Global Thermoplastic Polyurethane Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material (Polyols, Diisocyanate, and Diols), Type (Polyester, Polyether, and Polycaprolactone), Application (Extruded Products, Injection Molded Produc

Global Thermoplastic Polyurethane Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material (Polyols, Diisocyanate, and Diols), Type (Polyester, Polyether, and Polycaprolactone), Application (Extruded Products, Injection Molded Products, and Adhesives), End-User (Footwear, Automotive, Construction, Aerospace, Energy & Power, and Medical), and Region (North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa)

Market Overview:

Thermoplastic Polyurethane is an elastomer that can be processed by using various forms of conventional methods such as injection molding, extrusion, and compression molding. It has the characteristics of both plastic and rubber and thus exhibits properties like durability, flexibility as well as excellent tensile strength. TPU is a type of block copolymer consisting of alternating sequences of hard and soft segments that makes it ideal to be used for applications such as footwear, wire and cable, film and sheet, compounding, adhesives, and specialty molded parts.

According to Ken Research Analysis, the Global Thermoplastic Polyurethane Market was valued at ~US$ 2 billion in 2017. It is estimated to be ~US$ 3 billion in 2022 and is forecasted to reach a market size of ~US$ 5 billion, growing at a CAGR of ~7% owing to the increasing adoption of TPU in the footwear and automotive sectors.

Rising demand for flexible and biodegradable plastics in the footwear industry is one of the key factors responsible for the growth of the market. The widespread adoption of thermoplastic polyurethane by footwear manufacturers for producing soles for safety shoes due to their abrasion resistance, slip, and aesthetic properties accelerate the market growth.

Furthermore, the rise in the expansion of the automotive industry across the globe acts as one of the major factors driving the growth of the thermoplastic polyurethane market. The product is widely utilized in automobile components, such as seats, doors, vehicle wiring, attachment clips, and airbags, among others.

The major challenge faced by the market is the volatile prices of the raw materials used for making Thermoplastic Polyurethane. The high cost associated with TPU when compared to other conventional materials obstructs market growth.

COVID-19 had a negative influence on the Thermoplastic Polyurethane market growth and demand, owing to a worldwide halt in manufacturing operations. The government restrictions implemented during the pandemic significantly influenced the production of TPU. Due to the scarcity of raw materials, thermoplastic polyurethane manufacturing and processing were closed. Huge impacts were also seen in the consumption of TPU during that time as many end-use industries were severely disrupted. However, the market is expected to exhibit significant growth in the forecast period due to surging demand for thermoplastic polyurethane products in the healthcare, footwear, and automotive industries.

Scope of the Report:

The Thermoplastic Polyurethane Market is segmented by Raw Material, Type, Application, End-User, and Region. In addition, the report also covers the market size for each of the four regions' Thermoplastic Polyurethane Market. The revenue used to size and forecast the market for each segment is US$ billion.
Raw Material
Polyols
Diisocyanate
Diols
Type
Polyester
Polyether
Polycaprolactone
Application
Extruded Products
Injection Molded Products
Adhesives
Others
End-User
Footwear
Automotive
Construction
Aerospace
Energy & Power
Medical
Others

By Region

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
LAMEA (Latin America, Middle East, Africa)
Key Players
3M
BASF SE
Coim Group
Covestro AG
Huntsman International LLC
KURARAY CO., LTD.
Tosoh Corporation
Sumei Chemical Co. Ltd
The Lubrizol Corporation
Epaflex Polyurethanes Spa

Key Trends by Market Segment

By Raw Material: The diisocyanates segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to its wide applications in various end-use industries such as automotive, building & construction, healthcare, and aerospace.

Diisocyanates are a family of versatile building blocks that are used in the development of multiple polyurethane products such as bike helmets, vehicle impact-absorbing foam panels, and others.
Diisocyanates are reacted with natural oil polyols derived from vegetable oils for the development of polyurethane products containing functional diversification and renewable resource content.

By Type: The Polyester segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to its wide area of application in the engineering and construction sectors.

Polyester-based thermoplastic polyurethane provides resistance to oils, fuels, and water, due to which it is widely used in the building and construction industry.
Polycaprolactone segment is expected to grow with the highest CAGR, owing to its abrasion resistance with inherent toughness. The product is widely used in engineering applications due to its antimicrobial and mechanical properties.

By Application: The extruded products segment held the largest market share in the global thermoplastic polyurethane market in 2021, as the extrusion process enhances the properties of TPU material and makes it suitable to be used in end-use industries.

