Global Thermoplastic Polyurethane (TPU) Market is segmented By Type (Polyether, Polyester, Polycaprolactone, Others), By Raw Material (Diols, Diisocyanate, Polyols, others), By End-user (Automotive, Textile, Building and Construction, Footwear, Consumer Goods, Sports and leisure, Industrial Machinery, Medical, Electronics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Report Overview
The Global Thermoplastic Polyurethane (TPU) Market is expected to grow at a CAGR of 7% during the forecast period (2024-2031).
Thermoplastic polyurethane (TPU) is a thermoplastic elastomer with excellent properties such as transparency, elasticity and resistance to abrasion, oil and chemical solvents. TPU consist of linear segmented block copolymers formulated as different materials from soft and flexible elastomer to fill the gap between plastics and rubbers. Thermoplastic Polyurethane (TPU)is substantially used in end-user industries such as medical, industrial electrical machinery, automotive, aerospace, marine, building & construction and among others.
It is composed of hard and soft segments with plastics with a high modulus. TPU can be mixed with specific agents and different proportions of compounds to achieve a certain appearance and features like fire-retardancy, biocompatibility, optical clarity and more. TPU possesses several characteristics and properties including excellent abrasion resistance, soft, elastic and good flexural strength, resistance to cracks, good tensile property and elongation coefficient, good tactile properties, compound and properties versatility and good flexibility over a wide temperature range.
Market Summary
|
Metrics |
Details |
|
Market CAGR |
7% |
|
Segments Covered |
By Type, By Raw Material, By End-user and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
North America |
For more insights - Request Free Sample
Market Dynamics
The global thermoplastic polyurethane (TPU)is driven by rising demand for automobiles applications instrument panels, cattle tags, constant velocity boots, drive belts body panels etc. with the surge in automotive production around the globe. Further growing demand for thermoplastic polyurethane (TPU) in the end-user industries such as buildings & construction, electronics, textile, building & construction etc. around the globe has propelled the demand for this market.
Rising demand of the TPU for the end-user industry such as footwear, wire and cable, film and sheet, compounding, adhesives and speciality molded parts. etc.
The market is driven by the surge in the demand by the end-user industries such as building & construction, wire & cable, film & sheet, compounding, adhesives and speciality molded parts, power generation, electronics & electrical and among others. Increasing consumers goods sales and production in developing countries have propelled the TPU market growth. For instance, as per the India Brand Equity Foundation Organization report in 2017, the Indian appliance and consumer electronics (ACE) market reached around US$ 31.48 billion and is projected to reach around US$ 48.37 billion increasing at a 9% CAGR between 2017 to 2022.
Growing production and sale of automobile vehicles which require for manufacturing of the automotive components
Further growing demand for the energy saving in the electrical power to prevent corrosion with growing strict policies rules & regulations by governments.TPU has many applications in automotive instrument panels, cattle tags, constant velocity boots, body panels, drive belts etc. As per the International Organization of Motor Vehicle Manufacturers, the global sale of light commercial and passenger vehicles including heavy trucks, buses and coaches have registered top around 92 million units and is increasing at a rapid pace.
The total turnover of automotive vehicles reached around US$ 2 trillion in 2019 as per the Crescendo worldwide organization 2019. It created a massive demand for the TPU market around the globe. Further TPUdemand is also driven by increasing demand in several applications such as wire and cables, jacketing, hose & tube, in adhesive, textile, apparel, coating etc.
The growing demand for Thermoplastic Polyurethane (TPU) in the automotive, electronics, footwear, aerospace industry with the help of advanced material launching by the leading players is expected to strengthen the market growth
Increasing launching of the advanced material for footwear industries to provide comfort to the people while walking by the leading manufacturers have created a huge opportunity for the growth of the TPU market. For instance, on 19th Feb 2019, API an Italian specialized Company in the production of thermoplastic elastomeric launched Apilontm 52 Bio Light new sustainable TPU material.
Further in July 2017, Trinseo global materials company acquired API, an Italian company compounds and bioplastics. Further, on 7th August 2018, BASF SE launched “Elastollan” a new thermoplastic polyurethane (TPU) that improves the production of shoe shanks and decorative shoe parts and provides high-performance shoes. It offers excellent mechanical properties, such as UV resistance. The new TPU produces is also used in automation as it allows parts to be easily removed from the mold and enables greater design freedom for decorative shoe parts.
