Thermoplastic Polyurethane Market Report - Global Forecast till 2030

Thermoplastic Polyurethane Market: Information by Type (Polyester, Polyether and Polycaprolactone), End-Use Industry (Automotive, Construction, Aerospace, Energy & Power, Medical and others), Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/2369-HCR | February 2023 | Region: Global | 135 Pages         

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Thermoplastic Polyurethane Market

The market is expected to attain a global CAGR of 7.1% and hence, reach a market value worth USD 3.8 billion by the end of the forecast period in 2030

By Type (Polyester Polyether Polycaprolactone
By End Use Industry Automotive Construction Aerospace Energy & Power Medical others
Key Players
Companies Profiled   Lubrizol Corporation (US)   Kuraray Co.    Ltd (Japan)   COIM Group (Italy)   American Polyfilm Inc (US)   Covestro AG (Germany)   Huntsman Corporation (US)   Wanhua Industrial Group (China)
Market Driving Forces   Its durability    high strength    exceptional fungal and abrasion resistance offered by the product
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Thermoplastic Polyurethane Market Overview

The thermoplastic polyurethane market is expected to gain a market value of USD 3,.8 billion by 2030 at a CAGR of 7.1% over the forecast period of 2022-2030.

A thermoplastic polyurethane (TPU) is a full-fledged thermoplastic elastomer. On the back of its transparency, flexibility, and resistance to grease, oil, and abrasion, thermoplastic polyurethane is widely utilized in the construction, automotive, aerospace, and medical industries for various applications. Additionally, thermoplastic polyurethane is recyclable, biodegradable, and eco-friendly, making it a good substitute for PVC and other polymers.

The demand for leather is increasing at a healthy rate due to the population's rapid growth and the continued expansion of numerous economies. The typical leather industry takes up a lot of resources and pollutes the environment. The public's focus on environmental issues presents serious challenges for the leather industry. TPU film is frequently used in footwear and clothing since it has many of the same characteristics as other polymers and rubbers. Additionally, another key factor propelling the expansion of the market is the global expansion of the automotive industry. The product is commonly used in automotive parts, including seats, doors, airbags, attachment clips, and vehicle wiring. According to OICA, in 2021, the global production statistics of the vehicle were 80,145,988 units. As a result, the growing vehicle production will significantly boost the need for thermoplastic polyurethane.

COVID-19 Analysis

The thermoplastic polyurethane market was negatively impacted by COVID-19. The enactment of lockdown and the social separation rules resulted in the closure of businesses in many nations. The lack of workers and limited productivity severely hampered the thermoplastic polyurethane sector. Due to the reduced output and industry closures of the chemical, building, construction, and oil & gas sectors, there has been a reduction in the demand for thermoplastic polyurethane. However, after the events of COVID-19, demand for thermoplastic polyurethane is expected to increase.

Market Dynamics


Over a short time, the major factor that enjoys the tag of being responsible for the enhancement in the thermoplastic polyurethane market revenue by the end of the forecast period ending in 2030 is the increased use of the market services and products in an array of end-users. The medical industry is emerging as the largest seeker for innovative and creatively developed market products and services. Also, the major market attraction that is driving the market towards impeccable growth during the period that will end in 2030 is that the market products are environment-friendly and recyclable.


On the flip and negative side for the thermoplastic polyurethane market size, the market trends and emerging waves show that there has been a decline in the degree of automotive products onis the global scale during the forecast period that ends in 2030. Also, the initial arrival of the pandemic resulted in a hard time for the global market operations during the first three quarters of the base year of the market report that is 2020. This is likely to hinder the predicted growth of the market.

Technology Analysis

The thermoplastic polyurethane market trends for the ongoing forecast period of 2022-2030 are portraying a gradual shift in the focus towards the development of bio-based products which promises great attributes to the market in terms of growth, expansion, and revenue expansion for the period that will be ending in 2030. Also, there has been an increase in the degree of research and development activities. Prominent players of the market like Fiat Chrysler, Hyundai, Maruti Suzuki, Mahindra and Mahindra, Renault, and Toyota, amongst others. Many participating regions are planning to give expansion opportunities to the regional markets to propel and hence, the domestic manufacturing industries are opting for the development of market products through their manufacturing units. Hence, this will gradually result in a reduced dependency on imports that will help the regional market dwell and compete in the international market.

