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Thermoplastic Polyurethane Market

Thermoplastic Polyurethane Market Size, Share & Forecast Analysis, By Type (Polyester, Polyether, and Polycaprolactone), By End-Use (Footwear, Industrial Machinery, Automotive, Electronics and Other End-Uses), and by Region - Global Market Insights 2022 to 2032

Analysis of Thermoplastic Polyurethane Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Thermoplastic Polyurethane Market Outlook (2022-2032)

The global sales of the Thermoplastic Polyurethane Market in 2021 were held at US$ 3 Billion. With 6% CAGR during 2022 – 2032, the market is projected to reach a valuation of US$ 5.8 Billion by the end of 2032. Polyester-Type Thermoplastic Polyurethanes is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 7% during 2022 – 2032.

Report Attributes

Details

Global Thermoplastic Polyurethane Market Size (2022)

US$ 3.2 Billion 

Projected Market Size (2032)

US$ 5.8 Billion 

Global Market CAGR (2022-2032)

6%

U.S. Market CAGR (2022 – 2032)

5.9%

Key Companies Covered

  • BASF SE
  • Covestro AG
  • The Lubrizol Corporation
  • Huntsman International LLC
  • Wanhua Chemical Group Co. Ltd.
  • COIM Group
  • Kuraray Co., Ltd
  • Entec Polymers
  • American Polyfilm Inc
  • ALPHAGAR

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Revenue of Thermoplastic Polyurethane Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Global Thermoplastic Polyurethane Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the value of the Thermoplastic Polyurethane Market increased at around 5% CAGR.

The key revenue drivers that affect thermoplastic polyurethanes demand include an increase in demand of biodegradable plastics and surge in the usage of footwear and apparel.

The use of polyurethane thermoplastics will be aided by the growing development of bioplastics. Chlorinated plastics have the potential to leak dangerous chemicals into the soil, groundwater, or other adjacent water sources. Both people and animals may suffer grave health consequences as a result. Owing to it, the government has implemented numerous legislation requiring the use of environment friendly plastics.

Thermoplastic Polyurethanes has good mechanical qualities, abrasion resistance, grease resistance, and is biodegradable. Thermoplastic Polyurethanes are also acknowledged as being ecologically benign by the US National Library of Medicine since they are made utilizing either degradable chain extenders or polyester diols throughout the synthetic process. As a result, these are the elements that will fuel the market's expansion over the coming years.

Thermoplastic Polyurethane films are commonly used in footwear and clothes since it shares many characteristics with other polymers and rubber. With the development of science and technology, the production technique for Thermoplastic Polyurethane films and their composite products has grown significantly, which has created the perfect environment for their adoption.

Lubrizol revealed one shoe prototype made completely of Thermoplastic Polyurethanes, for instance. Improved "roundness" solutions may be offered by this shoe prototype made entirely of Thermoplastic Polyurethanes. Thermoplastic Polyurethanes waste can not only be recycled during shoe production by shoe manufacturers but they also speed up post-consumer recycling.

The demand for Thermoplastic Polyurethane films is anticipated to increase significantly during the forecast period as a result of the increase in the production of footwear and clothing as well as technological developments that have made Thermoplastic Polyurethanes a more flexible and desirable material for the footwear and apparel industry.

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Which Factors are Propelling Thermoplastic Polyurethanes Demand?

The key factors that are propelling Thermoplastic Polyurethanes demand are their versatility. Thermoplastic Polyurethanes are unique elastomers that offer better performance and processing flexibility. Thermoplastic Polyurethanes is a special kind of plastic that bridges the gap between plastics and rubber. They can have a rubber-like softness or a stiff plastic-like hardness. They have a similar range of appearance and texture. It may be translucent or colorful when touched and it is smooth or grippy.

Their resistance to abrasion or scratch makes them more demanding. Their durability and aesthetic value are ensured by high abrasion and scratch resistance. They outperform conventional thermoplastic materials such as PVC, Rubber, Nylon 11, PTEF, Neoprene and nitrile rubber where abrasion and scratch resistance is important for applications including car interior parts, sports and recreational applications, technical parts, and specific cables.

Besides, TPU also provides UV protection. While preserving outstanding mechanical qualities, they exhibit exceptional stability against UV radiation and, as a result, have excellent color fastness.

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Which Factors are restraining the Growth of Thermoplastic Polyurethane Market?

The disadvantages of thermoplastic polyurethanes consist of several Thermoplastic Polyurethanes varieties that have not been used for a predetermined period and must be disposed of. The cost of thermoplastic polyurethane is often more expensive than that of traditional materials. Its higher cost could discourage wider use, particularly in applications with lower demands.

The extreme level of personalization necessitates significant production costs, which go towards the outrageous price. Thermoplastic Polyurethanes can also be produced through extrusion, injection molding, and compression molding. This increases the overall cost of producing the product as large machines and skilled workers are required. It is therefore expected that this will limit market growth to a certain extent during the forecast period.

Country-wise Analysis

Which Region is projected to offer the Largest Thermoplastic Polyurethane Market Opportunity?

During the projection period, North America is expected to be the largest Thermoplastic Polyurethane Market. The market for Thermoplastic Polyurethanes in North America was held at US$ 787.6 Mn in 2017. It reached a valuation of US$ 959.5 Mn by 2021, growing at a CAGR of 5.1% during this period.

The region's growth is related to the electronics industry's rising need for polyester-based thermoplastic polyurethane. Additionally, the growing demand for shoes as a result of expanding disposable income will promote market expansion in this area. the nation's expanding automotive industry is also helping the market of thermoplastic polyurethanes grow.

