Thermoplastic Polyurethane Market
The global Thermoplastic Polyurethane market is poised to reach US$ 5 billion by 2032, at a CAGR of 5.4% from the current market size of US$ 3 billion. The strong growth in the market can be attributed to increase in consumption of Thermoplastic Polyurethane in various end use industries. Thermoplastic Polyurethanes (TPU) are a class of polyurethane that possess properties of both plastics and elastomers. They are colourless translucent materials that have high shear strength. They possess high abrasion resistance and have excellent impact strength even at low temperatures. They exhibit elastic properties that span across their complete range of hardness. They possess good flexibility over a wide range of temperatures.
Thermoplastic Polyurethane Applications
Thermoplastic Polyurethanes finds applications as a substitute for PVC and rubber in a variety of applications. This market report describes the global TPU market, with focus on major countries and their subsequent demand for different applications. TPUs are employed as substitutes for PVC and rubber in various applications. While their primary application lies in the footwear sector, their usage is expanding within the automotive industry. Components such as gear knobs, bus bars, instrument panels, console parts, and interior/exterior PPF laminations are garnering increased attention. This shift has led
TPU manufacturers like BASF and Covestro to introduce novel TPU variations specifically tailored for automotive use.
TPU stands out for its exceptional versatility, excelling as both a flexible engineering plastic and a superior alternative to inflexible rubber. Its exceptional qualities encompass elevated elongation and tensile strength, impressive elasticity, and varying degrees of resilience to oil, grease, solvents, chemicals, and abrasion. These attributes collectively establish TPU as an exceedingly coveted material across a wide spectrum of markets and applications.
Global Thermoplastic Polyurethane Market By Application, Until 2032 (Kilo Tons)
Source: Secondary & Primary Research and Prismane Consulting estimates
The innate flexibility of TPU empowers seamless extrusion or injection molding using standard thermoplastic manufacturing machinery. This results in robust components for an array of products including footwear, cables, wires, hoses, tubes, films, sheets, and various other industrial items. Furthermore, TPU can be compounded to fashion durable plastic moldings or processed with organic solvents to craft laminated textiles, protective coatings, or functional adhesives. This remarkable adaptability positions TPU at the forefront of innovative materials, driving advancements across multiple industries.
Thermoplastic Polyurethane Demand, by region
In 2022, Asia Pacific was the
largest producer and consumer of Thermoplastic Polyurethane accounting for over 50% of the global market. In the forecast period, the demand for Thermoplastic Polyurethane in Asia Pacific is expected to experience significant growth, primarily due to increased investments in downstream applications of Thermoplastic Polyurethane. The Thermoplastic Polyurethane market in China is estimated to witness highest growth in the forecast period owing to the growing demand of TPU from automotive, footwear and medical applications.
Global Thermoplastic Polyurethane Demand, By Region (Kilo Tons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Thermoplastic Polyurethane Demand, By Application
Footwear is the largest application for Thermoplastic Polyurethanes. They are widely used in the footwear industry to make shoe soles, midsoles, and other components. TPUs offer excellent abrasion resistance, flexibility, and impact absorption, making them suitable for various types of footwear. The flexibility of the material makes it possible to produce a very wide range of soles, depending on the line, shape, or type of shoe the manufacturer produces. TPUs are used in automotive applications, such as interior components like armrests, dashboard elements, and door panels. They are used in car interiors as a barrier coat for the manufacture of seats. The demand for TPU is increasing in luxury-class models, as they are used to make rocker panels, cladding, body side trim, and ditch covers.
Thermoplastic Polyurethane Key Players
Lubrizol, Covestro, BASF, Huntsman, Wanhua, Kimaya, and COIM Spa are some of the leading TPU producers in the world. Ravago Kimaya operates a 12 kilotons TPU plant in Turkey while Lubrizol operates a TPU plant in Europe, North America, and Asia Pacific.
Global Thermoplastic Polyurethane Capacity, By Company (Kilo Tons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Recent Developments in the TPU Market
In January 2024,
BASF announced the inauguration of its Thermoplastic Polyurethane (TPU) facility at its Verbund site in China’s Zhanjiang city, Guangdong province. This is in response to the growing demand from automotive, industrial and energy sectors in the Asia-Pacific region. Notably, the new plant has BASF’s largest single-line producing TPU.
In Q3-2022, BASF introduced the RODIM® brand, focusing on paint-related products, and unveiled a cutting-edge innovation: an advanced invisible Paint Protection Film (PPF) made from Thermoplastic Polyurethane (TPU) in Asia-Pacific. This innovative PPF provides strong and long-lasting protection for automotive coatings, shielding against various elements. The TPU-based film possesses exceptional self-healing properties for minor scratches and scuffs, coupled with high resistance to yellowing. Its optical transparency effectively maintains the pristine appearance of automotive surfaces over extended periods. Meeting the growing demand from Chinese customers, BASF strategically launched RODIM. In May 2022, the product received official certification from FAW-Volkswagen. Currently, RODIM is being distributed to nearly 2,000 Audi and Volkswagen distributors across China, contributing to an enhanced brand perception and increased end-user satisfaction.
BASF introduced a new thermoplastic polyurethane (TPU),
Elastollan® R 2600 FHF, to its Elastollan® product line for EV busbar holders. This innovative TPU offers significant benefits over traditional engineering plastics. Its optimized linear thermal expansion closely matches that of copper and similar conductor materials, reducing the risk of cracks during temperature changes and improving safety. Furthermore, Elastollan® achieves halogen-free flame retardancy, meeting the prestigious UL94 V-0 classification.
Lubrizol launched 3D Printing Solutions ESTANE® 3D TPU M88A thermoplastic polyurethane (TPU) specifically for utilization with HP MJF technology, with certification for compatibility with the 5200 series, a 3D printing solution that excellently suits production-oriented applications.
Covestro (Germany) has recently revealed an advanced manufacturing line designed specifically for the production of high-performance Thermoplastic Polyurethanes (TPUs). This cutting-edge facility is strategically located at Covestro s existing site in Changhua, Taiwan. The decision to expand in this manner was initially communicated in 2022. Alongside the inauguration of the new production line, Covestro also unveiled its latest product range: the Desmopan UP TPU series, where UP signifies Ultimate Protection. This series is meticulously engineered to provide exceptional qualities like outstanding durability, adaptability, and aesthetic appeal. Its primary application revolves around safeguarding automotive surface coatings from demanding environmental conditions. Furthermore, this versatile material can be effectively utilized in protecting wind turbine blades and even the screens of smart devices.
In Q1-2023, Covestro announced the construction of the largest Thermoplastic Polyurethane unit in Zhuhai, China, with an installed capacity of around 120 kilotons. The company plans to complete the construction in three phases, with the entire project scheduled for completion within the next 10 years. Phase one is expected to be completed by the end of 2025, with an installed production capacity of 30 kilotons. Notably, the entire facility will operate on 100% renewable energy. The unit's production portfolio will encompass injection moulding grades catering to footwear and a diverse range of IT devices, alongside extrusion grades tailored for cables, hoses, tubes, and automotive applications.
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