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Thermoplastic Polyurethane Market 2024-2033 - Size, Trends, Growth & Key Player Analysis
Thermoplastic Polyurethane Market
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According to The Business Research Company's, The thermoplastic polyurethane market size has grown strongly in recent years. It will grow from $2.76 billion in 2023 to $2.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to versatile material properties, consumer goods and footwear, automotive sealing solutions, film and sheet production, medical device applications..
The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to growing demand in 3d printing, sustainable and recyclable tpus, expansion in renewable energy, urbanization and infrastructure, rise in athletic wear.. Major trends in the forecast period include bio-based tpu, recyclable tpu formulations, medical device advancements, low-voc and eco-friendly additives, customized color and aesthetics.
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Market Drivers and Trends:
Increasing product demand from the footwear industry is expected to propel the growth of the thermoplastic polyurethane market going forward. The footwear industry comprises companies that design, manufacture, and sell shoes. Footwear is intended to protect feet from physical hazards such as sharp or falling objects, extreme heat, and cold, wet, and slippery surfaces. Footwear industries are incorporating thermoplastic polyurethane into the soles of shoes to enhance their footwear's durability, mechanical strength, abrasion resistance, and slip resistance. For instance, in September 2022, according to World Footwear, a Portugal-based footwear industry news provider, in 2021 global footwear production increased by 8.6%, exceeding 22 billion pairs. Also, according to RunRepeat, a US-based shoe review site, in 2022, the footwear industry by volume is projected to grow by 16.2% and is expected to produce 2,360 million pairs by 2025. Therefore, increasing product demand from the footwear industry will drive the thermoplastic polyurethane market.
Product innovation is a key trend gaining popularity in the thermoplastic polyurethane market. Major companies operating in the thermoplastic polyurethane sector are focused on improving their previous thermoplastic polyurethane grades, a material made up of ultra-high molecular weight polymers to enhance their durability, process efficiency, and waste reduction in manufacturing. For instance, in June 2021, Huntsman International LLC, a US-based specialty chemical manufacturer and distributor, developed a new thermoplastic polyurethane grade, IROGRAN A 85 P 4394 HR TPU, that offers high melt strength and extrusion quality of films over the previous thermoplastic polyurethane grade. The new grade is perfect for blown film applications since it also has higher melt strength and better film extrusion quality. IROGRAN A 85 P 4394 HR TPU offers better force resistance when it is melted, which reduces the possibility that an extruded film will break during production. increase manufacturing throughput, and reduce waste in the processing of blown films.
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Major Key Players of the Market:
Badische Anilin- und SodaFabrik, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Polyone Corporation, Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, Asahi Songwon Colors Limited., Trinseo plc, Avient Corporation, Epaflex Polyurethanes SpA, Coim Group, Miracll Chemicals Co. Ltd., Huafeng Group, Dongsung Corporation, Sumei Chemical Co. Ltd., Suzhou New Mstar Technology Ltd., Tosoh Corporation, American Urethane Inc., TPC Inc., Weaver Industries Inc., Uniflex Inc., Master Bond Polychem, Innovative mold designs, Urethane Source LLC, Akay Plastik A.S., Alliance Polymers & Services, Alphagary Limited, Americhem Inc., Arkadia Plastics Inc.
Thermoplastic Polyurethane Market 2024 Key Insights:
• The thermoplastic polyurethane market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Footwear Industry Fuels Thermoplastic Polyurethane Market Growth
• Innovative Solutions Enhance Thermoplastic Polyurethane Market Growth
• Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2023
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