CAGR Value :
The global thermoplastic polyurethanes market was valued at USD 3.35 billion in 2024. The market is projected to grow from USD 3.64 billion in 2025 to USD 5.75 billion by 2032, exhibiting a CAGR of 8.7% during the forecast period.
Report Studies :
Thermoplastic polyurethane (TPU) is a versatile class of block copolymer plastics known for its elasticity, transparency, and resistance to oil, grease, and abrasion. Its unique chemical structure consists of alternating hard and soft segments, which can be precisely manipulated during manufacturing to produce a material with a wide range of hardness. This adaptability allows TPU to bridge the gap between rubbers and rigid plastics, making it suitable for a vast array of applications. The market's robust growth is primarily driven by increasing demand from key end-use industries, particularly sports goods and footwear, which holds the largest application share at approximately 30%. Furthermore, the Asia-Pacific region dominates the global landscape, accounting for about 61% of the market share due to strong manufacturing bases and rising consumption. While the market is highly competitive, the top three manufacturers—Lubrizol, BASF, and Wanhua Chemical—collectively hold a significant portion of the market, around 47%. Recent strategic expansions and innovations in product portfolios by these key players are expected to further fuel market expansion.
Key Players :
• BASF SE (Germany)
• Lubrizol Corporation (US)
• Huntsman Corporation (US)
• CovestroAG (Germany)
• Wanhua Chemical Group (China)
• Miracll Chemicals (US)
• HexpolAB (Sweden)
• Epaflex (Italy)
• COIM Group (Italy)
• Trinseo (US)
• Avient Corporation (US)
• Huntsman Corporation (US)
• Wanhua Chemical (China)
• BASF SE (Germany)