COVID-19 Impact Analysis on Market
The global thermoplastic polyurethane (TPU) Market has shown immense declination due to the Covid-19 pandemic, as several leading manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further growth of the textile & apparel, garments, automotive, industrial machinery was also declined due to low demand in June 2020.
For instance, as per the International Labour Organization, the major buying countries’ imports from garment-exporting countries in the Asia-Pacific region dropped by nearly 70% in the first quarter of 2020, due to lack of consumer demand, government lockdown measures as well as disruptions to raw material imports necessary for garment production.
However, the demand for thermoplastic polyurethane (TPU) is slightly increased in August 2020, as several leading manufacturers started production. The leading manufacturers of the TPU have planned the investment for enhancing the production required for the automotive and electronics equipment due to growing demand.
Further increasing demand for medical devices during the covid-19 pandemic created a huge opportunity for the thermoplastic polyurethane (TPU) market. As the demand for several medical devices such as ventilators, devices producing N95 face masks and many others has been increased.
TPU has a wide range of applications for medical as it is an environmentally friendly replacement to PVC and plastics and rubbers as well as it does not contain plasticizers. Hence its demand in the medical industry has been increased astoundingly. Further demand for Thermoplastic Polyurethane (TPU)s will increase as soon as the pandemic is over.
Market Segmentation Analysis
The global Thermoplastic Polyurethane (TPU)is segmented based on type, raw material, end-user and region.
Rising demand in the automotive sector with the surge in the global sale of passenger vehicles have propelled the market
In terms of product, the global Thermoplastic Polyurethane (TPU) is bifurcated into Polyether, polyester, polycaprolactone and others. Among these, polyether has the highest market share in 2019, owing to rising demand in the manufacturing facilities of the consumer electronics, automotive components etc.
As per the International Organization of Motor Vehicle Manufacturers, the global passenger vehicles sale reached around 671,491,96 units which propel the thermoplastic polyurethane (TPU) market require in the manufacturing of the automotive electrical components such as wirings, acoustic parts, seats and steering wheels, back-foam instrument panels and doors to meet the increasing requirements of car manufacturers.
Similarly, polyester, polycaprolactone segments are also growing at a faster pace owing to a surge in demand by the textile, apparel industries such as footwear, clothing etc in developing countries like India and China. For instance, as per the India Brand Equity Foundation Organization in 2017, the domestic textile industry in India was valued at around US$ 150 billion and is projected to reach US$ 223billion by 2021. It created a massive demand for the thermoplastic polyurethane (TPU) market.
Increasing eco-friendly products demand with the surge in government support and initiatives have propelled the demand for the high solid polyurethane (PU) market
Based on the raw material, the global thermoplastic polyurethane (TPU) market is divided into Diols, Diisocyanate, polyols and others. Among these polyols has the highest market share owing to rising demand in industrial applications such as insulation of the cables, wires and electrical & electronics equipment.
It is more eco-friendly and has low cost than other types of materials. Further increasing government support and initiatives for producing the high for the development projects such as the smart city in the developing countries have propelled the polyols demand this market. For instance, in 2018, Covestro, one of the world’s largest polymer manufacturers launched a wide range of smart and sustainable polyurethane (PU) coatings for the construction, footwear, automobile and furniture industries at the Paint India 2018 exhibition.
Increasing sale and production of automobiles around the globe have propelled the TPUmarket
Based on the end-user, the global TPU market is divided into textile, building and construction, footwear, consumer goods, sports and leisure, industrial machinery, medical, electronics and others. Among this automotive segment has the highest market share in 2019, this is primarily due to surge in electric vehicle sales and production around the globe. The further automotive segment is divided into interior and exterior.
As TPU is used to manufacture acoustic panels, airbags, door panels, wheel guards and anti-vibration panels. have propelled the demand for transformer segmental growth. According to the International Energy Agency organization in 2018, global electric vehicle sale reached around 5.2 million and is increasing at a rapid pace which created a massive demand for the TPU used by the OEMs of the automotive companies.
Similarly, textile, building and construction, footwear, consumer goods, sports and leisure, industrial machinery, medical, electronics segments are also growing at a faster pace owing to the surge in global population demand and growing industrialization around the globe. As TPU films are extensively used in the textile and apparel industry to manufacture footwear, hats, waterproof gloves costumes, socks etc. Further rising demand for sportswear with government support and initiatives for production has propelled the TPU market growth. Further building and construction sector is divided into residential, commercial, industrial and infrastructure.
