Thermoplastic Urethane Market was valued at USD 3.6 Billion in 2022 and is projected to reach USD 6.0 Billion by 2030, growing at a CAGR of 7.1% from 2024 to 2030.
In terms of market outlook, the global TPU market showed a significant upward trend during 2018-2022, with a compound annual growth rate (CAGR) of about 5.8%. The surge was driven by growing demand in Asia-Pacific, particularly in China and India, where manufacturing activities have increased across automotive and consumer goods sectors. Moreover, the emergence of sustainable materials and eco-friendly production processes further propelled the market forward as industries looked for greener alternatives to conventional thermoplastics.
From 2023 to 2033, the demand for TPU is expected to follow an even steeper growth trajectory. Several factors contribute to this projection, such as advancements in polymer technology and the rise in industrial automation, which calls for more specialized materials like TPU. Additionally, as TPU’s recyclability gains attention, sustainability-focused industries will increasingly turn to TPU for various applications. The rising demand for electric vehicles (EVs) also plays a pivotal role, as the lightweight and durable properties of TPU make it a preferred choice in battery casings, connectors, and other components in EVs.
Moreover, the healthcare industry’s ongoing focus on biocompatibility will likely create an increasing demand for TPU in medical applications. With a shift towards personalized medicine and minimally invasive procedures, the need for more adaptable and flexible materials will create new opportunities for TPU manufacturers. As a result, regions like North America and Europe, which are investing heavily in medical technology, will see continued growth in TPU demand.
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The global Thermoplastic Urethane (TPU) market has seen substantial growth from 2018 to 2022. The rise in demand for TPU across various industries like automotive, footwear, medical devices, and electronics has driven the market’s expansion. The automotive sector, in particular, benefited from the material’s durability, flexibility, and ability to be processed into diverse shapes, making it ideal for various components such as bumpers, seals, and interior trims. The footwear industry, especially with the rise of sportswear and high-performance footwear, increasingly used TPU for its lightweight and long-lasting properties. Meanwhile, the medical sector has leveraged TPU in devices requiring biocompatibility, such as catheters and drug delivery systems.
American Polyfilm
API Plastics
Huntsman Corporation
BASF
Covestro
Hexpol
Polyone Corporation
Wanhua Chemical Group
Kuraray
The Lubrizol Corporation
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Thermoplastic Urethane Market
Industrial Utilization
Consumer Goods
Construction
Medicine Utilization
Others
Based on Types the Market is categorized into Below types that held the largest Thermoplastic Urethane market share In 2023.
Polyester-based TPUs
Polyether-based TPUs
Polycaprolactone TPUs
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Thermoplastic Urethane Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Thermoplastic Urethane Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Thermoplastic Urethane Market, By Type
6. Global Thermoplastic Urethane Market, By Application
7. Global Thermoplastic Urethane Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Thermoplastic Urethane Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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