Thermoplastic Polyurethane Market Set to Cross US$ 3.9 billion by 2027, at a CAGR of 6.8%- MarketsandMarkets™ Study

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Thermoplastic Polyurethane Market Set to Cross US$ 3.9 billion by 2027, at a CAGR of 6.8%- MarketsandMarkets™ Study

October 13
18:38 2022
Thermoplastic Polyurethane Market Set to Cross US$ 3.9 billion by 2027, at a CAGR of 6.8%- MarketsandMarkets™ Study
Browse 88 market data Tables and 42 Figures spread through 168 Pages and in-depth TOC on “Thermoplastic Polyurethane Market”
Thermoplastic Polyurethane Market by Type (Polyester, Polyether, and Polycaprolactone), End-Use Industry (Automotive, Footwear, Engineering, Building & Construction, Wires & Cables, Hose & Tubing, and Medical), and Region

The Thermoplastic Polyurethane (TPU) market size is estimated at USD 2.5 billion in 2019 and is projected to reach USD 3.9 billion by 2027, at a CAGR of 6.8%. The growing use of TPU in the automotive industry, owing to its properties and the emerging economies in APAC, are driving the TPU market. Flame retardant, bio-based, and expanded TPU are developed as a result of innovation and technology advancements, which have increased the application areas of TPU in wire & cable, catheters, and recyclable footwear. Recently, bio-based TPU has been developed. The bio-based TPU does not contain any toxic substances and is safe to form medical devices that have to be inserted in the human body. The manufacturing of bio-based TPU improves its biodegradability and reduces the use of non-renewable resources. The bio-based TPUs offer equivalent-to-better properties than the traditional TPUs mainly for the electronics, sporting goods, and footwear industries. 

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On the basis of end-use industry, the TPU market is segmented into footwear, industrial machinery, automotive, electronics, medical, and others (consumer goods, building & construction, and textiles). The footwear industry has the largest share in the overall market. The market in this industry is driven by increased consumer spending and their demand for high-performance materials in terms of comfort and durability. 

APAC is projected to be the fastest-growing TPU market. This high growth is mainly driven by the high demand from the emerging countries of APAC and various developing industries, such as automotive, construction, electronics, industrial mechanics, and textile. These industries demand TPU in order to manufacture products that demand high performance. The demand for TPU is high in developing economies such as China and India. APAC is emerging as the fastest-growing market with economic development in countries such as India, China, South Korea, Japan, Thailand, Taiwan, and Indonesia. The automotive industry in APAC is expected to witness strong growth driven by fast GDP growth, increasing demand from consumers of China, India, Malaysia, and developing economies in Southeast Asia. Various developments of the automotive industry in APAC are also fueling the demand for TPU in the APAC automotive sector.

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The increase in demand for TPU in emerging economies such as APAC and South America and the growing need for comfort, performance, and durability of footwear is driving the TPU market. The key players in the TPU market include are BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Industrial Group (China), COIM Group (Italy), American Polyfilm Inc (US), Kuraray Co., Ltd (Japan), and Polyone Corporation (US). The TPU market report analyzes the key growth strategies, such as investment, expansion, new product launch, partnership, joint venture, and acquisition, adopted by the leading market players between 2014 and 2019. 

BASF SE (Germany) is among the key players in the TPU market. The company adopted the strategies of new product launch, expansion, and acquisition to strengthen its competitiveness in the global TPU market. For instance, in May 2019, BASF has planned to expand the production capacity of TPU and engineering plastics in the Verbund site in Zhanjiang, China, by 2022. This expansion of production capacity will bring the total capacity of these products in APAC to 290,000 MTPA. This expansion will help the company to meet the immediate need of the customers in APAC. 

Covestro (Germany) is one of the leading manufacturers of TPU. The company adopted new product launch as one of its key business strategies. In October 2018, Covestro developed a new series of TPU-containing polyether carbonate polyols based on the carbon dioxide technology as Desmopan 37385A. The new series of TPU lowers carbon footprint and also conserves fossil resources. The company also plans to expand the TPU series with variants of different hardness. This new product launch has expanded the TPU portfolio of the company.

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