The Thermoplastic Polyurethanes Market revenues were estimated at US$ 3 Bn in 2021 and is anticipated to grow at a CAGR of 6% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 5.8 Billion.
The key type for Thermoplastic Polyurethanes includes Polyester where the Demand growth of Thermoplastic Polyurethanes was recorded at 6.2% during 2017 – 2021, while it is expected to grow at a CAGR of 7% during 2022 –2023. Polyester-based TPU is frequently used in applications where resistance to lubricants, fuel, and water is required.
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Recent Industry Trends
- Bio-based and Recycled TPUs: Manufacturers are investing in research and development to produce bio-based TPUs derived from renewable resources, reducing reliance on fossil fuels. Additionally, recycling TPUs is gaining traction as part of circular economy initiatives.
- Advanced TPU Blends: Companies are developing innovative TPU blends with other materials like thermoplastics and thermosets to enhance specific properties, such as flame resistance or improved elasticity.
- 3D Printing: TPU has become a popular material for 3D printing due to its flexibility and durability. This trend is particularly significant in the production of customized products and prototypes.
- Lightweighting in Automotive: As automakers focus on lightweighting vehicles to improve fuel efficiency, TPU finds use in reducing weight while maintaining durability, especially in interior components and sealing systems.
- Medical Grade TPUs: The demand for medical-grade TPUs continues to rise, driven by the need for biocompatible and sterilizable materials for medical devices.
Additionally, since it generally provides exceptional transparency, polyester is commonly used in engineering and construction applications. Polyester is used to make a variety of products, including bottles, films, sails, filters, and insulating tapes. In order to create fabric blends that are used to make clothing, polyester can be combined with other natural fibers.
Key Takeaways from the Study
- Thermoplastic Polyurethane Market was valued at US$ 3 Bn in 2021. According to Fact.MR, Thermoplastic Polyurethanes Market revenue would increase 1.9X between 2022 and 2032, reaching roughly US$ 5.8 Bn in 2032.
- In terms of type, the revenue through polyester is projected to account for the highest projected CAGR of over 7.0%.
- In terms of end-use, revenue through footwear is expected to account for the highest CAGR of 6% during 2017-21.
- U.S. leads Thermoplastic Polyurethanes Market with an absolute dollar opportunity of over US$ 692 Mn.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Thermoplastic Polyurethane Market 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 Market 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.
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
Applications of TPU
Thermoplastic polyurethane has a wide range of applications across various industries:
- Automotive: TPU is used in automotive interiors, exterior parts, and under-the-hood components for its durability, flexibility, and resistance to chemicals and UV radiation.
- Footwear: TPU is a preferred material for shoe soles and midsoles, providing cushioning, durability, and wear resistance.
- Medical Devices: TPUs are used in medical tubing, catheters, and wound dressings due to their biocompatibility, sterilizability, and flexibility.
- Consumer Electronics: TPU is used in protective cases, gaskets, and connectors in consumer electronic devices, offering impact resistance and durability.
- Sporting Goods: Sporting equipment, such as ski boots, bike saddles, and inflatable structures, benefit from TPU’s flexibility and durability.
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 thermoplastic polyurethane (TPU) market continues to grow as this versatile polymer finds applications in a wide range of industries, driven by its flexibility, durability, and resistance to various environmental factors. The automotive, footwear, medical, consumer electronics, and sporting goods sectors are among the key contributors to the increasing demand for TPU. Recent industry trends, including the development of bio-based and recycled TPUs, advanced TPU blends, and the adoption of TPU in 3D printing, highlight the dynamic nature of this market. As sustainability and performance requirements evolve, TPU manufacturers are innovating to meet the changing demands of consumers and industries.
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