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Thermoplastic Polyurethane Market Landscape 2025: Forecast Data and Growth Strategy Insights
Thermoplastic Polyurethane Market
What Is the Expected CAGR for the Thermoplastic Polyurethane Market Through 2025?
The market for thermoplastic polyurethane has witnessed considerable expansion in the recent past. The market, which stood at $2.97 billion in 2024 is projected to touch the $3.22 billion mark in 2025, registering a compound annual growth rate (CAGR) of 8.2%. Factors contributing to this growth during the historical period include versatile material properties, usage in consumer goods and footwear, applications in automotive sealing solutions, film and sheet manufacturing, as well as medical device applications.
What's the Projected Size of the Global Thermoplastic Polyurethane Market by 2029?
The market for thermoplastic polyurethane is predicted to undergo robust growth in the coming years, expanding to a value of $4.58 billion in 2029 with a compound annual growth rate (CAGR) of 9.2%. Factors contributing to this growth within the forecast period include an increasing demand in applications such as 3D printing, the utilization of sustainable and recyclable thermoplastic polyurethanes, the flourishing of renewable energy, as well as urban development and infrastructure growth. The period is also expected to see the rise of athletic wear. Key trends shaping this forecast period consist of the emergence of bio-based thermoplastic polyurethane, the use of recyclable thermoplastic polyurethane formulations, advancements in medical devices, the promotion of low-voc and environmentally-friendly additives, along with the customization of color and aesthetics.
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Top Growth Drivers in the Thermoplastic Polyurethane Industry: What's Accelerating the Market?
The thermoplastic polyurethane market is predicted to grow due to the rising demand for products from the footwear industry. Companies involved in the design, production, and sale of shoes make up the footwear industry. The purpose of footwear is to shield feet from potential dangers such as falling or sharp objects, intense heat, cold temperatures, and wet or slippery grounds. To improve the durability, mechanical strength, resistance to abrasion, and anti-slip properties of their products, footwear industries are integrating thermoplastic polyurethane into shoe soles. For example, in February 2023, World Footwear reports that exports of Portuguese footwear and leather goods, which is based in Portugal, hit a new record high of 2.35 million euros in 2022, growing 22.2% compared to the previous year. Consequently, the thermoplastic polyurethane market will be fuelled by the increasing demand for products from the footwear industry.
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What Trends Will Shape the Thermoplastic Polyurethane Market Through 2029 and Beyond?
Key players in the thermoplastic polyurethane industry are focusing on enhancing the quality of their previous thermoplastic polyurethane variants, keeping in mind their circularity and offering remarkable grip and durability. For instance, Huntsman, an American firm specializing in manufacturing and marketing thermoplastic polyurethane, launched AVALON GECKO TPU in August 2024. The portfolio of AVALON GECKO TPU offers rubber-comparable slip performance in both wet and dry states. There are different variants within this range - AVALON 6044 AG, which is an opaque, injectable grade ideal for safety shoes, AVALON 6053 AG, a transparent, extrusion grade suited for running applications, and AVALON 6055 AG, a transparent, injectable grade known for its superior wet slip performance.
What Are the Main Segments in the Thermoplastic Polyurethane Market?
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 Top Companies are Driving Growth in the Thermoplastic Polyurethane Market?
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.
Which Regions Will Dominate the Thermoplastic Polyurethane Market Through 2029?
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.
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