Thermoplastic Polyurethane (TPU) Global Market Report 2023: Increasing Demand from Footwear Industry Fuels Growth

Global Thermoplastic Polyurethane (TPU) Market

Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Thermoplastic Polyurethane (TPU) Market Raw Material (Diisocyanates, Polyols, Diols), Type (Polyester, Polyether, Polycaprolactone), End-Use Industry (Footwear, Industrial, Machinery, Automotive, Electronics, Medical), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The TPU market is projected to reach USD 4.6 billion in 2027 at a CAGR of 7.1% during the forecast period.

The increasing consumption of different types of TPU has led to the increased usage of TPU for the manufacture of products for various applications. TPU is used in the footwear industry from upper yarns, midsole/foam & cushioning, outsoles, eyelets, heel cups, logos, and shanks & toe caps in order to meet the demands for high performance.

Extrusion segment is expected to account for the second-largest share in 2021

The extrusion process is used for a wide range of products, including tubing for medical devices, automotive components, and industrial equipment; profiles for window seals, weatherstripping, and gaskets; protective films, laminates, and packaging, sheets for footwear, protective gear, and automotive components; coating for electronic components, textiles, and leather finishing. Companies such as Covestro, Lubrizol, Huntsman, and BASF are using extrusion technology to produce footwear, protective gear, automotive components, protective films, textiles, and leather finishing goods, thereby increasing its market demand.

Polyols is expected to be the second-fastest growing raw material for TPU market during the forecast period, in terms of value.

Polyols are used as a key raw material in the production of TPU, which are in high demand due to their versatility and performance benefits in various end-use industries. Additionally, the growing demand for sustainable and eco-friendly materials is also driving the demand for polyols in the TPU market.

Based on region, Asia Pacific region was the largest market for TPU in 2021, in terms of value.

Asia Pacific was the largest market for global TPU, in terms of value, in 2021. The market in Asia Pacific is driven by innovation. Industrial expansion and technological developments in the region are driving the consumption of TPU. The growth of the market is also expected to be supported by the improving global economy. China is the key market in Asia Pacific. However, India is expected to witness high growth during the forecast period because of the high use of TPU in various end-use industries in the region.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.

Market Dynamics

Drivers

Increasing Demand from Footwear Industry

Rising Demand from Automotive and Medical Industries

Recovery from Impact of COVID-19 and Growing Penetration of Evs

Replacement of Conventional Materials with TPU

Restraints

Higher Cost of TPU Than Conventional Materials

Opportunities

Substitute for Pvc in Medical Applications

Emerging Market for Biobased TPU

Challenges

Volatility in Raw Material Prices

Environmental Concerns of TPU

Key Attributes:

Report Attribute

Details

No. of Pages

234

Forecast Period

2022 - 2027

Estimated Market Value (USD) in 2022

$3.2 billion

Forecasted Market Value (USD) by 2027

$4.6 billion

Compound Annual Growth Rate

7.1%

Regions Covered

Global

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 TPU Market, by Technology6.1 Introduction6.2 Injection Molding6.2.1 Versatile and Cost-Effective Process6.3 Extrusion6.3.1 Used for a Wide Range of Products6.4 Blow Molding6.4.1 Widely Used Process in Packaging Industry6.5 Solvent Casting6.5.1 Enables Manufacturing High-Quality and High-Performance Products6.6 Lamination6.6.1 TPU Laminates Have Wide Range of Properties6.7 Others

7 TPU Market, by Raw Material7.1 Introduction7.2 Polyols7.2.1 Water Solubility, Reactivity, and Compatibility Properties7.3 Diisocyanates7.3.1 Provide Reactivity and Curing Properties to TPU7.4 Diols7.4.1 Used to Make TPU Tougher7.5 Adipic Acid7.5.1 Helps Produce High-Quality and High-Performance Polymer

8 TPU Market, by Type8.1 Introduction8.2 Polyester8.2.1 Cost-Effectiveness and High Resistance Property to Drive Market8.3 Polyether8.3.1 Superior Impingement Abrasion Resistance and Good Hydrolytic Stability to Boost Market8.4 Polycaprolactone8.4.1 Inherent Toughness and Good Abrasion Resistance to Drive Market8.5 Polycarbonate-Based TPU8.5.1 High Impact, Chemical, and Temperature Resistance to Drive Market

9 TPU Market, by End-Use Industry9.1 Introduction9.2 Footwear9.2.1 Demand for Comfort, Performance, and Durability to Drive Market9.2.2 Shoes9.2.3 Soles9.2.4 Slippers9.3 Industrial Machinery9.3.1 High Abrasion Resistance and Impact Strength in Demanding Situations to Drive Market9.3.2 Seals & Gaskets9.3.3 Wheels & Rollers9.3.4 Hoses & Tubes9.3.5 Belts & Profiles9.4 Automotive & Transportation9.4.1 High-Performance Materials Such as TPU and Cfrtp to Boost Market9.4.2 Interior Automotive Parts9.4.3 Exterior Automotive Parts9.5 Electronics9.5.1 Flame Retardant Properties of TPU to Fuel Market9.5.2 Wires & Cables9.5.3 Telecommunications9.5.4 Electrical Devices9.6 Medical9.6.1 Resistance to Microbial Activity and Plasticizer-Free Property to Drive Market9.6.2 Catheters9.6.3 Medical Devices9.6.4 Wound Care Products9.7 Others9.8 Limitations & Risks Associated with TPU Market

10 TPU Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Appendix

Companies Mentioned

Alliance Polymer and Services

American Polyfilm, Inc.

Avient Corporation

Basf Se

Coim Group

Covestro Ag

Epaflex Polyurethanes Spa

Great Eastern Resins Industrial Co. Ltd.

Hexpol Tpe

Huntsman Corporation

Kurmy Corporations Private Limited

Miracll Chemicals Co. Ltd.

Mitsui Chemicals, Inc.

Novotex Italiana S.P.A.

Ravago

San Fang Chemical Industry Co. Ltd.

Sanyo Corporation of America

Shandong Inov Polyurethane Co. Ltd.

Songwon Industrial Group

Taiwan Pu Corporation

Teknor Apex Company

The Kuraray Group

The Lubrizol Corporation

Ultimaker

Wanhua Chemical Group Co. Ltd.

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Global Thermoplastic Polyurethane (TPU) Market