Thermoplastic Polyurethane Market Report 2025

This Thermoplastic Polyurethane report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from $2.97 billion in 2024 to $3.22 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to versatile material properties, consumer goods and footwear, automotive sealing solutions, film and sheet production, medical device applications.

The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing demand in 3D printing, sustainable and recyclable tpus, expansion in renewable energy, urbanization and infrastructure, rise in athletic wear. Major trends in the forecast period include bio-based tpu, recyclable tpu formulations, medical device advancements, low-voc and eco-friendly additives, customized color and aesthetics.

The growing demand for products from the footwear industry is expected to drive the expansion of the thermoplastic polyurethane market in the coming years. The footwear industry includes companies that design, produce, and sell shoes, which are designed to protect feet from various physical hazards such as sharp objects, extreme temperatures, wet or slippery surfaces, and falling objects. To improve the durability, mechanical strength, abrasion resistance, and slip resistance of footwear, the industry is increasingly incorporating thermoplastic polyurethane into shoe soles. For example, in February 2023, World Footwear, a footwear industry organization based in Portugal, reported that Portuguese footwear and leather goods exports reached a record 2.35 million euros in 2022, a 22.2% increase from the previous year. As a result, the rising demand from the footwear sector is expected to fuel the growth of the thermoplastic polyurethane market.

The growth of the thermoplastic polyurethane market is being driven by the expanding automotive industry. This industry encompasses the production, sale, and maintenance of vehicles, including cars, trucks, motorcycles, and other forms of transportation. Thermoplastic polyurethane is used in the automotive sector to improve heat dissipation and optimize the thermal management of electronic components like microprocessors, power modules, and sensors. For example, in October 2023, the Board of Governors of the Federal Reserve System, a US-based government agency, reported that total vehicle production in the United States increased from 10.42 million units in 2023 to 11.12 million units in 2024. As a result, the automotive industry's expansion is fueling the growth of the thermoplastic polyurethane market.

A prominent trend in the thermoplastic polyurethane market is the focus on product innovation by major industry players. These companies are committed to enhancing the properties of their thermoplastic polyurethane grades, characterized by ultra-high molecular weight polymers. The goal is to improve durability, process efficiency, and waste reduction in manufacturing. For example, Huntsman International LLC, a US-based specialty chemical manufacturer, introduced a new thermoplastic polyurethane grade, IROGRAN A 85 P 4394 HR TPU, in June 2021. This grade offers higher melt strength and improved extrusion quality for films compared to its predecessor, making it ideal for blown film applications. The enhanced melt strength reduces the risk of film breakage during production, leading to lower scrap rates, increased manufacturing throughput, and reduced waste.

Leading companies in the thermoplastic polyurethane sector are concentrating on enhancing their existing grades, aiming to offer superior grip and durability while incorporating circularity principles. For example, in August 2024, Huntsman, a US-based manufacturer and marketer of thermoplastic polyurethane, introduced the AVALON GECKO TPU range. This portfolio provides slip resistance comparable to rubber in both wet and dry conditions. The lineup includes AVALON 6044 AG, an opaque, injectable grade ideal for safety shoes; AVALON 6053 AG, a transparent, extrusion grade optimized for running applications; and AVALON 6055 AG, a transparent, injectable grade that delivers outstanding wet slip performance.

In November 2022, Celanese Corporation, a US-based chemical and specialty materials company, acquiring the majority of the Mobility & Materials (M&M) business of DuPont. This acquisition positions Celanese as a leading global specialty materials company, leveraging the renowned brands and product portfolios of Mobility & Materials to accelerate growth and create value for customers and shareholders. DuPont, a US-based manufacturer of materials and chemicals, including polymers and thermoplastic polyurethane products, strengthens Celanese's position in the market.

Major companies operating in the thermoplastic polyurethane market include BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, Trinseo plc, Avient Corporation, Epaflex Polyurethanes SpA, Coim Group, Miracll Chemicals Co. Ltd., Huafeng Group, Dongsung Corporation, Sumei Chemical Co. Ltd., Suzhou New Mstar Technology Ltd., Tosoh Corporation, American Urethane Inc., Weaver Industries Inc., Uniflex Inc., Master Bond Polychem, Urethane Source LLC, Akay Plastik A.S., Alliance Polymers & Services, Alphagary Limited, Americhem Inc., Arkadia Plastics Inc.

Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the thermoplastic polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Thermoplastic polyurethane (TPU) is an elastomer renowned for its exceptional performance and processing flexibility. This versatile polymer finds applications in various industries, including wire and cable, custom molded parts, footwear, film and sheet production, compounding, and adhesives. Thermoplastic polyurethanes are employed as soft manufacturing plastics or as substitutes for hard rubber.

The primary types of thermoplastic polyurethane include polyester, polyether, polycaprolactone, and others. Polyester is utilized to impart flexibility and elastomeric properties to TPU. Polyesters, characterized by the presence of an ester group in their chain, contribute to the flexibility and elastomeric nature of TPU. Different raw materials, such as diisocyanate, polyols, diols, and others, are utilized in various applications across industries like automotive, construction, engineering, footwear, hose and tubing, wire and cable, among others.

The thermoplastic polyurethane market research report is one of a series of new reports that provides thermoplastic polyurethane market statistics, including thermoplastic polyurethane industry global market size, regional shares, competitors with thermoplastic polyurethane market share, detailed thermoplastic polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the thermoplastic polyurethane industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The thermoplastic polyurethane market consists of sales of thermoplastic polyurethane grades including 85, 90 and 95. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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