Study Objectives

  • The thermoplastic polyurethane market report helps the market investors and product buyers to understand the basis of the market functioning followed by the trends that will enhance the productivity of the manufacturing units to meet the rising needs of the target audience during the period. The report provides qualitative market insights to make better investment decisions.

  • The report further aims to help the market players understand the market dynamics in the form of drivers that will help in market expansion and the restraints that might challenge the market from growing in the forecast period of 2022-2030. The report further discusses the basis of the global market segmentation that is spread in various regions and catering to the rising needs of a larger target audience.

  • The global market report further, helps in discussing the distribution of the raw materials and resources in various global locations which will help in enhancing or reducing the efficiency and performance of the prominent market players in both the domestic and the international market. The market report discusses the recent developments undertaken by the market and further, draws a competitive market graph amongst the target audience and players.

Segment Overview

The rising thermoplastic polyurethane market trends are a result of an impeccable performance by the market segments. The global market segments are as follows:

Based on the raw materials

The market players use an array of raw materials that will help in developing products as per the market demand. The raw material segment includes diols, polyols, and diisocyanate.

Based on the type

The type segment of the market includes polyester, polycaprolactone, and polyether.

Based on the market end-use industry

The end-user industries of the market are inclusive of the medical fraternity, consumer goods, footwear, industrial machinery, automotive, electronics, building and construction, and others like textiles.

Regional Analysis

Based on the thermoplastic polyurethane market segmentation based on the global regions, there are 5 major participating regions. The APAC region is expected to dominate the global market trends for the forecast period that will be ending in 2030. There has been a considerable rise in population followed by a major growth in the end-use industries that require large-scale innovation and development that will help the market dominate the growth figures. Various industry consolidations are on the way along with the rising demand for the TPU market products that will promise great growth quantum during the period.

Competitive Landscape

The participating players of the market during the forecast period are as follows:

  • Lubrizol Corporation (US)

  • Kuraray Co., Ltd (Japan)

  • COIM Group (Italy)

  • American Polyfilm Inc (US)

  • Covestro AG (Germany)

  • Huntsman Corporation (US)

  • Wanhua Industrial Group (China)

Recent Developments

  • In September 2021, KPX Chemical announced a strategic joint venture with Huntsman in Korea to provide customized polyurethane systems solutions.

  • In August 2022, BASF SE announced the launch of their Thermoplastic Polyurethane Paint Protection Film from RODIM.

  • In October 2021, Trinseo introduced two sustainably-advantaged material grades Bio TPU dedicated to footwear and fashion.

Report Overview

The thermoplastic polyurethane market report discusses the rising market trends during the forecast period of 2022-2030 by keeping the pandemic year of 2020 as the base year followed by considering the effects of the pandemic on the market operations. The report covers crucial market aspects like the basis of the global market segmentation and the potential of the segments and market players to grow in both the domestic and the international market. The report covers the major market happenings in the form of collaborations, joint ventures, investments, and much more.

Report Scope:

Report Attribute/Metric Details
  Market Size ·  2030: USD 3.8 Billion
¬†¬†CAGR ¬†¬†6.5%(2022‚Äď2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, End-Use Industry and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany), Huntsman International LLC (US), Amco Polymers (US), Covestro AG (Germany), The Lubrizol Corporation (US), 3M (US), Permali Gloucester Limited (UK), Wanhua Chemical Group Co., Ltd. (China), American Polyfilm Inc. (US), Hexpol AB (Sweden), PolyOne Corporation (US), API Plastics (Italy), and Kuraray Co., Ltd. (Japan)
  Key Market Opportunities   The robust growth of automotive industry driven by increasing per capita disposable income, rapid urbanization, and economic growth across the globe
  Key Market Drivers   Its durability, high strength, exceptional fungal and abrasion resistance offered by the product.

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Frequently Asked Questions (FAQ) :

The market is likely to attain a global CAGR of 7.1% during the forecast period.

The APAC region is showing signs of domination amongst the other participating regions.

The market has been segmented based on the type, raw materials, and end-use industries.