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Thermoplastic Polyurethane (TPU) Market Size (2024 - 2029)

The Thermoplastic Polyurethane market is projected to experience significant growth over the forecast period, driven by its increasing application in the footwear and apparel sectors. Despite a decline during the Covid-19 pandemic due to reduced consumer spending and supply chain disruptions, demand rebounded as restrictions lifted. The market's expansion is challenged by rising raw material costs, although bio-based TPU films present potential growth opportunities. The Asia-Pacific region stands out as the largest consumer, with expectations of rapid demand growth.

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Market Size of Thermoplastic Polyurethane (TPU) Industry

Thermoplastic Polyurethane (TPU) Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 2.86 Billion
Market Size (2029) USD 3.99 Billion
CAGR (2024 - 2029) 6.86 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Thermoplastic Polyurethane (TPU) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thermoplastic Polyurethane (TPU) Market Analysis

The Thermoplastic Polyurethane Market size is estimated at USD 2.86 billion in 2024, and is expected to reach USD 3.99 billion by 2029, growing at a CAGR of 6.86% during the forecast period (2024-2029).

During the Covid-19 pandemic, the demand for TPU declined heavily as TPU is majorly used in consumer products. The unfavorable macroeconomics affected people's finances and reduced purchasing power, negatively affecting the TPU demand. The supply chain restrictions further compounded the decline. However, as the restrictions eased, the demand returned to pre-pandemic levels in 2021.

  • The major driving factor of the market studied is TPU's increasing usage in the footwear and apparel industries.
  • On the flip side, the rising prices of raw materials are hindering the studied market's growth.
  • Bio-based TPU films will likely offer growth opportunities for the market studied over the forecast period.
  • Asia-Pacific is the largest consumer of TPU for various applications, and this demand is expected to grow rapidly during the forecast period.

Thermoplastic Polyurethane (TPU) Industry Segmentation

Thermoplastic polyurethane (TPU) is a complete thermoplastic elastomer. As with other thermoplastic elastomers, TPU is elastic and can be melted. It can also be processed on extrusion, injection, blast, and compression molding machines. It can be vacuum-formed or solution-coated and is well-suited to various manufacturing methods. The thermoplastic polyurethane (TPU) market is segmented by application, end-user industry, and region. The market is segmented by application into extruded products, injection molded products, adhesives, and other applications. The end-user industry segments the market into construction, automotive, footwear, medical, electrical and electronics, heavy engineering, and other industries. The report also covers the size and forecasts for the thermoplastic polyurethane market in 15 countries across major regions. Each segment's market sizing and forecasts are based on revenue (USD).

Application
Extruded Products
Injection Molded Products
Adhesives
Other Applications
End-user Industry
Construction
Automotive
Footwear
Medical
Electrical and Electronics
Heavy Engineering
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Thermoplastic Polyurethane (TPU) Market Size Summary

The thermoplastic polyurethane (TPU) market is poised for significant growth, driven by its increasing application in the footwear and apparel industries. Despite a decline in demand during the Covid-19 pandemic due to reduced consumer spending and supply chain disruptions, the market rebounded to pre-pandemic levels by 2021. The Asia-Pacific region stands as the largest consumer of TPU, with rapid growth anticipated due to rising demand in automotive, textile, and footwear sectors. The region's robust manufacturing base, particularly in countries like China and India, further bolsters this demand. Innovations in TPU production technology and the introduction of bio-based TPU films present additional growth opportunities, addressing environmental concerns and enhancing product circularity.

The global TPU market is characterized by a consolidated landscape, with major players such as BASF SE, Covestro AG, The Lubrizol Corporation, Huntsman International LLC, and Wanhua Chemical Group Co. Ltd. holding significant market shares. Recent developments, such as Covestro AG's announcement of a large-scale TPU facility in South China, underscore the industry's expansion efforts. The rising household incomes and urban migration in Asia-Pacific, coupled with the region's dominance in footwear production, are expected to drive the market's growth. However, the increasing cost of raw materials poses a challenge to the market's expansion. Overall, the TPU market is set to experience robust growth, supported by technological advancements and strategic investments in production capabilities.

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Thermoplastic Polyurethane (TPU) Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Applications in the Medical Industry

      2. 1.1.2 Rising Usage in Industrial Applications

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Rising Prices of Raw Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Application

      1. 2.1.1 Extruded Products

      2. 2.1.2 Injection Molded Products

      3. 2.1.3 Adhesives

      4. 2.1.4 Other Applications

    2. 2.2 End-user Industry

      1. 2.2.1 Construction

      2. 2.2.2 Automotive

      3. 2.2.3 Footwear

      4. 2.2.4 Medical

      5. 2.2.5 Electrical and Electronics

      6. 2.2.6 Heavy Engineering

      7. 2.2.7 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Thermoplastic Polyurethane (TPU) Market Size FAQs

The Thermoplastic Polyurethane (TPU) Market size is expected to reach USD 2.86 billion in 2024 and grow at a CAGR of 6.86% to reach USD 3.99 billion by 2029.

In 2024, the Thermoplastic Polyurethane (TPU) Market size is expected to reach USD 2.86 billion.

Thermoplastic Polyurethane Market Report Snapshots

Thermoplastic Polyurethane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)