU from the footwear sector, and the growing demand for biodegradable plastic to reduce environmental pollution. In addition, the rising utilization of TPU in the industrial sector is expected to create market growth opportunities. However, the higher cost of TPU compared to conventional plastics may restrain market growth. Additionally, the volatility of raw material prices poses a challenge to the market’s growth.

The thermoplastic polyurethane market is segmented by type, processing method, and sector. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the thermoplastic polyurethane market is segmented into polyether, polyester, polycaprolactone, and other thermoplastic polyurethane types. In 2024, the polyester segment is expected to account for the largest share of 48.0% of the thermoplastic polyurethane market. This segment’s large market share can be attributed to its properties, including high tensile strength, puncture resistance, superior durability in abrasive environments, and excellent chemical resistance, making them well-suited for use in environments where contact with fuels and solvents is common. Additionally, the growing preference for polyester in construction, automotive, and footwear applications contributes to the significant market share of this segment. In response to the increasing demand, market players are launching new solutions. For instance, in September 2023, Trinseo (U.S.), a specialty materials solutions provider, launched a new transparent thermoplastic elastomer (TPE) grade tailored for footwear applications. The APILON 52 XB-75A CRISTALLO marks Trinseo’s first ester-based transparent thermoplastic polyurethane (TPU), representing a significant addition to the company’s growing portfolio of solutions for the fashion & footwear industry.

However, the polycaprolactone segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the excellent properties of polycaprolactone, including high resistance to hydrolysis, exceptional durability, resistance to cuts and chips, low-temperature flexibility and toughness, and chemical resistance. Furthermore, the increasing utilization of this TPU in the production of pneumatic and hydraulic seals, as well as conveyor belts, contributes to its increased demand. Additionally, polycaprolactone-based TPUs have a lower melting point and are easily processable, making them suitable for a diverse range of applications, such as medical devices, automotive components, and coatings.

Based on processing method, the thermoplastic polyurethane market is segmented into injection molding, extrusion, blow molding, and other processing methods. In 2024, the injection molding segment is expected to account for the largest share of the thermoplastic polyurethane market. Injection molding is a method used to produce molded products by injecting molten plastic materials into a mold, which then cools and solidifies the material. This segment's large market share can be attributed to the increasing utilization of injection molding processes across various sectors, including automotive, medical, aerospace, consumer electronics, packaging, and construction.

However, the blow molding segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the robust physical and mechanical properties of blow-molded products, including excellent processibility, high extrusion stability, and resistance to both cold and heat. Additionally, the increasing utilization of blow molding processes for the production of thin film, ultra-thin film, air cushions, and pipes further drives the growth of this segment.

Based on sector, the thermoplastic polyurethane market is segmented into footwear, industrial machinery, automotive, electronics, medical devices, consumer goods, sports & leisure, building & construction, and other sectors. In 2024, the footwear segment is expected to account for the largest share of 35.0% of the thermoplastic polyurethane market. This segment’s large market share can be attributed to the increasing demand for durable and comfortable shoes and growing consumer expenditure on footwear. Additionally, footwear manufacturers are increasingly utilizing thermoplastic polyurethane in footwear production. For instance, in September 2021, BASF SE (Germany) collaborated with Hotter (U.K.), a leading shoe manufacturing company, to introduce its first expanded thermoplastic polyurethane (E-TPU) product called Infinergy (E-TPU) for shoe manufacturing. Infinergy (E-TPU) offers exceptional cushioning, contributing to enhanced comfort and performance in footwear.

However, the medical devices segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of medical-grade thermoplastic polyurethane (TPU) in various applications such as cardiology, urology, vascular, wound care, and others. Additionally, the rising utilization of thermoplastic polyurethane (TPU) as a raw material for extracorporeal and implantable blood-contacting medical devices, including blood pockets, catheters, vascular grafts, and arteriovenous shunts, is anticipated to drive the segment's growth.

Based on geography, the thermoplastic polyurethane market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 56.0% of the thermoplastic polyurethane market. Asia-Pacific’s significant market share can be attributed to the increasing demand for thermoplastic polyurethane across various sectors, including automotive, construction, and consumer goods. This trend is further fueled by rising infrastructure developments, rising disposable incomes, growing urbanization, and expanding footwear and apparel production in the region.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 8.5% during the forecast period. The increasing focus of market players on expanding their presence in Asia-Pacific is expected to drive the growth of this regional market. For instance, in February 2023, Covestro AG (Germany) announced plans to construct its largest thermoplastic polyurethane manufacturing plant in Zhuhai, South China. Upon completion, the plant will have a total manufacturing capacity of 20,000 tons of TPU per year. Furthermore, in August 2022, The Lubrizol Corporation (U.S.) announced the establishment of a new TPU line at the Shanghai Songjiang Site. The new production line was aimed at enhancing the company's TPU production capacity and strengthening its business in Asia-Pacific.

Key Players:

The key players operating in the thermoplastic polyurethane market are BASF SE (Germany), The Lubrizol Corporation (U.S.), Covestro AG (Germany), Taiwan PU Corporation (Taiwan), AMERICAN POLYFILM, INC. (U.S.), Coim Group (Italy), Mitsui Chemicals, Inc. (Japan),  Sanyo Corporation of America (U.S.), Huntsman International LLC (U.S.), Wanhua Chemical Group Co., Ltd. (China), Avient Corporation (U.S.), HEXPOL AB (Sweden), SONGWON (South Korea), Tosoh Corporation (Japan), and Kolon Industries, Inc (South Korea).         

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Key questions answered in the report-

  • Which are the high-growth market segments based on type, processing method, and sector?
  • What was the historical market for thermoplastic polyurethane?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, and opportunities in the thermoplastic polyurethane market?
  • Who are the major players, and what shares do they hold in the thermoplastic polyurethane market?
  • What is the competitive landscape like?
  • What are the recent developments in the thermoplastic polyurethane market?
  • What are the different strategies adopted by the major players in the thermoplastic polyurethane market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the thermoplastic polyurethane market, and how do they compete with the other players?

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Thermoplastic Polyurethane (TPU) Market - Global Opportunity Analysis and Industry Forecast (2024-2031)
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