Thermoplastic Polyurethane Market by Raw Material (Diisocyanate, Diols, Polyols), Type (Polycaprolactone, Polyester, Polyether), End-User - Global Forecast 2024-2030

Thermoplastic Polyurethane Market by Raw Material (Diisocyanate, Diols, Polyols), Type (Polycaprolactone, Polyester, Polyether), End-User - Global Forecast 2024-2030

The Thermoplastic Polyurethane Market size was estimated at USD 31.53 billion in 2023 and expected to reach USD 34.25 billion in 2024, at a CAGR 8.73% to reach USD 56.67 billion by 2030.

Thermoplastic polyurethane (TPU) has various qualities, including transparency, flexibility, and resistance to oil, grease, and abrasion. They are thermoplastic elastomers of linear segmented block copolymers with hard and soft segments. Foams based on thermoplastic polyurethanes have gained importance as they are elastic, thermoplastically processable materials and can be further reprocessed or recycled. TPU is increasingly used in medical applications due to its superior performance, chemical and lubricant resistance, improved mechanical capabilities, and increased durability. However, variations in the cost of raw materials and the elevated cost of TPU impede the adoption of thermoplastic polyurethanes. Furthermore, technological developments, breakthroughs in thermoplastic polyurethane, and material improvements to make it easier to produce, cheaper, and more environmentally friendly material drive market growth.

Regional Insights

The advent of smart manufacturing, changing consumer taste, and the mechanization of industries with supportive government initiatives create a significant demand for thermoplastic polyurethane in the Americas region. In Asia-Pacific, thermoplastic polyurethane is widely utilized in automotive, medical devices, construction materials, electronics, and footwear. Most manufacturing sectors in emerging economies are triggering the demand for thermoplastic polyurethane. The overgrowing shift toward electric vehicles and increasing adoption of automobiles are encouraging the thermoplastic polyurethane market for manufacturing automobiles in the region. In Europe, the thermoplastic polyurethanes market has been positively affected by the growing usability of thermoplastic polyurethanes in the construction sector, as thermoplastic polyurethane films offer a unique combination of excellent abrasion wear, tear strength, and puncture resistance.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Thermoplastic Polyurethane Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing number of thermoplastic polyurethane applications in the medical sector
    • Increasing thermoplastic polyurethane usage in the footwear and apparel industries
    • Rising usage of the product in automotive applications
    • Market Restraints
      • High cost of thermoplastic polyurethane compared to other conventional material
      • Market Opportunities
        • Emergence of bio-based thermoplastic polyurethane to replace polyvinyl chloride
        • Technological advancements and innovations in thermoplastic polyurethane
        • Market Challenges
          • Volatility in the prices of thermoplastic polyurethane raw materials
          • Market Segmentation Analysis
            • Raw Material: Increasing use of polyols for improved flexibility and durability of TPUs
            • End-User: Widespread application of TPUs in automotive sector
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Thermoplastic Polyurethane Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Thermoplastic Polyurethane Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Covestro to build its largest TPU site in China
              
              Covestro has recently announced its plans to build its largest thermoplastic polyurethane (TPU) production site in China, solidifying its position as a leader in the industry. This significant investment demonstrates Covestro's commitment to providing cutting-edge materials that meet the evolving needs of its customers, and it further strengthens the company's production network in the Asia-Pacific region. With this expansion, Covestro will increase its production capacity, allowing for the creation of high-quality TPU materials for a wide range of applications. The new site will also create job opportunities and stimulate economic growth in the region, benefiting both the company and the local community. This project serves as a testament to Covestro's ongoing dedication to innovation, sustainability, and growth, as it continues to make strides in the manufacture of top-of-the-line TPU materials.
              