TPU is a melt-processable and highly elastic thermoplastic elastomer. It is transparent and easily colored. Therefore, it is widely used for extruded products application.
TPU can be compounded with many materials by using the process of extrusion in order to enhance its properties, such as increased strength, fuel and oil resistance, and abrasion resistance.
Compounded TPUs are used in a wide range of applications where superior structural integrity is required, such as for hoses and tubes, conveyor belts, electrical wires, medical disposables, and Office Automation equipment connectors.

By End-User: The footwear segment held the largest market share in the global thermoplastic polyurethane market in 2021, owing to the rising demand for comfortable and durable shoes.

The Thermoplastic Polyurethane (TPU) sole is highly resistant to abrasion, and has a longer life and better resilience property than rubber soles, which makes this material most preferred among other polymers.
The automotive segment is expected to grow with the highest CAGR, owing to its wide applications in instrument panels, seats, airbags, doors, attachment clips, vehicle wiring, and anti-vibration panels.

By Region: Asia Pacificheld the largest market share among all other regions within the Global Thermoplastic Polyurethane Market in 2021, due to the rapid infrastructure development and increasing demand for TPU as an insulator in the construction industry.

The increasing demand from automotive, textile, and footwear manufacturers, thermoplastic polyurethane adhesives, and sealants are expected to witness growth in the region.
Rapid growth of the construction industry mainly in China and India on account of growing disposable income in the nation is expected to be a key factor driving the demand for polyurethane products in the region.
According to data by OICA, the International Organization of Motor Vehicle Manufacturers, 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, which helped in the growth of the market.

Competitive Landscape

The Global Thermoplastic Polyurethane Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of raw materials for Thermoplastic Polyurethane used in various end-user industries.
Regional players constitute ~30% of the total number of competitors, while country-niche players dominate representing ~50% of total competitors. Some of the major players in the market include 3M, BASF SE, Coim Group, Covestro AG, Huntsman International LLC, KURARAY CO., LTD., Tosoh Corporation, Sumei Chemical Co. Ltd, The Lubrizol Corporation, Epaflex Polyurethanes Spa, among others.

Recent Developments Related to Major Players and Organizations

In August 2022, BASF SE launched its new invisible thermoplastic polyurethane paint protection film (PPF), which provides multifaceted and long-lasting protection for automotive coatings.
In September 2021, KPX Chemical, a Korean polyurethane manufacturer, established a joint venture with Huntsman Corporation, KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA). The joint venture created innovative polyurethane system solutions for Korean automakers.
In May 2019, the Lubrizol Corporation established a partnership with a Netherlands-based 3D printer manufacturing company, Ultimaker. Under the partnership, The Lubrizol Corporation develops new grades of thermoplastic polyurethane for printers of Ultimaker.

Conclusion

The Global Thermoplastic Polyurethane Market witnessed slow growth in the year 2020, owing to the restricted supply chain worldwide. Due to the scarcity of raw materials, thermoplastic polyurethane manufacturing and processing were closed. Footwear is the largest industry for the TPU market that faced a massive decline worldwide during the pandemic period. The market condition is expected to get even better in 2022, owing to the consumers’ preference for health and hygiene. The market is primarily driven by the increasing usage of Thermoplastic Polyurethane in footwear, automotive, construction, and other industries. Though the market is highly competitive with over ~300 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.

Note:This is an upcoming/planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Key Topics Covered in the Report

Snapshot of Global Thermoplastic Polyurethane Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Thermoplastic Polyurethane Market
Historic Growth of Overall Global Thermoplastic Polyurethane Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of Global Thermoplastic Polyurethane Industry
Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
Covid-19 Impact on the Overall Global Thermoplastic Polyurethane Market
Future Market Forecast and Growth Rates of the Total Global Thermoplastic Polyurethane Market and Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of Global Thermoplastic Polyurethane Market
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region
Notable Major Companies Mentioned in the Report
3M
BASF SE
Coim Group
Covestro AG
Huntsman International LLC
KURARAY CO., LTD.
Tosoh Corporation
Sumei Chemical Co. Ltd
The Lubrizol Corporation
Epaflex Polyurethanes Spa

Notable Emerging Companies Mentioned in the Report

Omni Technologies
Foster Polymer Distribution
H.B. Fuller Company
Kent Elastomer Products
SHANDONG INOV POLYURETHANE CO., LTD.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

Thermoplastic Polyurethane Manufacturers
Thermoplastic Polyurethane Suppliers
Polyurethane Manufacturers
Polyols Suppliers
Diisocyanate Suppliers
Diols Suppliers
Thermoplastic Polyurethane Distributors
Emerging and Startup Thermoplastic Polyurethane Companies in the Market
Different Types of Thermoplastic Polyurethane Institutes
Government Ministries and Departments of Chemicals and Polymers
Importers and Distributors of Thermoplastic Polyurethane
Environmental Regulatory Authorities
Investment Banks and PE Firms focused on Chemicals Sector
Potential Entrants into Thermoplastic Polyurethane Industry

Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Thermoplastic Polyurethane Market is covered from 2017-2028 in this report, which includes a forecast for the period (2022-2028).
What is the Future Growth Rate of the Global Thermoplastic Polyurethane Market?
The Global Thermoplastic Polyurethane Market is expected to witness a CAGR of ~7% over the next 6 years.
What are the Key Factors Driving the Global Thermoplastic Polyurethane Market?
The increasing demand for Thermoplastic Polyurethane products in footwear and automotive is expected to be the primary driver of this market.
Which is the Largest End-User Segment within the Global Thermoplastic Polyurethane Market?
The footwear segment held the largest share of the Global Thermoplastic Polyurethane Market in 2021.

Who are the Key Players in the Global Thermoplastic Polyurethane Market?

3M, BASF SE, Coim Group, Covestro AG, Huntsman International LLC, KURARAY CO., LTD., Tosoh Corporation, Sumei Chemical Co. Ltd, The Lubrizol Corporation, Epaflex Polyurethanes Spa, among others are the major companies operating in Global Thermoplastic Polyurethane Market.

Key Segments Covered in Global Thermoplastic Polyurethane Market: -

Raw Material
Polyols
Diisocyanate
Diols
Type
Polyester
Polyether
Polycaprolactone
Application
Extruded Products
Injection Molded Products
Adhesives
Others
End-User
Footwear
Automotive
Construction
Aerospace
Energy & Power
Medical
Others

By Region

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
LAMEA (Latin America, Middle East, Africa)
Key Players
3M
BASF SE
Coim Group
Covestro AG
Huntsman International LLC
KURARAY CO., LTD.
Tosoh Corporation
Sumei Chemical Co. Ltd
The Lubrizol Corporation
Epaflex Polyurethanes Spa

Please Note: It will take 5-7 business days to complete the report upon order confirmation.


