Thermoplastic Polyurethane (TPU) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Thermoplastic Polyurethane (TPU) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Thermoplastic Polyurethane [TPU] Market

The thermoplastic polyurethane [TPU] market size was valued at USD 2.53 billion in 2023, and the market is now projected to grow from USD 2.76 billion in 2024 to USD 5.44 billion by 2032, exhibiting a CAGR of 8.9% during the forecast period of 2024-2032.

The thermoplastic polyurethane [TPU] market growth depends on the extent of government restrictions that COVID-19 forced. The specific operation of manufacturing & processing products was doomed to failure owing to the aging workforce, low quality of raw materials, and machine breakdown. One of the unexpected consequences of the pandemic on the supply chain demand was on the side of assembly plants; the closure of plants from different end-use sectors was reported.

Multifunctional, thermoplastic polyurethane can be an elastic material with good slip resistance as well as a high wear resistance. Consequently, such characteristics allow us to figure out which PU pertains most to the footwear manufacturers especially those in which the industry lifeblood is the one that produces the shoes with fashionable designs. On top of that, in recent years, sports and recreational goods also started to use TPUs, owing to their excellent performance properties. The increasing applications in processed automotive and wire and cable, for instance, are the main factors pushing the demand. In the field of the automotive; the product is recognized for exhibiting all three attributes of hardness, softness, and abrasion, chemical, and weather resistance. It acts as components for interior trim, seals, hoses, and under-the-hood of the car, which is the reason behind the growth of the thermoplastic polyurethane [TPU] market share.

The growing entry of bio-plastics will bring up the demand for thermoplastics polyurethane. The condition worsens with time as the toxic chemicals in the bottles seep into the soil which damages groundwater sources if they are buried into the ground. Therefore, several environmentally-oriented regulations were formulated to deal with both the production and the use of eco-friendly plastics. To be more particular, thermoplastic polyurethane is degradable, and it also shows strong mechanical strength, gas and oil resistance, and abrasion resistance qualities.

Comprehensive Analysis of Thermoplastic Polyurethane [TPU] Market

The specific study of the Thermoplastic Polyurethane (TPU) market demonstrates the availability of various kinds of these, thus Polyester, Polyether, as well as Polycaprolactone, and others. Furthermore, the general application of the market addresses industries that include construction, engineering, footwear, rubber hose, and tubing, wire and cable, medical sectors, synthetic goods, and the rest as well. Such an analysis proves that more and more TPUs should be in demand leading to their popularity in different areas for their ability to be flexible, long-lasting, and multifunctional. Also, this research is a fair look into the market’s dynamism, major determinants, barriers, and prospects in the various spheres and sectors.

The fighting demographic of this area is dominating, with the market size of the Asia Pacific at USD 1. 47 billion in 2023. Asian countries like China and India particularly have most of their factories and multimillion-dollar industries in their cities. Because the countries in Asia develop themselves and urbanize, and they own giant companies that are constantly growing and consequently providing more population is the reason why innovation is non-stopping at the same time and they end up being the center of industrial development.

BASF SE (Germany), Lubrizol Corporation (U.S.),Covestro AG (Germany), Huntsman Corporation (U.S.), COIM Group (Italy), American Polyfilm Inc (U.S.), Kuraray Co., Ltd (Japan), ALPHAGARY (U.S.), Kent Elastomer Products (U.S.), AMERICAN POLYFILM, INC. (U.S.), and Entec Polymers (Belgium) are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.

In February 2023, Covestro AG declared that it is planning to build in the city of Zhuhai, in the southern part of China, what will become its largest thermoplastic polyurethane plant. The company Expansion plan is divided into three stages. The first stage has to be completed in late 2025. On this basis plant will have a total manufacturing capacity of 20,000 tons of TPU per year when it is completed.

Segmentation Table

Global Thermoplastic Polyurethane [TPU] Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.9% from 2024 to 2032

Unit Value (USD Billion); Volume (Million Ton)

By Type

Polyester

Polyether

Polycaprolactone

Others

By Application

Automotive

Construction

Engineering

Footwear

Hose & Tubing

Wire & Cable

Medical

Synthetic Leather

Others

By Region North America (By Type, By Application, By Country)

- U.S. (By Application)

- Canada (By Application)

Europe (By Type, By Application, By Country)

- Germany (By Application)

- U.K. (By Application)

- France (By Application)

- Spain (By Application)

- Belgium (By Application)

- Italy (By Application)

- Turkey (By Application)

- Romania (By Application)

- Portugal (By Application)

- Albania (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Type, By Application, By Country)

- China (By Application)

- India (By Application)

- Japan (By Application)

- Southeast Asia (By Application)

- Rest of Asia Pacific (By Application)

Latin America (By Type, By Application, By Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America (By Application)

The Middle East & Africa (By Type, By Application, By Country)

- GCC (By Application)

- Iran (By Application)

- South Africa (By Application)

- North Africa (By Application)

 Rest of Middle East & Africa (By Application)


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