Thermoplastic Polyurethane Market Growth Analysis | 2023-2028

Market Insights

The thermoplastic polyurethane market was estimated at USD 2.83 billion in 2022 and is likely to grow at a CAGR of 8.06% during 2023-2028 to reach USD 4.51 billion in 2028.

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Market Dynamics

Introduction

Thermoplastic Polyurethane is a polyurethane plastic form that has some of the common properties, such as they are melt-processable and elastic in nature. Later on, it is processed through different options such as compression molding and injection, for manufacturing end products such as footwear, wires and cables, and others.

Thermoplastic Polyurethane is known for a number of properties like transparency, elasticity, and resistance to abrasion, grease, and oil. They are widely used in some of the common industries such as engineering, automotive, medical, footwear, wires and cables, building & construction, and others.

COVID-19 IMPACT

Thermoplastic polyurethane, a sizeable market, also couldn’t escape the pandemic and witnessed a huge decline as the pandemic largely influenced production. However, the market started to rebound in the year 2021 as assembly plants opened and the supply chain was revived.

Market Drivers

The market has witnessed modest growth in the current years, which is anticipated to continue during the forecast period as well. Thermoplastic polyurethane bears properties such as remarkable abrasion resistance, outstanding low-temperature suppleness, and high oil resistance, owing to which it is used in various end-use industries, such as medical, automotive, wires & cables, hose & tubing, engineering, building & construction, and footwear.

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Key Players

Some of the major players in the market are:

• American Polyfilm, Inc.
• BASF Polyurethanes GmbH (BASF SE)
• Covestro AG
• Hexpol AB
• Huntsman Corporation
• Kuraray Co., Ltd.
• The Lubrizol Corporation
• Polyone Corporation
• Wanhua Chemical Group Co., Ltd.
• Headway Polyurethane Co. Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Type

Based on the type, the market is segmented as polyester, polyether, and polycaprolactone. The polyester segment had a considerable share in the market in 2022, owing to its extensive use in various end-use industries, such as building & construction, automotive, and engineering, among others. The polycaprolactone segment is estimated to register the highest growth in the coming five years. The growth is attributed to its extensive application in various end-use industries.

By End-Use Industry Type

Based on the end-use industry type, the market is segmented as footwear, engineering, building & construction, automotive, hose & tubing, wires & cables, and medical. The footwear segment led the market in 2022 in terms of volume, which was subsequently followed by the wires & cables, and the engineering segments. Further, the medical end-use industry segment is estimated to depict the highest growth during the forecast period.

Regional Insights

In terms of regions, Asia-Pacific is expected to dominate the thermoplastic polyurethane market in the coming five years, in terms of both value and volume. It is also estimated to depict the highest growth during the forecast period. China and India are the growth engines of the region. The market is driven by the growing demand for thermoplastic polyurethane in various end-use industries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects thermoplastic polyurethane market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The thermoplastic polyurethane market is segmented into the following categories.

By Raw Material Type

• Diisocyante
• Polyols
• Diols

By Type

• Polyester
• Polyether
• Polycaprolactone

By End-Use Industry Type

• Footwear
• Engineering
• Building & Construction
•  Automotive
• Hose & Tubing
• Wires & Cables
•  Medical

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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Recent Market News & Developments

OCT 2024: BASF introduces new Elastollan 1400 TPU series: The new TPU series offers excellent hydrolysis and microbial resistance while ensuring stable processing and superior compression set properties. It delivers outstanding burst pressure performance and supports both extrusion and injection molding. With exceptional aging stability, Elastollan 1400 guarantees long-lasting durability.

SEP 2024: Covestro is set to begin construction on a new Thermoplastic Polyurethanes (TPU) APAC Application Development (AD) Center in Guangzhou, China. It is the second investment announcement for TPU developments by Covestro in recent years.

AUG 2024: Huntsman introduces a new thermoplastic soling solution for footwear. Huntsman has introduced a new range of innovative, high-performance thermoplastic polyurethane (TPU) materials for the footwear industry, unlocking new possibilities for soling applications.