Thermoplastic Polyurethane Market Forecast 2024-2031: Innovation in Recycled Content, Biocompatible Grades, and Expansion Across Automotive, Construction, and Wearables

The Global Thermoplastic Polyurethane (TPU) Market is expected to grow at a CAGR of 7% during the forecast period (2024-2031).

According to DataM Intelligence has published a new research report on "Thermoplastic Polyurethane Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

Thermoplastic Polyurethane is a versatile elastomer that combines the properties of rubber and plastic. It offers high elasticity, abrasion resistance, and transparency. TPU is used in footwear, automotive parts, medical devices, cables, and films. Its recyclability and flexibility make it suitable for sustainable manufacturing. Growing demand for wearable electronics and lightweight components drives market growth.

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➣ Recent Developments:

✅ In July 2025, Covestro debuted a recycled-content TPU for footwear and consumer electronics. The new grade maintains mechanical strength while supporting circular material flows.

✅ In June 2025, Lubrizol introduced a high-clarity medical-grade TPU designed for catheters and wearable devices. It delivers enhanced biocompatibility and kink resistance.

✅ In May 2025, BASF commissioned a new TPU compounding line in China to support demand in automotive interiors, cables, and sports equipment. The expansion strengthens its APAC supply footprint.

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➣ Top Industry Players:

Kansai Paint, The Fisher Barton Group, Elantas GmbH, Nippon Paint, AkzoNobel, Chemetall Group, Axalta Coating Systems, PPG Industries, Jotun Group, The Sherwin-Williams Company, Mascoat.

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➣ Market Segments:

By Type:
The market is segmented into polyether, polyester, and polycaprolactone types, along with other specialty variants. Polyether materials are valued for their flexibility, hydrolysis resistance, and durability, while polyester types offer superior strength and abrasion resistance. Polycaprolactone provides excellent biodegradability and processability, making it suitable for advanced and eco-friendly applications. Other types support niche performance requirements across diverse industries.

By Raw Material:
Key raw materials include diols, diisocyanates, and polyols, with additional inputs classified under others. Diols serve as essential building blocks that influence flexibility and toughness, while diisocyanates determine the reactivity and final polymer properties. Polyols contribute to elasticity, resilience, and overall performance, making them crucial in formulations for coatings, adhesives, foams, and elastomers. Other raw materials are used to enhance specific mechanical, chemical, or environmental properties.

By End-User:
End-user industries span automotive, textile, building and construction, footwear, consumer goods, sports and leisure, industrial machinery, medical, and electronics sectors. The automotive and construction industries utilize these materials for high-performance components and durable structural applications. Textiles, footwear, and consumer goods rely on them for flexibility, comfort, and long-lasting quality. Sports and leisure products benefit from their resilience, while industrial machinery and electronics use them for precision parts. The medical sector incorporates these materials for biocompatible and high-reliability uses. Other industries adopt them based on specific functional requirements.

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