Thermoplastic Polyurethane Market Forecast & Growth Analysis | 2022-2028

Market Insights

The thermoplastic polyurethane market size was estimated at USD 2.6 billion in 2021 and is likely to grow at a CAGR of 8.07% during 2022-2028 to reach USD 4.51 billion in 2028.

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What is thermoplastic polyurethane?

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 Dynamics

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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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 2021, 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 2021 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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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 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
  • (End-Use Industry Type Analysis: Shoe, Soles, and Slippers)
• Engineering
  • (End-Use Industry Type Analysis: Machinery Parts and Electronic Devices)
• Building & Construction
  • (End-Use Industry Type Analysis: Roofing Membranes and Cured-In-Place Pipe)
•  Automotive
  • (End-Use Industry Type Analysis: Interior Body Parts and Exterior Body Parts)
• Hose & Tubing
  • (End-Use Industry Type Analysis: Hoses, Organic Waste Pipes, and Pneumatic & Brake Tube)
• Wires & Cables
  • (End-Use Industry Type Analysis: Telecommunication, Transportation, and Mining)
•  Medical
  • (End-Use Industry Type Analysis: Catheters, Medical Device Housing, and Wound Care Products)

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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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.

Research Methodology

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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the 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, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.