The global thermoplastic polyurethane (TPU) market is estimated to grow at a considerable CAGR of around 7% during the forecast period. The market growth is attributed to the increasing applications of TPU in the medical industry owing to the material being environment-friendly and recyclable. In addition, shifting trend towards the development of bio-based products coupled with the increasing R&D activities by the industry players tend to create ample opportunity for the growth of the global TPU market in the near future.

Moreover, TPU-based adhesives and sealants find a broad range of applications in a number of industries that leverage their broad combination of properties. These adhesives and sealants are suitable for usage in several end-user industries, such as transportation, furniture, textile, and footwear. In addition, TPU-based hot melt adhesives are extensively used in the textile industry for making heat-sealable fabrics that are obtained by coating processes, such as scattering or dot coating.

Segmental Outlook  

The global TPU market is segmented on the basis of raw material and application. Based on the raw material, the market is segmented into polyols, diisocyanate, and diols. Further, on the basis of end-user, the market is segmented into footwear, automotive, industrial machinery, electronics, medical, and others. TPU hot melt adhesives have a major application in the footwear industry for the purpose of shoe joining and others. There is an increasing demand for TPU-based adhesives in the footwear industry from countries, such as China, India, and Thailand.

Global Thermoplastic Polyurethane (TPU) Market Share by Application, 2018 (%)

Application Insights of Global TPU Market

The global thermoplastic polyurethane (TPU) market size is expected to expand in the near future owing to its application in a wide range of end-user industries, such as footwear, automotive, medical, electronics, and others. There is a huge adoption of TPU in the footwear industry and this application segment is expected to have a prominent share in the market owing to the increasing demand for fancy and trendy comfortable footwear among all age groups. Moreover, increasing awareness regarding consumer safety and protection in the electrical industry is likely to drive the growth of the global TPU market in this application segment during the forecast period.

Regional Outlook 

The global thermoplastic polyurethane (TPU) market is further segmented on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is estimated to be the largest consumer of TPU and hence contributes a prominent share in the global market share. The major economies contributing significantly to the growth of the Asia-Pacific TPU market. China is the largest market for TPU in the Asia-Pacific region.

Asia-Pacific to Contribute a Prominent Share During the Forecast Period

Asia-Pacific is projected to contribute significantly to the market growth during the forecast period. The presence of major TPU manufacturers in the region is one of the major factors driving the Asia-Pacific TPU market. In addition, end-use industries, including footwear, automotive, and medical industry in major countries, such as China, India, and Japan of the region further give a boost to the regional growth of the market. There is an increasing demand for TPU-based adhesives and sealants in the region owing to the increasing demand from the automotive, textile and footwear industry.

Market Players Outlook

Some of the players operating inthe global thermoplastic polyurethane (TPU) market include BASF SE, Covestro AG, Huntsman International LLC, Mitsui Chemicals Inc,The Lubrizol Corp., Wanhua Chemical Group Co.Ltd., and many others. Due to increasing competition in the market, the players are focusing on the development of new products that tend to fuel market growth in the near future.

Recent Developments

• In November 2019, Mitsubishi Chemical Corp.signed an agreement to buy the TPU elastomer business of AdvanSource Biomaterials Corp. The acquisition is intended to strengthen the company's position within the medical sector.
• In May 2019, BASF planned to expand the production capacity of TPU and engineering plastics in the Verbund site in Zhanjiang, China by 2022. This expansion of production capacity will bring the total capacity of these products in Asia-Pacific to 290,000 MTPA. This expansion will enable the company to meet the immediate need of the customers in the Asia-Pacific region.
• In May 2019, Lubrizol established a partnership with Ultimaker (Netherlands) to develop new grades of TPU for the Ultimaker printers. The new TPU will have features such as renewability and high-heat and fast printing time. This partnership is aimed at expanding the product line of TPU for various new applications, such as extrusion-based 3D printing.
• In October 2018, Covestro developed a new series of TPU-containing polyether carbonate polyols based on the carbon dioxide technology as Desmopan 37385A. The new series of TPU lowers carbon footprint as well as conserves fossil resources. In addition, the company has planned to expand the TPU series with variants of different hardness. This new product launch expanded the TPU portfolio of the company.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global thermoplastic polyurethane (TPU) market. Based on the availability of data, information related to products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.