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

Thermoplastic Polyurethane Market Insights

According to Zion Market Research, the global Thermoplastic Polyurethane Market was worth USD 2.67 Billion in 2023. The market is forecast to reach USD 5.19 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Thermoplastic Polyurethane Market industry over the next decade.

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Market Overview     

  Burgeoning demand from the automotive, construction, and medical sectors will boost the expansion of the thermoplastic polyurethane market within the years ahead. Aside from this, massive product applications witnessed in extrusion, paints & coatings, injection molding, and adhesives & sealants will further augment the business sphere over the subsequent few years. Escalating global concerns associated with ecological damage as a result of the merchandise manufacture & use is predicted to obstruct the thermoplastic polyurethane market surge over the forthcoming years. Also, fluctuations within the staple costs can hamper the profitability of the business within the ensuing years. Nevertheless, the assembly of bio-based products is forecast to supply new growth opportunities for the thermoplastic polyurethane market within the near future, thereby normalizing the impact of hindrances on the market, reports the thermoplastic polyurethane market study.

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COVID-19 Impact Analysis  

At the start of 2021, COVID-19 disease began to spread around the world, many people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and strike orders. COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period.

Growth Factors

The growing demand for TPU in the automotive and Hose & Tube industries is boosting the market. Polyester TPU is widely used in major industries owing to its properties, such as high tensile strength, good shock absorption, and resistance to cut, solvent, and microbial activity. Moreover,  urbanization and lifestyle, environment awareness, and consumer preferences towards a good range of quality products are the other secondary factors driving the thermoplastic polyurethane market.

Thermoplastic Polyurethane Market: Report Scope

Segment Analysis Preview  

Based on applications, the global thermoplastic polyurethane market is segmented into injection molding, extrusion, adhesives & sealants, and paints & coatings. The end-user segments included in this report are automotive, construction, engineering, footwear, hose & tube, medical and wire & cable. The footwear segment was the largest consumer of TPU in 2019, whereas, the automotive industry is projected to be the fastest-growing end-use industry during the forecast period.

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Regional Analysis Preview  

Regionally, Asia Pacific has been leading the worldwide thermoplastic polyurethane market and is anticipated to continue on the dominant position within the years to return. Increase demand for the merchandise from the developing countries within the region and the flourishing automotive sector is that the main factor behind the dominance of the Asia Pacific thermoplastic polyurethane market. The high number of market players being headquartered in the Asia Pacific is another significant factor that's supporting the expansion of this regional thermoplastic polyurethane market.

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Key Market Players& Competitive Landscape

Key players profiled in the report include -

• 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.

The global Thermoplastic Polyurethane Market is segmented as follows:

By Application

• Injection Molding
• Extrusion
• Adhesives & Sealants
• Paints & Coatings

By End User

• Automotive
• Construction
• Engineering
• Footwear
• Hose & Tube
• Medical
• Wire & Cable
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa