Global Thermoplastic Polyurethane Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, Type, Application, End-User, and Region

Market Overview:

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 Ken Research 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.

Diisocyanates are reacted with natural oil polyols derived from vegetable oils for the development of polyurethane products containing functional diversification and renewable resource content.

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.

In May 2019, the Lubrizol Corporation established a partnership with a Netherlands-based 3D printer manufacturing company, Ultimaker. Under the partnership, The Lubrizol Corporation develops new grades of thermoplastic polyurethane for printers of Ultimaker.

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

Notable Emerging Companies Mentioned in the Report

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.