As per a report by P&S Intelligence, the thermoplastic polyurethane (TPU) market generated a value of USD 3,100 million in 2022, and it will touch USD 5,326 million, advancing at 7.0% CAGR, by 2030.
The growth in this industry is mainly credited to the widespread adoption of TPU in numerous applications, for instance, medical devices, wound care products, and automobile parts.
In 2022, the footwear category held the largest industry share, and it will remain the largest throughout this decade. This is primarily because polyurethane is highly required in the industry of footwear, because of its customization options and cost-effectiveness.
The medicinal industry provides numerous opportunities to the manufacturers of thermoplastic polyurethane as it is a renowned material in this sector and can be implemented in numerous medicinal applications and healthcare products, for instance, wound care products, orthodontic products, dental materials, healthcare mattresses, medical instrument cables, gel shoe orthotics, compression stockings, and catheters.
In 2022, the polyester category accounted for the largest thermoplastic polyurethane market revenue share, and it will maintain its position in the years to come. This is because of the mounting requirement for polyester in the textile, automobile, and construction industries as it offers extreme transparency.
In 2022, the diisocyanate category held the largest share, and it will remain the largest throughout this decade. This is primarily because this raw material is extensively used, because of its highly reactive nature with polyols, in polyurethane formation.
The automotive & transportation category will witness the highest growth rate of 8.2% in the years to come. This is credited to the extensive adoption of TPU in the automotive sector for automotive parts manufacturing, as it provides a unique combination of scratch and aging resistance qualities, which makes it an exceptional choice for the automotive industry.
In 2022, APAC generated the largest revenue share in the industry, at over 55%, and it will continue to lead the industry in the years to come.
The growth in APAC is because of the high adoption of TPU in the automotive and medical industries, most original equipment manufacturers are implementing polyurethane for producing automobile parts, and the region is the largest automobile exporter in the world.
North America will observe a significant growth rate in the years to come. This is ascribed to the increasing launches of advanced products, the existence of major industry players, and the mounting requirement for thermoplastic polyurethane-based products in the automotive, footwear, and electronics industries, and the region is the largest luxury footwear industry in the world.
The research offers market size of the thermoplastic polyurethane (TPU) market for the period 2017–2030.