North America Thermoplastic Polyurethane (TPU) Market, By Raw Material (Diisocyanate, Polyols, Diols, Others), Type (Polyester, Polyether, Polycaprolactone), End-User (Footwear, Industrial Machinery, Automotive, Electronics, Medical, Consumer Goods, Sports and Leisure, Building and Construction, Textile, Heavy Engineering, Others) - Industry Trends and Forecast to 2031.
North America Thermoplastic Polyurethane (TPU) Market Analysis and Size
The growing adoption in various end-use industries is significantly contributing to the market’s growth. In addition, emerging market for bio-based thermoplastic polyurethane (TPU) is propelling the market growth in the forecast period.
Data Bridge Market Research analyzes that the North America Thermoplastic Polyurethane (TPU) market which was USD 708.54 million in 2023, is expected to reach USD 1,163.86 million by 2031, growing at a CAGR of 6.40% during the forecast period of 2024 to 2031. “Automotive” segment will dominate the market due to the growing consumption of thermoplastic polyurethane (TPU) in automotive. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2015-2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Raw Material (Diisocyanate, Polyols, Diols, Others), Type (Polyester, Polyether, Polycaprolactone), End-User (Footwear, Industrial Machinery, Automotive, Electronics, Medical, Consumer Goods, Sports and Leisure, Building and Construction, Textile, Heavy Engineering, Others)
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Countries Covered
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U.S., Canada, Mexico
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Market Players Covered
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HEXPOL AB (Sweden), AVERY DENNISON CORPORATION (U.S.), Huntsman International LLC (U.S.), Avient Corporation (U.S.), Tosoh Corporation (Japan), AMERICAN POLYFILM, INC. (U.S.), BASF SE (Germany), Coim Group (Italy), Covestro AG (Germany), KURARAY CO., LTD. (Japan), Mitsui Chemicals, Inc. (Japan), Novotex Italiana S.p.A. (Italy), Sanyo Corporation of America (U.S.), SONGWON (South Korea), The Lubrizol Corporation (U.S.), Wanhua Chemical Group Co.,Ltd. (China)
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Market Opportunity
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Market Definition
Thermoplastic polyurethane (TPU) is a versatile polymer known for its elastic properties and durability. This thermoplastic material combines the benefits of plastic and rubber, allowing it to be melted, processed, and moulded repeatedly. TPU exhibits excellent resistance to abrasion, oil, and chemicals, making it suitable for diverse applications such as automotive components, footwear, medical devices, and flexible coatings. Its ability to maintain flexibility and resilience over a wide temperature range enhances its appeal in various industrial and consumer product manufacturing processes.
North America Thermoplastic Polyurethane (TPU) Market Dynamics
Drivers
- Rising Consumption of Thermoplastic Polyurethane (TPU) in Automotive
TPU's versatile properties, including flexibility, durability, and resistance to abrasion, cater to various automotive applications like interior components, exterior trims, and tubing. The automotive industry's demand for lightweight materials to enhance fuel efficiency, reduce emissions, and improve vehicle performance aligns with TPU's attributes. Additionally, TPU's use in manufacturing complex geometries, such as airbag covers and gaskets, further fuels its adoption. As automotive manufacturers prioritize advanced materials for design, safety, and sustainability, the rising consumption of TPU in North America positions it as a crucial component in the evolving automotive landscape, fostering growth and innovation within the TPU market in the region.
- Growing Adoption in Various End-Use Industries
The burgeoning adoption of thermoplastic polyurethane (TPU) across various end-use industries acts as a pivotal driver in the market growth. TPU's versatility and exceptional properties, including flexibility, durability, and chemical resistance, make it a preferred material in applications spanning footwear, industrial machinery, consumer goods, and medical devices. The demand for TPU is notably high in the manufacturing of sports equipment, hoses, and seals due to its resilience and impact resistance. TPU's diverse applications contribute to its increasing adoption as industries seek materials that offer a balance of performance and cost-effectiveness. The ability of TPU to cater to evolving design needs and stringent regulatory requirements positions it as a key player in the North American market, fostering innovation and growth across a spectrum of end-use sectors.
Opportunity
- Emerging Market for Bio-Based Thermoplastic Polyurethane (TPU)
With a growing emphasis on sustainability and environmental consciousness, bio-based TPU offers a renewable and eco-friendly alternative derived from biological sources. The demand for sustainable materials is rising across industries such as automotive, textiles, and packaging. As North American consumers and industries increasingly prioritize environmentally friendly options, the adoption of bio-based TPU is expected to surge. This trend aligns with the region's commitment to reducing carbon footprints and advancing green technologies. Manufacturers in the North America TPU market have the opportunity to capitalize on this shift, introducing bio-based TPU products and contributing to a more sustainable and resilient thermoplastic polyurethane market in the region.
Restraint/Challenge
- Lack of Cost-Effectiveness with Respect to Emerging Cheaper Solutions
As industries seek cost-efficient alternatives without compromising on performance, TPU faces competition from lower-cost materials that may offer comparable functionalities. Manufacturers and end-users may opt for these economically attractive alternatives, impacting the market share of TPU. The challenge lies in demonstrating the unique value propositions of TPU, such as its exceptional durability, flexibility, and versatility, to justify its cost. Strategic pricing, technological innovations, and emphasizing TPU's long-term benefits are essential to overcoming this challenge and ensuring its continued relevance in the face of evolving preferences and cost considerations in the North American thermoplastic polyurethane market.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In May 2020, BASF SE develops electronics plastics compounding plant and a thermoplastic polyurethane (TPU) plant at the company's planned advanced chemical manufacturing facility ('Verbund') in Zhanjiang, China. It would be the first processing facilities to be constructed on the property. It will strengthen the help for customers in the Southern China market and around the world as well as develop new plants close to-consumer market and increase productivity through our smart manufacturing strategy
North America Thermoplastic Polyurethane (TPU) Market Scope
The North America Thermoplastic Polyurethane (TPU) market is segmented on the basis of raw material, type, and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw Material
- Diisocyanate
- Polyols
- Diols
- Others
Type
- Polyester
- Polyether
- Polycaprolactone
End-User
- Footwear
- Industrial Machinery
- Automotive
- Electronics
- Medical
- Consumer Goods
- Sports and Leisure
- Building and Construction
- Textile
- Heavy Engineering
- Others
North America Thermoplastic Polyurethane (TPU) Market Regional Analysis/Insights
North America thermoplastic polyurethane (TPU) market is analysed and market size insights and trends are provided by country, raw material, type and end-user as referenced above.
The countries covered in the North America thermoplastic polyurethane (TPU) market report are U.S., Canada, and Mexico.
U.S. is dominating the thermoplastic polyurethane (TPU) market as it reduces the fuel combustion by 20% on vehicles in North America region.
Canada is the fastest-growing country due to increasing as several chemicals are used in the cleaning liquid products which increase the demand of the thermoplastic polyurethane products.
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Thermoplastic Polyurethane (TPU) Market Share Analysis
The Thermoplastic Polyurethane (TPU) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the North America Thermoplastic Polyurethane (TPU) market are:
- HEXPOL AB (Sweden)
- AVERY DENNISON CORPORATION (U.S.)
- Huntsman International LLC (U.S.)
- Avient Corporation (U.S.)
- Tosoh Corporation (Japan)
- AMERICAN POLYFILM, INC. (U.S.)
- BASF SE (Germany)
- Coim Group (Italy)
- Covestro AG (Germany)
- KURARAY CO., LTD. (Japan)
- Mitsui Chemicals, Inc. (Japan)
- Novotex Italiana S.p.A. (Italy)
- Sanyo Corporation of America (U.S.),
- SONGWON (South Korea)
- The Lubrizol Corporation (U.S.)
- Wanhua Chemical Group Co.,Ltd. (China)
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