Thermoplastic Polyurethane Market Size, Share Report, Analysis, Trends, Growth 2032

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Thermoplastic polyurethane market is a rapidly growing industry with demand from various regions of the world owing to its wide range of applications in various end-user industries. Polyurethanes are one of the most adaptable plastic materials. The nature of the chemistry permits polyurethanes to be molded into different shapes and to enhance industrial and consumer products. Its properties include elasticity, transparency, and resistance to oil, grease, and abrasion.

The global thermoplastic polyurethane (TPU) market is expected to witness significant growth owing to increasing demand from the automotive sector. Increasing application in footwear is also expected to propel the growth of the global thermoplastic polyurethane market within the forecast period. The leading market players have been adopting thermoplastic polyurethanes in their product to enhance the comfort of the footwear. In addition, application of thermoplastic polyurethanes in medical is also expected to boost the growth of the TPU market in the coming years. However, the growing environmental concerns with the manufacture and usage of thermoplastic polyurethanes are expected to be major restraints for the global thermoplastic polyurethane market. Furthermore, instability in the prices of raw materials could also hinder the growth of the thermoplastic polyurethane market. However, development of bio-based alternatives is expected to create more opportunities in the thermoplastic polyurethanes market in the coming years.

The global thermoplastic polyurethane market can be segmented based on their applications and end-users. Based on their applications, they are segmented into injection molding, extrusion, adhesives & sealants, and paints & coatings. The extrusion segment dominated the market in 2016 and is expected to witness significant growth within the forecast period. Injection molding and sealants & adhesives accounted for the second and third highest share respectively of the global thermoplastic polyurethanes market in 2016.

On the basis of end-users, the global thermoplastic polyurethanes market is further segmented into automotive, construction, engineering, footwear, hose & tube, medical and wire & cable. The automotive segment accounted for the largest market share among the end-users in 2016 and is expected to witness significant growth owing to the development and growth of the automotive industry across the globe. Key market players in the industry have been investing in research & development to explore more applications of thermoplastic polyurethanes. Footwear segment is also expected to grow at a significant pace owing to the adoption of TPU’s in footwear by the leading market players. For example, Adidas has begun to use thermoplastic polyurethanes in their “boost” range of products in order to improve comfort and durability. The medical end-user segment is also expected to witness significant growth within the forecast period owing to the replacement of PVC with TPU.  

Asia Pacific accounted for most of the global market share and is expected to grow in light of rising demand from the emerging economies in the region. The cost effectiveness factor also plays a major role in global key players setting up their facilities in this region. Europe accounted for the second largest share of the global thermoplastic polyurethanes market and is expected to grow in light of demand from the automotive sector in the region.

The key players in this industry are API Plastics, BASF SE, Bayer Material Science Ag, COIM, Headway Polyurethane Co. Ltd., Hexpol AB, Huntsman Corporation, Lubrizol Corporation, Miracll Chemical Co. Ltd., Polyone Corporation, Taiwan Sheen Soon and Wanhua Chemical Group Co. Ltd. among others.