Thermoplastic Polyurethane Market

Thermoplastic Polyurethane (TPU) Market Size-(2023-2028):

The Thermoplastic Polyurethane (TPU) Market size was estimated to be $ 3.8 billion in 2022 and is predicted to reach $ 5.1 billion in 2028, with a CAGR of 9.8%.

Thermoplastic polyurethane can be defined as any liquid and gas manufactured for the transmission of heat from one unit to another. It is produced from highly refined petroleum, siloxanes, or synthetic hydrocarbons. It is mainly employed as a coolant to prevent the device from overheating. It may have a higher viscosity than that of water. Provides low maintenance, safety, and long service life. Thermoplastic Polyurethane refers to a very versatile elastomer that exhibits unique characteristics that provide processing flexibility and superior performance. It is considered an ideal polymer for use in a wide variety of applications in various end-use segments, including specialty moldings, films and sheets, footwear, adhesives, wire and cable, and composites. Thermoplastic Polyurethane has provided various benefits to various end-users, manufacturers, and designers for over 60 years.

The growing call for the product is likely to drive the worldwide thermoplastic polyurethane market in the coming years. Due to the expansion of end-use industries, it is predicted to drive the call for thermoplastic polyurethane throughout the forecast period. In addition, the steady expansion of the medical and healthcare industry owing to the increase in population, income levels, and awareness coupled with technological advancements is predicted to further drive the expansion of the Thermoplastic Polyurethane market over the course of the forecast period. Thermoplastic polyurethane is extensively employed in automotive, construction, aerospace, and medical industries for multiple applications due to its properties such as elasticity, transparency, and resistance to oil, grease, and grease abrasion. In addition, thermoplastic polyurethane is biodegradable, environmentally friendly, and fully recyclable, making it a suitable alternative to PVC and other polymers. This is predicted to be one of the major expansion factors of the market throughout the forecast period.

THERMOPLASTIC POLYURETHANE (TPU) MARKET REPORT COVERAGE:

Thermoplastic Polyurethane Market Drivers:

The strong expansion of the automotive industry, driven by escalating disposable income per capita, rapid urbanization, and economic expansion in the world, is predicted to be the main driver for the expansion of the worldwide thermoplastic polyurethanes market. In cars, thermoplastic polyurethane is employed as an alternative to metal to improve fuel efficiency by reducing the weight of the car. Thermoplastic Polyurethane, due to its properties such as toughness, abrasion resistance, and FST compliance, is widely employed to manufacture various aircraft components and interior components such as electronic housings, armrests, and seat covers the high seat and contact surfaces.

Therefore, due to the strong expansion of the aerospace industry in the world, the increase in air passenger traffic, the expansion of the travel and tourism industry, and the increase in the population easily, the call for thermoplastic polyurethane in the aerospace industry are likely to expand. High disposable income and growing awareness of fitness are driving the call for athletic shoes around the world. Rising economic spending in developing countries along with the presence of a large population is boosting the call for footwear which is predicted to contribute to the expansion of the global thermoplastic polyurethane (TPU) market throughout the forecast period. Due to its properties such as good flexibility, lightweight, and ease of processing, TPU is preferred by several major shoe manufacturers. In addition to this, the growing attention to style, status, and image is boosting sales of worldwide footwear brands, which bodes well for market expansion in the years to come.

Opportunities in the Thermoplastic Polyurethane Market:

However, technological advancements in manufacturing various grades of TPU with the latest properties supply expansion chances for TPU manufacturers. The change in focus toward the development of bio-based products and the increase in R&D activities are likely to create opportunities for the market in the years to come.

Challenges in the Thermoplastic Polyurethane Market

The price instability of raw materials is another challenge to the expansion of the global thermoplastic polyurethane market.

Thermoplastic Polyurethane Market Segmentation:

Thermoplastic Polyurethane Market-By Raw Material:

• Polyols
• Diisocyanate
• Diols

Thermoplastic Polyurethane Market-By Type:

• Polyester

• Polyether

• Polycaprolactone

Thermoplastic Polyurethane Market-By End-use:

• Footwear

• Industrial Machinery

• Automotive

• Electronics

• Medical

The footwear segment was the largest consumer of TPU in 2020, whereas, the automotive industry is projected to be the fastest-growing end-use industry throughout the forecast period.

Thermoplastic Polyurethane Market - By Region

The Thermoplastic Polyurethane Report includes the segmentation of Regions with their respective Countries.

• North America Thermoplastic Polyurethane Industry includes the U.S. and Canada.

• Europe Thermoplastic Polyurethane Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Thermoplastic Polyurethane Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Thermoplastic Polyurethane Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa Thermoplastic Polyurethane Industry includes KSA, UAE, Israel, the rest of the GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA

APAC is predicted to record the highest expansion in the global TPU market throughout the forecast period. The call for TPU is high in developing economies like China and India. The expansion of the TPU market in the APAC region is mainly due to the escalating call for high-performance materials. The increase in population and the expansion of end-use industries have led to innovation and development, making APAC a major industrial center on a worldwide scale. Strong expansion and innovation, along with industry consolidations, are predicted to lead to rapid market expansion in the area. Asia-Pacific has dominated the worldwide thermoplastic polyurethane market and is predicted to maintain its dominance throughout the forecast period and experience strong expansion. This strong expansion in the thermoplastic polyurethane market is attributed to escalated automotive production, escalated construction spending, and the expansion of the electrical and electronics industry in countries like China, India, Japan, and Indonesia.

The thermoplastic polyurethane market in North America is predicted to experience healthy expansion due to escalating applications in the aerospace industry and escalated automotive production. Moreover, the resumption of expansion in the construction industry in the United States is predicted to support the market expansion throughout the forecast period. In addition, the trend in light vehicle manufacturers to improve fuel efficiency and strict environmental regulations are predicted to drive the expansion of the thermoplastic polyurethane market due to its lightweight, high strength, and biodegradability. The Middle East, Africa, and Latin America are predicted to experience significant expansion throughout the forecast period.

Recent Developments 

• Lubrizol Corporation's Engineering Polymers business has released two latest thermoplastic polyurethane (TPU) resins for hot melt adhesives (HMA). These recent developments are related to the flexible polymer solutions of the Pearlbond 300 TPU series without plasticizers, which are distinguished by their low activation temperature and excellent bonding properties to various substrates.

Some of the leading players in the global thermoplastic polyurethane market:

1. BASF SE (Germany)

2. Huntsman International LLC (US)

3. Amco Polymers (US)

4. Covestro AG (Germany)

5. The Lubrizol Corporation (US)

6. 3M (US), Permali Gloucester Limited (UK)

7. Wanhua Chemical Group Co., Ltd. (China)

8. American Polyfilm Inc. (US)

9. Hexpol AB (Sweden)

10. PolyOne Corporation (US)

11. API Plastics (Italy)

12. Kuraray Co., Ltd. (Japan)