Thermoplastic Polyurethane Market Report 2026

The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from $3.16 billion in 2025 to $3.45 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growth of polymer compounding technologies, rising demand for flexible plastics, expansion of footwear and cable industries, increasing use in industrial hoses, availability of diverse tpu grades.

The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2030 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing adoption in electric vehicle components, rising demand for recyclable elastomers, expansion of medical and wearable applications, growing use in 3d printing filaments, increasing investments in specialty polymers. Major trends in the forecast period include increasing use of tpu in automotive applications, rising demand for flexible and abrasion-resistant materials, growing adoption in footwear manufacturing, expansion of tpu films and sheets, enhanced focus on high-performance elastomers.

The expanding automotive industry is expected to drive the growth of the thermoplastic polyurethane (TPU) market. The automotive sector encompasses the production, sale, and maintenance of vehicles, including cars, trucks, motorcycles, and other transportation modes. Thermoplastic polyurethanes are employed in vehicles to enhance heat dissipation and improve thermal management of electronic components such as microprocessors, power modules, and sensors. For instance, in October 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States rose from 10.42 million units in 2023 to 11.12 million units in 2024. Therefore, growth in the automotive industry is boosting demand for thermoplastic polyurethane.

Key companies in the thermoplastic polyurethane market are focusing on developing advanced TPU solutions, such as high-performance paint protection films (PPF), to enhance vehicle surface protection, aesthetics, and durability. TPU paint protection films are clear, flexible coatings applied to vehicle exteriors to prevent scratches, chips, and environmental damage while maintaining surface clarity and longevity. For example, in May 2023, Covestro, a Germany-based global materials and polymers company, inaugurated a new production line in Taiwan and launched its Desmopan TPU series for PPF applications. The new TPU films provide enhanced resistance to UV, heat, and chemical exposure, ensuring long-lasting protection for automotive coatings. Covestro serves industries including automotive, wind energy, electronics, and industrial applications.

In January 2025, GEON Performance Solutions, a US-based provider of performance polymer solutions including vinyl, polyolefin, and thermoplastic elastomer materials, acquired Foster Corporation for an undisclosed amount. This acquisition aims to expand GEON’s medical polymer portfolio and strengthen its presence in high-value healthcare markets by integrating Foster’s advanced biomedical compounds and specialized manufacturing capabilities. Foster Corporation, based in the US, provides custom medical compounds, implantable materials, engineered polymers, thermoplastic polyurethane elastomers, and cleanroom manufacturing services.

Major companies operating in the thermoplastic polyurethane market are BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, Kuraray Co. Ltd., Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Hexpol AB, Trinseo plc, Avient Corporation, Epaflex Polyurethanes SpA, Coim Group, Miracll Chemicals Co. Ltd., Huafeng Group, Dongsung Corporation, Sumei Chemical Co. Ltd., Tosoh Corporation, American Urethane Inc., Weaver Industries Inc., Uniflex Inc., 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 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thermoplastic polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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