Press release
Thermoplastic Polyurethane Adhesive Market Forecasted to Reach USD 2,396.45 Million by 2034, Growing at 6.6% CAGR
Thermoplastic Polyurethane Adhesive Market
The global thermoplastic polyurethane adhesive market is projected to reach USD 2,396.45 million by 2034, growing from USD 1,269.49 million in 2024. The market is projected to register a robust CAGR of 6.6% from 2025 to 2034.
Market Overview
Thermoplastic polyurethane (TPU) is a type of polyurethane that is a melt-processable thermoplastic elastomer known for its excellent ductility, longevity, and abrasion resistance. Like other thermoplastics, it can be processed by injection molding, extrusion, and blow molding. It is widely used in applications such as automobiles, furniture, adhesives, footwear, elastic textile fibers, paints, mobile phone casings, wheels, and electrical components.
Thermoplastic polyurethane is produced by reacting polyols, short-chain diols, and diisocyanates. Additives can be incorporated into these to obtain specific attributes. By merging all the features, a wide range of hardness and mechanical attributes can be acquired. Additionally, TPU has an alternating structure of hard and soft segments, which gives it excellent flexibility.
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Market Drivers
• Growing Urbanization and Infrastructural Development
Urbanization is driving city expansion and infrastructure development. For instance, according to the United Nations, 55% of the globe's population presently resides in urban regions, and this is anticipated to grow to 68% by 2050. Construction firms and manufacturers rely on thermoplastic polyurethane adhesive for several applications involving insulation panels, flooring, and structural connecting, boosting the thermoplastic polyurethane adhesive market demand.
• Rising Usage in Textile Industry
Thermoplastic polyurethane adhesive is extensively utilized in the textile industry to provide strong bonding to assemble various fabrics without compromising flexibility and breathability. This adhesive allows textile makers to create smooth designs, waterproof coverings, and flexible garments that align with evolving fashion trends and performance demands. The rise of athleisure wear further drives the demand for thermoplastic polyurethane adhesive, as it bonds artificial fabrics without adding bulk, enabling flawless polish and resistant wear.
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Top Market Players
The market is fragmented and is expected to witness competition due to many player's existence. Some of the major market players are:
• Arkema
• BASF
• Covestro AG
• DIC CORPORATION
• Dongsung
• Great Eastern Resins Industrial Co. Ltd.
• H.B. Fuller
• Henkel AG & Co. KGaA
• Huafon
• Huntsman International LLC
• NANPAO RESINS CHEMICAL GROUP
• Shandong INOV Polyurethane Co., Ltd.
• The Lubrizol Corporation
• Wanhua
Regional Outlook
Asia Pacific emerged as the dominant region in the thermoplastic polyurethane adhesive market in 2024 due to speedy industrialization, robust manufacturing development, and growing demand for critical industries such as automotive, footwear, construction, and electronics.
North America is projected to grow at a rapid pace due to growing acquisitions in advanced manufacturing, rising demand for eco-friendly adhesives, and an increase in the electric vehicle sector. The US is expected to lead the region, propelled by strong investment in green manufacturing operations and the development of innovative adhesives.
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Segmental Analysis
Polaris Market Research has segmented the thermoplastic polyurethane adhesive market report on the basis of type, form, and industry vertical:
By Type Outlook
• Hotmelt Adhesives
• Solvent-Based Adhesives
• Water-Based Adhesives
• Others
By Form Outlook
• Granular
• Powder
• Liquid
By Industry Vertical Outlook
• Packaging
• Automotive
• Building & Construction
• Electronics
• Consumer Goods
• Textile
• Others
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