Scope:
1. Executive Summary
1.1 Highlights of Global Thermoplastic Polyurethane Market Historic Growth. Forecast
1.2 Highlights of Market Trends, Challenges, and Competition
1.3 Highlights of Market Revenue Share by Segments
2. Market Overview and Key Trends Impacting Growth
2.1 Global Thermoplastic Polyurethane Market Taxonomy
2.2 Industry Value Chain
2.3 The Ecosystem of Major Entities in the Global Thermoplastic Polyurethane Market
2.4 Government Regulations. Developments
2.5 Key Growth Drivers. Challenges Impacting the Market
2.6 COVID-19 Impact on Global Thermoplastic Polyurethane Market
2.7 Total Thermoplastic Polyurethane Market Historic Growth by Segment Type, 2017-2021
2.7.1 By Raw Material
2.7.2 By Type
2.7.3 By Application
2.7.4 By End-User
2.7.5 By Region
2.8 Total Global Thermoplastic Polyurethane Market Historic Growth and Forecast, 2017-2028
2.9 Key Takeaways
3. Global. Market Segmentation by Raw Material, Historic Growth, Outlook. Forecasts
3.1 Market Definition. Segmentation by Raw Material
3.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
3.2.1 Polyols
3.2.2 Diisocyanate
3.2.3 Diols
3.3 Key Takeaways from Market Segmentation by Raw Material
4. Global. Market Segmentation by Type, Historic Growth, Outlook. Forecasts
4.1 Market Definition. Segmentation by Type
4.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
4.2.1 Polyester
4.2.2 Polyether
4.2.3 Polycaprolactone
4.3 Key Takeaways from Market Segmentation by Type
5. Global. Market Segmentation by Application, Historic Growth, Outlook. Forecasts
5.1 Market Definition. Segmentation by Application
5.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
5.2.1 Extruded Products
5.2.2 Injection Molded Products
5.2.3 Adhesives
5.2.4 Others
5.3 Key Takeaways from Market Segmentation by Application
6. Global. Market Segmentation by End-User, Historic Growth, Outlook. Forecasts
6.1 Market Definition. Segmentation by End-User
6.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-User, 2017-2028
6.2.1 Footwear
6.2.2 Automotive
6.2.3 Construction
6.2.4 Aerospace
6.2.5 Energy. Power
6.2.6 Medical
6.2.7 Others
6.3 Key Takeaways from Market Segmentation by End-User
7. Industry. Competition Analysis. Competitive Landscape
7.1 Types of Players (Competitors). Share of Competition
7.2 Porter’s. Forces Analysis of Global Thermoplastic Polyurethane Competitors
7.3 Key Developments in the Global Thermoplastic Polyurethane Sector Impacting Market Growth
7.4 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market, 2021
7.5 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market by Coverage of Raw Material, 2021
7.6 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market by Coverage of Type, 2021
7.7 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market by Coverage of Application, 2021
7.8 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market by Coverage of End-User, 2021
7.9 Comparison of Leading Competitors within Global Thermoplastic Polyurethane Market by Coverage of Region, 2021
7.10 Key Takeaways from Competitive Landscape
8. Key Competitor Profiles (Company Overview, Product Offerings, and Strengths. Weaknesses Analysis)
8.1 3M
8.2 BASF SE
8.3 Coim Group
8.4 Covestro AG
8.5 Huntsman International LLC
8.6 KURARAY CO., LTD.
8.7 Tosoh Corporation
8.8 Sumei Chemical Co. Ltd
8.9 The Lubrizol Corporation
8.10 Epaflex Polyurethanes Spa
9. Geographic Analysis. Major Countries Market Historic Growth, Outlook, and Forecasts
9.1 Major Countries Comparison of Macroeconomic Factors
9.2 Global- Market Revenue Share, Historic Growth, Outlook and Forecasts by Region, 2017-2028
9.3 Major Countries Market Analysis, Historic Growth, Outlook. Forecasts
9.4 North America. Thermoplastic Polyurethane Market Analysis
9.4.1 Major Production and Consumption Hubs in North America
9.4.2 Notable Emerging Thermoplastic Polyurethane Companies in North America
9.4.3 Market Revenue Share, Historic Growth, Outlook and Forecasts by Raw Material, 2017-2028
9.4.4 Market Revenue Share, Historic Growth, Outlook and Forecasts by Type, 2017-2028
9.4.5 Market Revenue Share, Historic Growth, Outlook and Forecasts by Application, 2017-2028
9.4.6 Market Revenue Share, Historic Growth, Outlook and Forecasts by End-User, 2017-2028
9.4.7 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
USA
Canada
Mexico
9.5 Europe. Thermoplastic Polyurethane Market Analysis
9.5.1 Major Production and Consumption Hubs in Europe
9.5.2 Notable Emerging Thermoplastic Polyurethane Companies in Europe
9.5.3 Market Revenue Share, Historic Growth, Outlook and Forecasts by Raw Material, 2017-2028
9.5.4 Market Revenue Share, Historic Growth, Outlook and Forecasts by Type, 2017-2028
9.5.5 Market Revenue Share, Historic Growth, Outlook and Forecasts by Application, 2017-2028
9.5.6 Market Revenue Share, Historic Growth, Outlook and Forecasts by End-User, 2017-2028
9.5.7 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
Germany
UK
France
Spain
Italy
Rest of Europe
9.6 Asia Pacific. Thermoplastic Polyurethane Market Analysis
9.6.1 Major Production and Consumption Hubs in the Asia Pacific
9.6.2 Notable Emerging Thermoplastic Polyurethane Companies in the Asia Pacific
9.6.3 Market Revenue Share, Historic Growth, Outlook and Forecasts by Raw Material, 2017-2028
9.6.4 Market Revenue Share, Historic Growth, Outlook and Forecasts by Type, 2017-2028
9.6.5 Market Revenue Share, Historic Growth, Outlook and Forecasts by Application, 2017-2028
9.6.6 Market Revenue Share, Historic Growth, Outlook and Forecasts by End-User, 2017-2028
9.6.7 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
China
Japan
South Korea
India
Indonesia
Australia
Rest of Asia Pacific
9.7 LAMEA. Thermoplastic Polyurethane Market Analysis
9.7.1 Major Production and Consumption Hubs in LAMEA
9.7.2 Notable Emerging Thermoplastic Polyurethane Companies in LAMEA
9.7.3 Market Revenue Share, Historic Growth, Outlook and Forecasts by Raw Material, 2017-2028
9.7.4 Market Revenue Share, Historic Growth, Outlook and Forecasts by Type, 2017-2028
9.7.5 Market Revenue Share, Historic Growth, Outlook and Forecasts by Application, 2017-2028
9.7.6 Market Revenue Share, Historic Growth, Outlook and Forecasts by End-User, 2017-2028
9.7.7 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Sub-Regions, 2017-2028
Latin America
Middle East
Africa
10. Industry Expert’s Opinions/Perspectives
10.1 Notable Statements/Quotes from Industry Experts and C-Level Executives on Current Status and Future Outlook of the Market
11. Analyst Recommendation
11.1 Analyst Recommendations on Identified Major Opportunities and Potential Strategies to Gain from Opportunities
12. Appendix
12.1 Research Methodology. Market Size Estimation, Forecast, and Sanity Check Approach
12.2 Sample Discussion Guide
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