Thermoplastic Polyurethane (TPU) Market Raw Material (Diisocyanates, Polyols, Diols), Type (Polyester, Polyether, Polycaprolactone), End-Use Industry (Footwear, Industrial, Machinery, Automotive, Electronics, Medical), and Region - Global Forecast to 2027
The TPU market is projected to reach USD 4.6 billion in 2027 at a CAGR of 7.1% during the forecast period. The increasing consumption of different types of TPU has led to the increased usage of TPU for the manufacture of products for various applications. TPU is used in the footwear industry from upper yarns, midsole/foam & cushioning, outsoles, eyelets, heel cups, logos, and shanks & toe caps in order to meet the demands for high performance.
“Extrusion segment is expected to account for the second-largest share in 2021”
The extrusion process is used for a wide range of products, including tubing for medical devices, automotive components, and industrial equipment; profiles for window seals, weatherstripping, and gaskets; protective films, laminates, and packaging, sheets for footwear, protective gear, and automotive components; coating for electronic components, textiles, and leather finishing. Companies such as Covestro, Lubrizol, Huntsman, and BASF are using extrusion technology to produce footwear, protective gear, automotive components, protective films, textiles, and leather finishing goods, thereby increasing its market demand.
“Polyols is expected to be the second-fastest growing raw material for TPU market during the forecast period, in terms of value.”
Polyols are used as a key raw material in the production of TPU, which are in high demand due to their versatility and performance benefits in various end-use industries. Additionally, the growing demand for sustainable and eco-friendly materials is also driving the demand for polyols in the TPU market.
“Based on region, Asia Pacific region was the largest market for TPU in 2021, in terms of value.”
Asia Pacific was the largest market for global TPU, in terms of value, in 2021. The market in Asia Pacific is driven by innovation. Industrial expansion and technological developments in the region are driving the consumption of TPU. The growth of the market is also expected to be supported by the improving global economy. China is the key market in Asia Pacific. However, India is expected to witness high growth during the forecast period because of the high use of TPU in various end-use industries in the region.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-Level - 35%, Director Level - 25%, and Others - 40%
By Region: North America - 40%, Europe - 20%, Asia Pacific - 30%, Middle East & Africa-5%, and Latin America-5%
The key players in this market are include BASF SE (Germany), The Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Chemical Group Co. Ltd. (China), American Polyfilm, Inc. (US), Epaflex Polyurethanes SpA (Italy), COIM Group (Italy), Mitsui Chemicals, Inc. (Japan), and Avient Corporation (US).
Research Coverage
This report segments the market for TPU market on the basis of technology, type, raw material, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for TPU market.
Key benefits of buying this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the TPU market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on TPU market offered by top players in the global TPU market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the TPU market.
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for TPU market across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global TPU market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the TPU market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook