Global Thermoplastic Polyurethane (TPU) Market to Reach US$ 4.7 Billion by 2032, Impelled by Increasing Demand for Footwear

According to the latest report by IMARC Group, titled “­­Thermoplastic Polyurethane (TPU) Market Report by Type (Polyester, Polyether, Polycaprolactone), Raw Material (Polyols, Diisocyanate, Diols), Application (Extruded Products, Injection Molded Products, Adhesives, and Others), End Use Industry (Construction, Automotive, Footwear, Medical, Electrical and Electronics, Heavy Engineering, and Others), and Region 2024-2032,” the global thermoplastic polyurethane (TPU) market size reached US$ 2.8 Billion in 2023. Thermoplastic polyurethane (TPU) is a versatile polymer material that belongs to the class of thermoplastic elastomers. It is synthesized through a reaction between diisocyanate and polyols, resulting in a linear polymer structure with alternating soft and hard segments. TPU is known for its excellent properties, including high tensile strength, abrasion resistance, elongation at break, flexibility, and durability. In addition to this, TPU offers resistance to oil, chemicals, and ultraviolet (UV) radiation, making it suitable for a range of applications, such as footwear, industrial belts, hoses, and seals. It can be melted and reprocessed multiple times into different shapes and sizes without significant degradation of its properties, further expanding its employment across numerous manufacturing processes, such as injection molding, extrusion, and blow molding.

Global Thermoplastic Polyurethane (TPU) Market Trends:

One of the prime factors fueling the market growth is the widespread product utilization in the footwear industry for manufacturing soles with anti-slip properties and abrasion resistance. Besides this, the increasing adoption of TPU in the automotive industry for manufacturing a wide range of automobile components, including airbags, doors, bumpers, seats, wiring, and anti-vibration panels, is presenting remunerative growth opportunities for the market. Moreover, the rising demand for biodegradable and eco-friendly plastics, combined with the implementation of numerous government initiatives promoting the adoption of sustainable products to reduce carbon footprint, is acting as another significant growth-inducing factor. Concurrent with this, TPU is being increasingly adopted as a substitute for polyvinyl chloride (PVC) in medical applications, such as mattresses, dental materials, and gel shoe orthotics, creating a positive outlook for the market growth. In addition to this, the expanding product application in manufacturing conveyor belts, electrical wires, power cable sheathing, equipment connectors, and drive belts is strengthening the market growth. Furthermore, the growing product employment in textile products to produce heat-sealable fabrics and the surging demand for TPU-based sealants and adhesives with high green strength across various industries are aiding in market expansion. Looking forward, the market value is projected to reach US$ 4.7 Billion by 2032, expanding at a CAGR of 5.6% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been divided into polyester, polyether, and polycaprolactone. Currently, polyester dominate the market, holding the largest share.
• Based on the raw material, the market is classified into polyols, diisocyanate, and diols. At present, polyols accounts for the majority of the global share.
• On the basis of the application, the market has been segregated into extruded products, injection molded products, adhesives, and others. Among these, extruded products represent the biggest market segment.
• Based on the end use industry, the market is categorized into construction, automotive, footwear, medical, electrical and electronics, heavy engineering, and others. At present, footwear is the biggest end use industry.
• On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, Asia Pacific enjoys the leading position in the market.
• The competitive landscape of the market has also been examined, with some of the key players being American Polyfilm Inc., BASF SE, Coim Group, Covestro AG, Epaflex Polyurethanes Spa, Hexpol AB, Huntsman International LLC, Kuraray Co. Ltd., Mitsui Chemicals Inc., Sumei Chemical Co. Ltd., The Lubrizol Corporation (Berkshire Hathaway Inc.), Wanhua Chemical Group Co. Ltd.., etc.

Report Scope:

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