Thermoplastic Polyurethane (TPU) Market worth $4.6 billion by 2027 | Key players BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US).

According to recent market research the "Thermoplastic Polyurethane (TPU) Market Raw Material (Diisocyanates, Polyols, Diols), Type (Polyester, Polyether, Polycaprolactone), End-Use Industry (Footwear, Industrial, Machinery, Automotive, Electronics, Medical), and Region - Global Forecast to 2027", is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1% from USD 3.2 billion in 2022. The TPU market is mainly driven by the demand for TPU in various end-use industries, including automotive, medical, industrial machinery, footwear, and electronics, coupled with the replacement of conventional materials with TPU. Moreover, it is also driven by rapidly developing and emerging economies such as India, China, and Taiwan.

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Diisocyanates raw material is projected to be the fastest-growing segment in the global TPU market, in terms of volume, during the forecast period. Diisocyanates are an essential material used in the manufacturing of TPU as it reacts with polyols to form polyurethane chains that offer the material its desirable properties, including elasticity, durability, and resistance to chemicals and abrasion.
Polycaprolactone provides superior mechanical and physical properties, including high tensile strength, excellent elasticity, and resistance to oil and chemicals.

Polycaprolactone-based TPU has a lower melting point and can be easily processed, making them ideal for a wide range of applications, such as medical devices, automotive parts, and coatings.

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The markets of the Asia Pacific and South America are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, South Korea, Brazil, and Argentina are investing in various industrial developments that are driving the TPU market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as TPU contains isocyanates.

New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the TPU market include BASF SE (Germany), Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Industrial Group (China), COIM Group (Italy), American Polyfilm Inc (US), Kuraray Co., Ltd (Japan), and PolyOne Corporation (US).

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BASF SE (Germany) and Wanhua chemical Group Co. Ltd (China) were other active companies in the TPU market. BASF SE (Germany) focused on increasing its footprint with expansion in Western Europe and Asia-Pacific, apart from this, new product development was other predominant strategy adopted by the company. The two companies together accounted for nearly 18.8% of the total developments from 2010 to 2013. BASF SE (Germany) increased its business potential in the Western Europe with the addition of capacity, starting new R&D center and developing a new site in Asia-Pacific. It was also involved several in new product launches and exhibition of its products being used in various end-user applications.

Wanhua chemical Group Co. (China) Ltd was equally focused in capacity expansions and new products launches to stay competitive in the market.

Bayer Material Science AG (Germany) focuses on developing new products for various applications along with its R&D development partners. It entered into an agreement to enhance its distribution network in the European region. It also invested heavily in its R&D activities and partnered with other companies to develop better TPU to satisfy the demands from the end use market.

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