              Lubrizol introduces novel TPU solution exclusively for HP Multi Jet Fusion 3D printing
              
              Lubrizol, a leading manufacturer of innovative materials, has introduced a new solution exclusively for HP Multi Jet Fusion 3D printing technology. The company's latest creation is an advanced thermoplastic polyurethane, designed to meet the high-performance requirements of various applications. This novel formulation offers exceptional flexibility, durability, and chemical resistance, making it an ideal solution for industrial and consumer products. Lubrizol has prioritized customization and efficiency with their latest product, ensuring that it meets the specific needs of HP Multi Jet Fusion customers. With this advanced technology, designers will be able to create parts that meet the rigorous demands of production environments while delivering outstanding cost-effectiveness.
              
              Novoloop partners with on to introduce world’s first chemically upcycled TPU outsole in cloudprime
              
              Novoloop, a top-tier material technology company, has joined forces with On, a renowned Swiss footwear brand, to unveil the world's premier chemically upcycled TPU outsole in their Cloudprime collection. This groundbreaking achievement has been met with widespread acclaim from both the environmental and fashion industries. The innovative collaboration between Novoloop and On represents a significant step forward in the world of sustainable fashion, leveraging the power of chemical recycling to dramatically reduce the environmental impact of the production process. With a commitment to creating a more sustainable future, this collaboration paves the way for a new era of eco-friendly material technology.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Thermoplastic Polyurethane Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Thermoplastic Polyurethane Market, highlighting leading vendors and their innovative profiles. These include American Polyfilm Inc., Avient Corporation, BASF SE, Biesterfeld AG, Chemex Organochem Pvt Ltd, COIM SpA, Covestro AG, Dongguan Xionglin New Material Technology Co., Ltd, Epaflex Polyurethanes S.r.l., geba Kunststoffcompounds GmbH, HEXPOL AB, Huntsman Corporation, Kent Elastomer Products, Inc. by Meridian Industries, Inc., Mitsubishi Chemical Group, Mitsui Chemicals, Inc., Novoloop, PAR Group, Ravago, Shandong INOV Polyurethane Co., Ltd., Shanghai Xin Gen Eco-Technologies Co., Ltd. to, Songwon Industrial Co., Ltd., Taiwan Pu Corporation, The Lubrizol Corporation by Berkshire Hathaway Inc., Treatstock Inc., Trinseo PLC, and Wanhua Chemical Group Co., Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Thermoplastic Polyurethane Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Raw Material
              • Diisocyanate
              • Diols
              • Polyols
              • Type
                • Polycaprolactone
                • Polyester
                • Polyether
                • End-User
                  • Automotive
                    • Exterior Body Parts
                    • Interior Body Parts
                    • Building & Construction
                    • Consumer Goods
                    • Electronics
                      • Electronic Devices
                      • Wires & Cables
                      • Footwear
                        • Shoe
                        • Slipper
                        • Sole
                        • Industrial Machiery
                          • Belts & Profiles
                          • Seals & Gaskets
                          • Wheels & Rollers
                          • Medical
                            • Catheters
                            • Medical Device Housing
                            • Wound Care Products
                            • Textile
                            • Region
                              • Americas
                                • Argentina
                                • Brazil
                                • Canada
                                • Mexico
                                • United States
                                  • California
                                  • Florida
                                  • Illinois
                                  • New York
                                  • Ohio
                                  • Pennsylvania
                                  • Texas
                                  • Asia-Pacific
                                    • Australia
                                    • China
                                    • India
                                    • Indonesia
                                    • Japan
                                    • Malaysia
                                    • Philippines
                                    • Singapore
                                    • South Korea
                                    • Taiwan
                                    • Thailand
                                    • Vietnam
                                    • Europe, Middle East & Africa
                                      • Denmark
                                      • Egypt
                                      • Finland
                                      • France
                                      • Germany
                                      • Israel
                                      • Italy
                                      • Netherlands
                                      • Nigeria
                                      • Norway
                                      • Poland
                                      • Qatar
                                      • Russia
                                      • Saudi Arabia
                                      • South Africa
                                      • Spain
                                      • Sweden
                                      • Switzerland
                                      • Turkey
                                      • United Arab Emirates
                                      • United Kingdom
                                      
                                      
                                      Please Note: PDF & Excel + Online Access - 1 Year