TPU Elastomer Market

TPU Elastomer Market Outlook (2024 to 2034)

Fact.MR's latest study reveals that the global TPU elastomer market size is pegged at US$ 3.65 billion in 2024. Worldwide sales of thermoplastic polyurethane (TPU) elastomers are projected to rise at 6% CAGR and reach US$ 6.55 billion by the end of 2034.

Extensive application of TPU elastomers in several industries, including sports & leisure, healthcare, electronics, footwear, automotive, and textiles is widening opportunities for players.

TPU elastomers are well-known due to their exceptional properties, including chemical resistance, durability, abrasion resistance, and high elasticity. These attributes of thermoplastic polyurethane elastomers are predicted to contribute to their increased applications.

Key Market Growth Drivers

• TPU elastomers are adopted as a substitute for conventional materials, including PVC, rubber, and other thermoplastics owing to their environmental benefits and improved performance characteristics. These innovations are predicted to widen the application scope for thermoplastic polyurethane elastomers.
• Ongoing R&D activities are leading to the development of more advanced formulations of thermoplastic polyurethane elastomers with some enhanced properties. Biocompatibility, UV resistance, and flame retardancy are features that are forecasted to push their demand.

Stringent regulations are imposed on the application of certain materials, including phthalates in plastics. These regulations have resulted in the adoption of thermoplastic polyurethane elastomers in many medical and consumer products. Moreover, TPU elastomers are becoming popular in 3D printing owing to their ease of printing, durability, and flexibility. The rising interest of industries in 3D printing is anticipated to cushion demand for thermoplastic polyurethane elastomers.

TPU elastomers also find application in medical devices, including wearable medical equipment, tubing, and catheters because of their flexibility and biocompatibility. The growing need for medical and healthcare products is projected to fuel demand for TPU elastomers.

In recent years, the traction for lightweight materials has been increasing to reduce emissions and improve fuel efficiency in the automotive sector. TPU elastomers, due to their design flexibility and lightweight are used in several automotive components.

Report Attributes	Details
TPU Elastomer Market Size (2023A)	US$ 3.44 Billion
Estimated Market Value (2024E)	US$ 3.65 Billion
Forecasted Market Value (2034F)	US$ 6.55 Billion
Global TPU Elastomer Market Growth Rate (2024 to 2034)	6% CAGR
Key Regional Market	North America
Key Companies Profiled	BASF SE; Kuraray Co. Ltd.; Miracll Chemical Co. Ltd.; Ravago Petrokimya Uretim A.S.; COIM SPA; Zibo Hengjiu Pu Technology Company Ltd.; Coating Chemical Industry Company; Huafon Group; Evermore Chemical Industry Company Ltd.; Xuchuan Chemical Group; Sunko Ink Co. Ltd.; DuPont Tate & Lyle Bio Products; Songwon Industrial Group; Blackwell Plastics LLP; Mitsui Chemicals, Inc.; Hexpol AB; Lanxess Aktiengesellschaft; PolyOne Corp.; Honeywell International Inc.; Tosoh Corporation; APS Elastomers; Nihon Matai Co., Ltd.; Townsend Chemicals Pty. Ltd.

Why is Demand for TPU Elastomers Increasing at a Healthy Rate?

“Focus on Lightweight Materials to Reduce Carbon Emissions and Enhance Fuel Efficiency”

TPU elastomers are adopted extensively in several industries, including electronics, footwear, healthcare, textiles, and sports & leisure. In the automotive sector, these elastomers are used in many components, including gaskets, airbags, seals, hoses, and interior trim. This growing traction is attributed to the increasing concentration of automotive manufacturers on lightweight materials to reduce carbon emissions and enhance fuel efficiency.

Excellent flexibility, impact resistance, and abrasion resistance of TPU elastomers make them an ideal option for automotive parts that are subject to stress. Footwear manufacturers are also turning to TPU elastomers owing to their comfort, flexibility, and durability. The growing population is contributing to increased demand for comfortable and quality footwear that further propels the adoption of TPU as a preferred material in the respective sector.

Thermoplastic polyurethane elastomers are used in several electronics parts, including connectors, protective cases, and cable jackets. With constant advancements in consumer electronics, sales of TPU elastomers are rising due to their electrical insulation properties.

“Extensive Use of TPU Elastomers in 3D Printing”

TPU elastomers are predicted to emerge as a formidable force in 3D printing due to their exceptional combination of durability, printing ease, and flexibility. The innate flexibility of TPU elastomers makes them a popular choice in 3D printing to create flexible, resilient, and intricate objects.

The durability of TPU elastomers makes them a popular choice to produce objects that require wear and tear resistance. The ease of these elastomers in the printing process is predicted to stimulate customers for their adoption. Several risks associated with printing errors can be minimized with TPU elastomers.

Traction for 3D printing extends across several sectors, including aerospace, consumer goods, automotive, and healthcare. The compatibility of TPU elastomers has led to innovation in several industries. In the automotive sector, these elastomers are adopted to enhance vehicle comfort and performance, while in healthcare, they provide customized solutions to patients.

What Issues Do Manufacturers of TPU Elastomers Need to Tackle?

“Severe Environmental Concerns Associated with TPU Elastomers”

TPU elastomers have severe adverse environmental effects compared to other bio-based variants. This is predicted to result in limited adoption of thermoplastic polyurethane elastomers in many countries. Moreover, they are not biodegradable and can result in serious environmental concerns in case of improper management and disposal.

