Thermoplastic Polyurethanes (TPU) Market By Raw Material (Polyol, Diol, Diisocyanate) , By Type (Polyester, Polyether, Polycaprolactone) By Method (Injection Molding, Extrusion, Blow Molding, Others) By Application (Footwear, Wires & Cables, Adhesives, Films & Sheets, Sports Equipment, Textile Coating, Others) By End-use Industry (Automotive, Textile, Electronic, Construction, Medical, Sports, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Thermoplastic Polyurethanes (TPU) Market
The thermoplastic polyurethanes (TPU) market was valued at $3.4 billion in 2023 and is projected to reach $6.9 billion by 2033, growing at a CAGR of 7.4% from 2024 to 2033.
Thermoplastic polyurethane (TPU) is a material formed from organic synthetic polymers and is melt-processable in nature. It comprises the attributes of both rubber and plastic, hence exhibits elasticity & plasticity. Upon heating, TPU becomes soft & processible and hardens on cooling off. A key characteristic of TPU is its ability to be processed several times with no loss in structural integrity.
Owing to its structural flexibility, TPU finds applications across several sectors such as footwear, automotive, and electronics. This adaptability drives the growth of the thermoplastic polyurethanes (TPU) market. Furthermore, upsurge in the utility of TPU in the construction industry as sealant and adhesive propels the market development. With increasing popularity of portable devices and smart wearables, the utilization of TPU for the manufacturing of flexible lithium-ion batteries is trending. TPU is considerably being used for the formation of stretchable separator, a critical component in batteries that facilitates the transfer of lithium ion.
However, high cost of establishing efficient recycling infrastructure for TPU is a major restraint for the thermoplastic polyurethanes (TPU) market. In addition, petrochemical feedstocks are crucial as a raw material for the manufacturing of TPU and are subject to frequent volatility in their price. Price fluctuations impact the overall costs associated with TPU, which hinders the market growth significantly. On the contrary, expansion of additive manufacturing technology is projected to present lucrative opportunities for the market as TPU is essentially used in 3D printers integrated with fused filament deposition. With the expanding landscape of additive manufacturing across diverse sectors such as healthcare, footwear, and hardware, the thermoplastic polyurethanes (TPU) market is poised for a bright future.
Segment ReviewThe thermoplastic polyurethanes (TPU) market is segmented into raw material, type, method, application, end-use industry, and region. On the basis of raw material, the market is divided into polyol, diol, diisocyanate. By type, it is classified into polyester, polyether, and polycaprolactone. Depending on method, it is categorized into injection molding, extrusion, blow molding, and others. As per application, it is divided into footwear, wires & cables, adhesives, films & sheets, sports equipment, textile coating, and others. According to end-use industry, it is categorized into automotive, textile, electronic, construction, medical, sports, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of raw material, the diisocyanate segment dominated the market in 2023.
By type, the polyether segment held a high share of the market in 2023.Depending on method, the injection molding segment acquired a high stake in the market in 2023.
As per application, the footwear segment was the highest shareholder in 2023.
According to end-use industry, the automotive segment accounted for a high share of the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global thermoplastic polyurethanes (TPU) market include Lubrizol Corporation, Gantrade Corporation, KRAIBURG TPE GMBH & CO. KG, BASF SE, Townsend Chemicals P/L., Covestro AG., Avient Corporation, Huntsman International LLC., Sumei Chemical Co. Ltd, and Tosoh Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy Raw MaterialPolyol
Diol
Diisocyanate
By TypePolyester
Polyether
Polycaprolactone
By MethodInjection Molding
Extrusion
Blow Molding
Others
By ApplicationFootwear
Wires Cables
Adhesives
Films Sheets
Sports Equipment
Textile Coating
Others
By End-use IndustryAutomotive
Textile
Electronic
Construction
Medical
Sports
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA
Key Market PlayersLubrizol Corporation
Gantrade Corporation
KRAIBURG TPE GMBH & CO. KG
BASF SE
Townsend Chemicals P/L.
Covestro AG.
Avient Corporation
Huntsman International LLC.
Sumei Chemical Co. Ltd
Tosoh Corporation.