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 this 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.
Raw Material
Polyols
Diisocyanate
Diols
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.
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.
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.
Notable
According to this 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
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
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
- 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.
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- TAM/SAM/SOM Analysis
- Customer Cohort Analysis
- Marketing Initiatives
- White Space Opportunity Analysis
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Table of Contents
1. Executive Summary
2. Market Overview and Key Trends Impacting Growth
3. Global - Market Segmentation by Raw Material, Historic Growth, Outlook & Forecasts
4. Global - Market Segmentation by Type, Historic Growth, Outlook & Forecasts
5. Global - Market Segmentation by Application, Historic Growth, Outlook & Forecasts
6. Global - Market Segmentation by End-User, Historic Growth, Outlook & Forecasts
7. Industry/Competition Analysis - Competitive Landscape
8. Key Competitor Profiles (Company Overview, Product Offerings, and Strengths & Weaknesses Analysis)
9. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- Omni Technologies
- Foster Polymer Distribution
- H.B. Fuller Company
- Kent Elastomer Products
- SHANDONG INOV POLYURETHANE CO., LTD.
