Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Thermoplastic Polyurethane Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Forecasted Market Size and CAGR for the Thermoplastic Polyurethane Market?
The Thermoplastic Polyurethane market has been experiencing significant growth lately. The market size, previously $2.97 billion in 2024, is projected to increase to $3.16 billion in 2025. This growth represents a Compound Annual Growth Rate (CAGR) of 6.2%.
What Is the Forecasted CAGR for the Thermoplastic Polyurethane Market by 2029?
The Thermoplastic Polyurethane market is projected to reach $4.45 billion in 2029, growing at a compound annual growth rate (CAGR) of 8.9%.
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What Are the Market Drivers in the Thermoplastic Polyurethane Industry?
The key Drivers in the thermoplastic polyurethane market are:
• Rising product demand within the footwear industry
• The incorporation of thermoplastic polyurethane in shoe manufacturing
• Increasing needs for durable and mechanically strong footwear
• Enhanced requirements for abrasion and slip-resistant shoes
What Is the Segment-Wise Breakdown of the Thermoplastic Polyurethane Market?
The thermoplastic polyurethanemarket covered in this report is segmented –
1) By Type: Polyester, Polyether, Polycaprolactone, Other Types
2) By Raw Material: Diisocyanate, Polyols, Diols, Other Raw Materials
3) By Application: Automotive, Construction, Engineering, Footwear, Hose And Tubing, Wire And Cable, Other Applications
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Which Emerging Trends Are Driving Growth in the Thermoplastic Polyurethane Sector?
The key trends in the thermoplastic polyurethane market are:
• Companies are focusing on enhancing the properties of previous Thermoplastic Polyurethane grades.
• Emphasis on producing materials with exceptional grip and durability is a growing trend.
• Advancements are being made with Thermoplastic Polyurethane materials that have circularity in mind.
• A drive towards developing products that perform equally well in different conditions is emerging.
Which Companies Are Dominating the Thermoplastic Polyurethane Market in Terms of Revenue?
The key players in the thermoplastic polyurethane market are:
• BASF SE
• Lubrizol Corporation
• Covestro AG
• Huntsman Corporation
• Wanhua Industrial Group Co. Ltd.
• Coim India Private Limited
• American Polyfilm Inc
• Kuraray Co. Ltd
• Mitsubishi Chemical Performance Polymers Inc.
• Novotex Italiana S.p.A.
• Sanyo Corporation of America
• Hexpol AB
• Trinseo plc
• Avient Corporation
• Epaflex Polyurethanes SpA
• Coim Group
• Miracll Chemicals Co. Ltd.
• Huafeng Group
• Dongsung Corporation
• Sumei Chemical Co. Ltd.
• Suzhou New Mstar Technology Ltd.
• Tosoh Corporation
• American Urethane Inc.
• Weaver Industries Inc.
• Uniflex Inc.
• Master Bond Polychem
• Urethane Source LLC
• Akay Plastik A.S.
• Alliance Polymers & Services
• Alphagary Limited
• Americhem Inc.
• Arkadia Plastics Inc.
What Are the Regions Driving Demand in the Thermoplastic Polyurethane Market?
Asia-Pacific was the largest region in the thermoplastic polyurethane market in 2024