U.S. Thermoplastic Polyurethane Market Analysis

The United States is expected to account for the largest market of US$ 1.6 Bn by the end of 2032. It is projected to account for an absolute dollar opportunity of US$ 888.5 Mn during 2022 – 2032. The market for thermoplastic polyurethanes is expanding in the United States as a result of increased manufacturing of footwear, automobiles, electronics, and industrial machinery brought on by an increase in the nation's disposable income. The country’s large market for thermoplastic polyurethane is also supported by the presence of companies including The Lubrizol Corporation, Huntsman International LLC, and American Polyfilm Inc., among others.

U.K. Thermoplastic Polyurethane Market Analysis

The thermoplastic polyurethane market in the U.K. has been growing on account of the increasing demand for automotive applications. TPU powders are used for either technical applications or for car parts and are applied through a scatter coating process. The U.K. TPU Market is projected to reach a valuation of US$ 300 Mn at a CAGR of 6.5% during 2022 – 2032.

Japan Thermoplastic Polyurethane Market Analysis

The Sakai plant of Covestro has been serving as the production- and development site for thermoplastic polyurethane. Besides, there are several other companies in Japan that are engaged in the production and sales of TPU in Japan. The TPU market in Japan is projected to garner an absolute dollar opportunity of US$ 132 Mn during 2022 – 2032.

South Korea Thermoplastic Polyurethane Market Analysis

SONGWON is one of the key producers of TPU in South Korea. It is able to develop customized TPU grades according to specific customer needs. Besides, there are also several other players operating on the South Korean market. The market for TPU in South Korea is projected to reach a valuation of US$ 135 Mn in 2032 from US$ 76 Mn in 2022.

Category-wise Insights

Why Polyester Thermoplastic Polyurethanes is projected to Witness the Fastest Growth?

The highest used type for Thermoplastic Polyurethane is Polyester. Demand for Thermoplastic Polyurethanes through polyester is currently US$ 1.1 Bn, and is expected to grow at a CAGR of 7.0% to reach a valuation of US$ 2.3 Bn by 2032. The Polyester market also leads the revenue with over 40% market share.

TPU made of polyester is widely utilized in situations where resistance to water, fuel, and lubricants is necessary. In addition, polyester is frequently utilized in engineering and construction applications since it typically offers improved transparency. Bottles, films, sails, filters, and insulating tapes are few products made from polyester. Polyester can be mixed with other natural fibres to form fabric blends that are used to make clothes.

In the forthcoming years, the market will rise due to rising demand for polyether in the automotive industry. Owing to its inherent toughness and resistance to abrasion, polycaprolactone is the segment with the fastest growth. Due to its mechanical and antibacterial properties, TPU is widely used as a prospective application material for bone tissue.

What was the impact of Covid-19 on Thermoplastic Polyurethane Market?

During the pandemic, the footwear sector witnessed a severe decline on a global scale. The CSIR-Central Leather Research Institute's estimate predicts a 22.5% decline in the global footwear demand, or a shortfall of 5.1 billion pairs. It is anticipated that consumption will fall by 27% in Europe, 20% in Asia, and 21% in North America.

A trade association, Confcommercio, claims that during the lockdown in March 2020, sales of footwear and clothing to Italian businesses without access to an e-commerce network fell to zero. Additionally, over the same time period, sales of clothing and footwear declined across all channels by 67.4%. However, post 2020, with the resurgence of footwear industry, the demand for TPU again spiked.

Competitive Analysis

Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Thermoplastic Polyurethane are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Thermoplastic Polyurethane Market share.

Some of the recent developments in the Thermoplastic Polyurethane Industry are :

  • In September 2021, KPX Chemical, a key producer of polyols for polyurethanes in South Korea partnered with Huntsman Corporation to create KPX HUNTSMAN POLYURETHANES AUTOMOTIVE CO. LTD (KHPUA). The joint venture will develop and offer cutting-edge polyurethane system solutions to the Korean automakers.
  • In May 2019, ASF announced that by 2022 it is planning to expand the Verbund factory in Zhanjiang, China's production of THERMOPLASTIC POLYURETHANES and technical plastics. With the expansion, the overall manufacturing capacity for these items in APAC will increase to 290,000 MTPA with this development. This growth would enable the business to better serve clients in APAC who have urgent demands.

Thermoplastic Polyurethane Market Segmentation

  • By Type :

    • Polyester
    • Polyether
    • Polycaprolactone
  • By End-Use :

    • TPU for Footwear
    • TPU for Industrial Machinery
    • TPU for Automotive
    • TPU for Electronics
    • TPU for Other End-Uses
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

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The global Thermoplastic Polyurethane Market is worth more than US$ 3.2 Bn at present.

The value of the Thermoplastic Polyurethane Market is projected to increase at a CAGR of around 6% during 2022 – 2032.

While the market in South Korea is expected to grow at nearly 5.9%, the market in Japan is projected to register a CAGR of nearly 6.2% during 2022 - 2032.

The growth of the market for Thermoplastic Polyurethanes in United States is projected to expand at a CAGR of around 5.9% during 2022 – 2032.

The growth of the market for Thermoplastic Polyurethanes in China is projected to expand at a CAGR of around 8% during 2022 – 2032.

The global demand for Thermoplastic Polyurethanes is being fueled by a considerable increase in the demand of biodegradable plastic and an increase in usage of thermoplastic polyurethanes in the footwear industry.

The value of the Thermoplastic Polyurethane Market increased at a CAGR of around 5% during 2017 – 2021.

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