Thermoplastic polyurethane elastomers emit toxic fumes, including isocyanates, and VOCs (volatile organic compounds) when they are heated at higher temperatures. This can become a serious issue in 3D printing while using TPU filaments.

How Lucrative is the Global Market for New Companies?

“Start-ups Benefitting from Focus on Technological Advancements in TPU Formulations”

The latest TPU formulations are engineered to withstand UV (ultraviolet) radiation, which is pivotal for outdoor materials, including outdoor equipment and automotive components. Improved UV resistance ensures the performance and longevity of TPU elastomers while reducing maintenance costs.

Start-ups are expected to invest in offering these advanced materials to attract customers and secure a position among well-established players. Production of sustainable and bio-based thermoplastic polyurethane elastomers is also predicted to open up lucrative opportunities for new entrants.

Country-wise Insights

According to a study by Fact.MR, a market research and competitive intelligence provider, the increasing preference of North American consumers for products characterized by durability, comfort, and lightweight features is expected to drive the adoption of TPU elastomers across various industries, including automotive.

Which Factors are Projected to Boost Sales of TPU Elastomers in the United States?

“Widespread Utilization of TPU Elastomers in Healthcare and Automotive Sectors”

TPU elastomers are used in the automotive sector for multiple vehicle components, including gaskets, interior parts, and seals. With the evolution of the automotive sector, the traction for durable, lightweight, and high-performance materials like TPU elastomers is rising.

In the healthcare sector, thermoplastic polyurethane elastomers are used because of their chemical resistance and biocompatibility. Constant advancements in healthcare are forecasted to stimulate demand for TPU elastomers for surgical instruments, catheters, etc.

Why are India and China Profitable Markets for Suppliers of TPU Elastomers?

“Industrialization and Economic Growth Pushing Demand for TPU Elastomers”

Countries in Asia Pacific, including China and India, are experiencing substantial economic growth and industrialization. This growth is predicted to result in increased infrastructure development, which is forecasted to fuel the demand for versatile materials, including TPU elastomers. They are applied in several sectors, including electronics, construction, and automotive.

Category-wise Insights

According to a report by Fact.MR, demand for polyether-based TPU elastomers is increasing due to their exceptional flexibility, excellent hydrolysis resistance, and temperature performance. They are used commonly in sports applications and medical equipment.

Which Type of Thermoplastic Polyurethane is Exhibiting High Demand?

“Excellent Mechanical Properties of Polyester-based TPU Elastomers Fueling Their Demand”

Polyester-based TPU elastomers are well-known owing to their excellent mechanical properties. Chemical resistance, abrasion resistance, and mechanical properties of these elastomers are estimated to contribute to their growing use in several industries, including footwear, industrial goods, and automotive.

What is the Primary Application of TPU Elastomers?

“Growing Use of TPU Elastomers by Key Manufacturers of Footwear”

TPU elastomers are predicted to hold a significant position in the production of footwear owing to their increasing popularity among prominent shoe manufacturers. Shoe soles that are manufactured with the use of TPU elastomers are abrasion-resistant, durable, lightweight, comfortable, and flexible. Thermoplastic polyurethane elastomers are becoming one of the most popular raw materials in the production of footwear.

Some of the prominent market players are working closely with prominent footwear brands and shoe sole manufacturers to capitalize on the rising demand for thermoplastic polyurethane elastomers. A significant number of TPU elastomer manufacturers are adopting multiple innovative technologies to offer properties, including UV resistance, slip resistance, and resistance to hydrolysis.

Manufacturers are focusing on launching TPU elastomers with excellent mechanical properties to attract several shoe sole manufacturers. Many key manufacturers are offering TPU elastomers with tailor-made features to match the specific requirements of customers.

Competition Analysis

Players are incorporating many strategies to achieve their goals, including ensuring quality control of products, management of supply chain systems, and new developments. Acquisitions, mergers, collaborations, etc., are some strategies adopted by players to expand their reach across geographies and get a competitive edge.

For instance :

• Lubrizol International Inc., in January 2019, announced the acquisition of the TPU business of The Dow Chemical Company. This acquisition aims to leverage Dow’s strong brand recognition.

Key players in the TPU elastomer market are BASF SE, Kuraray Co. Ltd., Miracll Chemical Co. Ltd., Ravago Petrokimya Uretim A.S., COIM SPA, Zibo Hengjiu Pu Technology Company Ltd., Coating Chemical Industry Company, Huafon Group, Evermore Chemical Industry Company Ltd., Xuchuan Chemical Group, Sunko Ink Co. Ltd., DuPont Tate & Lyle Bio Products, Songwon Industrial Group, Blackwell Plastics LLP, Mitsui Chemicals, Inc., Hexpol AB, Lanxess Aktiengesellschaft, PolyOne Corp., Honeywell International Inc., Tosoh Corporation, APS Elastomers, Nihon Matai Co., Ltd., and Townsend Chemicals Pty. Ltd.

Segmentation of TPU Elastomer Market Research

• By Type :

  • Polyester
  • Polyether

• By Processing Method :

  • Injection Molding
  • Lamination
  • Extrusion
  • Adhesives

• By Application :

  • Footwear & Sporting Goods
  • Building & Construction
  • Automotive
  • Industrial Products
  • Medical Products
  • Wires & Cables

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania