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Comprehensive Thermoplastic Polyurethane Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Thermoplastic Polyurethane Market
The escalation in the need for products in the shoe industry is predicted to boost the progression of the thermoplastic polyurethane market in the future. The shoe industry includes businesses that create, produce, and market footwear designed to safeguard feet from potential threats like sharp or falling objects, intense temperatures, and wet or slippery conditions. Shoe industries are adopting thermoplastic polyurethane in the construction of shoe soles to improve the wear resilience, mechanical robustness, abrasion resistance, and skid control of their products. For example, World Footwear, a Portugal-based shoe industry, reported in February 2023 that the exports of Portuguese footwear and leather items achieved a record high of 2.35 million euros in 2022, marking a 22.2% increase from the previous year. Therefore, the climbing demand for products from the shoe industry is expected to bolster the thermoplastic polyurethane market.
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How will the growth rate of the thermoplastic polyurethane market shape industry trends by 2034?
In recent times, there has been a robust growth in the size of the thermoplastic polyurethane market. It is projected to increase from $2.97 billion in 2024 to $3.22 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.2%. The surge during the past years is credited to the versatile material properties and uses in consumer goods, footwear, automotive sealing procedures, production of films and sheets, as well as applications in the medical device sector.
In the near future, substantial growth is anticipated in the market for thermoplastic polyurethane, with its value predicted to reach $4.58 billion in 2029, experiencing a compound annual growth rate (CAGR) of 9.2%. This surge over the prediction period is credited to increasing needs in fields like 3D printing, eco-friendly and reusable tpus, progress in renewable power, urban development, and elevated athletic wear consumption. Other forecasted trends comprise bio-based tpu, reprocessed tpu mixtures, advancements in medical devices, additives that are low on volatile organic compounds (voc) and eco-friendly, and personalized color and designs.
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What trends are poised to drive the future success of the thermoplastic polyurethane market?
In the thermoplastic polyurethane industry, key players are focusing on enhancements to their previous thermoplastic polyurethane grades. These new grades offer outstanding grip and durability and are designed with sustainability as a key feature. For example, in August 2024, Huntsman, an American company specializing in the manufacture and marketing of thermoplastic polyurethane, introduced the AVALON GECKO TPU. This range is akin to rubber in terms of slip performance in both dry and wet conditions. The portfolio includes AVALON 6044 AG-a non-transparent, injection-grade variety suitable for safety shoes, AVALON 6053 AG-a clear, extrusion-grade variant designed for running applications, and AVALON 6055 AG-a transparent, injection-grade variety with superior wet slip performance.
Which primary segments of the thermoplastic polyurethane market are driving growth and industry transformations?
The thermoplastic polyurethane market covered in this report is segmented -
1) By Type: Polyester, Polyether, Polycaprolactone, Other Types
2) By Raw Material: Diisocyanate, Polyols, Diols, Other Raw Materials
3) By Application: Automotive, Construction, Engineering, Footwear, Hose And Tubing, Wire And Cable, Other Applications
Subsegments:
1) By Polyester TPU: Aromatic Polyester TPU, Aliphatic Polyester TPU
2) By Polyether TPU: Aromatic Polyether TPU, Aliphatic Polyether TPU
3) By Polycaprolactone TPU: Standard Polycaprolactone TPU, High-performance Polycaprolactone TPU
4) By Other Types: Hybrid TPUs, Specialty TPUs
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Which geographical regions are pioneering growth in the thermoplastic polyurethane market?
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic polyurethane market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the thermoplastic polyurethane market landscape?
Major companies operating in the thermoplastic polyurethane market include BASF SE, Lubrizol Corporation, Covestro AG, Huntsman Corporation, Wanhua Industrial Group Co. Ltd., Coim India Private Limited, American Polyfilm Inc, Kuraray Co. Ltd, Mitsubishi Chemical Performance Polymers Inc., Novotex Italiana S.p.A., Sanyo Corporation of America, Hexpol AB, 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., Weaver Industries Inc., Uniflex Inc., Master Bond Polychem, Urethane Source LLC, Akay Plastik A.S., Alliance Polymers & Services, Alphagary Limited, Americhem Inc., Arkadia Plastics Inc.
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What Is Covered In The Thermoplastic Polyurethane Global Market Report?
•Market Size Forecast: Examine the thermoplastic polyurethane market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the thermoplastic polyurethane market for a structured understanding.
•Key Players Overview: Analyze major players in the thermoplastic polyurethane market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thermoplastic polyurethane market.
•Segment Contributions: Evaluate how different segments drive overall growth in the thermoplastic polyurethane market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thermoplastic polyurethane market.
•Industry Challenges: Identify potential risks and obstacles affecting the thermoplastic polyurethane market.
•Competitive Landscape: Review strategic developments in the thermoplastic polyurethane market, including expansions, agreements, and new product launches.
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