The footwear segment of the global thermoplastic polyurethane (tpu) market is divided into sole, slipper, shoes and others. Also, the sports and leisure segment is bifurcated into in-line skates, ski boots and others. The industrial machinery segment of the global TPU market is divided into hoses and tubing, seals and gaskets, belts and profiles, wheels and rollers and others.
Market Geographical Share
Asia-Pacific region holds the largest market share global Thermoplastic Polyurethane (TPU) Market
Asia-Pacific region is dominating the global Thermoplastic Polyurethane (TPU)market accounted for the largest market share in 2019, due to the presence of several manufacturing companies related to automotive, consumer electronics etc. with growing industrialization and rising investment by the leading players in this region followed by North America and Europe.
Further increasing government and private companies investing in the Asia-Pacific region for several projects have propelled the demand for the thermoplastic polyurethane (TPU) market in this region. Further increasing automobile production in developing countries like India and China have propelled the demand for the TPU market growth.
As per the Crescendo Worldwide Organization, commercial vehicle production in China reached around 5.3 Million Vehicles in 2019 followed by India and Japan. Similarly, NorthAmerica region is also growing at a faster pace owing to rising demand in the medical industry and the presence of several manufacturing facilities of automobiles, medical and consumer electronics followed by Europe.
Companies and Competitive Landscape
The Thermoplastic Polyurethane (TPU) Market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include 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 and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, which are contributing to the growth of the Thermoplastic Polyurethane (TPU) Market globally. For instance, on 12th June 2018, Covestro LLC expanded the production capacity of the thermoplastic polyurethane by 25% at New Martinsville, West Virginia, United States.
BASF SE:
Overview: BASF SE is a multinational Germany-based chemical company founded in 1865 and headquartered at Ludwigshafen, Germany. The Company offers its products in six segments, which includes Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. The Chemicals segment consists of the thermoplastic polyurethane (TPU), petrochemicals, adhesives and intermediates divisions. The Materials segment consists of performance materials and monomers divisions.
The company offers several products for industrial applications, such as Thermoplastic Polyurethane (TPU), polymer dispersions, pigments, resins, electronic materials, antioxidants and additives for its key industries such as automotive, plastics and electronics. BASF SE comprises 11 operating divisions with 76 strategic business units and employed more than 117,628 people as of 2019.
Product Portfolio: The Company has a product portfolio of Thermoplastic Polyurethane (TPU) that includes:
- Elastollan1598 A 10 FC: It is used for a wide range of new industrial applications It has a combination of the properties of with advantages of ether and ester which reduces creep behaviour combined with good wear behaviour. This product is ideal for the conveyor and belt sector because its lower creep tendency leads to less slippage and, therefore, improves the conveyor belt operating life. In addition, Elastollan 1598 A 10 FC is available in different colours and made with fire safety standards according to UL94 HB. Applications: pneumatic hoses, Conveyor, belts, etc.
- BASF TPU Granules: These are available in different colours in 25Kg packaging bags. Applications: Mobile Case, Shoe Sole, Skate Wheels, Automotive Panels, Wheels, Sports Accessories
- Elastollan 11 85 A 10 W 000: It has Excellent hydrolysis resistance, cold flexibility, resistance to microorganisms, Water-vapor permeable, good tear propagation strength, good mechanical properties, good cold flexibility, good wear resistance and highly transparent
- Applications: Electronics devices, automotive and industrial applications
Key Development:
- On 21st September 2018 – BASF, the world’s first innovator of Infinergy expanded its capacity thermoplastic polyurethane (E-TPU) with the launch of the new production facility at its Changhua manufacturing site in Taiwan. The expanded capacity will meet the growing demand for a revolutionary material solution across a variety of applications and industries.
- Further on 11th August 2020 BASF the future of the footwear industry with its first global Footwear Innovation Center in Taiwan. New facilities to bolster BASF’s global network of footwear development centres Features include interactive footwear exhibits, biomechanics lab and manufacturing facilities to boost footwear design capabilities. Interactive zones enable brands and molders to select footwear materials and improve manufacturing processes.
- On 2nd October 2020, BASF launched the new Elastollan 1598 A 10 FC TPU which combines the advantages of ether and ester TPU in its new product which are suitable for a wide range of industrial applications, especially for pneumatic hose applications.
