U.S. Thermoplastic Polyurethane (TPU) Market Size, Share & COVID-19 Impact Analysis, By Type (Polyester, Polyether, Polycaprolactone, and Others), By Application (Automotive, Construction, Engineering, Footwear, Hose & Tubing, Wire & Cable, Medical, Synthetic Leather, and Others), and Country Forecast, 2023-2030

The U.S. thermoplastic polyurethane (TPU) market size was worth USD 271.8 million in 2022 and is projected to grow at a CAGR of 8.4% during the forecast period.

Thermoplastic polyurethane (TPU) is a type of elastomeric material widely used in the market due to its exceptional properties. It is a versatile polymer that can be molded and shaped repeatedly when exposed to heat, offering ease of processing in various manufacturing techniques. TPU exhibits high flexibility, abrasion resistance, and chemical durability, making it popular in the electronics, footwear, medical, and automotive industries. These products provide valuable solutions for creating durable and functional products across diverse industries. The above factors are expected to drive the market growth during the forecast period.

However, in 2020, the COVID-19 pandemic negatively impacted the automotive and electrical & electronics industries owing to movement restrictions and the shutdown of manufacturing plants, disrupting the demand for thermoplastic polyurethane products in these industries. Nevertheless, the pandemic underscored the significance of healthcare and medical suppliers. Thermoplastic polyurethanes, due to their biocompatibility and flexibility, have the potential to be used more extensively in medical devices, personal protective equipment (PPE), and healthcare applications. As the healthcare system prioritizes readiness, demand for medical tubing, wound dressing, and other medical items increased during the pandemic.

U.S. Thermoplastic Polyurethane (TPU) Market Trends

Increasing Product Adoption in the Medical Industry to Create Growth Opportunities for the Market

The rapid growth in the medical industry is expected to create potential opportunities for the U.S. thermoplastic polyurethane market to grow positively during the projected period. TPUs offer attractive potential in the medical industry owing to their exceptional versatility and properties. They also provide a compelling value proposition to medical device manufacturers, patients, and healthcare providers alike, supporting the market growth.

In addition, the intrinsic biocompatibility of thermoplastic polyurethane ensures minimal adverse reactions when in contact with living tissue, making it appropriate for a wide range of medical applications. Their consumption in the medical device industry is rapidly increasing to make catheters, tubing, and other disposable goods due to their ability to withstand harsh sterilization treatments without affecting structural integrity. Overall, the market’s potential in the medical industry remains promising, offering innovative solutions to enhance patient care and medical device performance.

U.S. Thermoplastic Polyurethane (TPU) Market Growth Factors

Shift toward Lightweight and High-Performance Materials to Boost Market Growth

The trend of lightweight and high-performance materials has been a major driver behind the market growth, influencing a wide range of industries and applications. As industries attempt to improve the performance and efficiency of their goods, the demand for TPU has increased due to a unique combination of qualities, which make it an ideal solution for lightweight and high-performance applications. Thermoplastic polyurethane's unique combination of features, including its lightweight nature, durability, flexibility, and chemical resistance, makes it a great choice for applications where weight reduction and enhanced performance are critical.

The automotive industry has been at the vanguard of this transformation. With rising global concerns about carbon emission and fuel efficiency, automakers are constantly looking for ways to reduce vehicle weight while keeping safety and performance. The lightweight nature of thermoplastic polyurethane, combined with its superior mechanical qualities and chemical resistance, makes it an appealing solution for a variety of automobile components. Moreover, growing product adoption in other industries, such as aircraft, where every ounce of weight reduction is important, along with sports and leisure industries due to its high-performance properties, are flourishing consumption. Hence, the shift toward lightweight and high-performance materials is poised to greatly fuel the U.S. thermoplastic polyurethane market growth.

RESTRAINING FACTORS

Availability of Alternative Materials May Hamper Market Growth

The availability of substitutes is a major impediment to the expansion of the market. The product is widely used in a variety of industries, including automotive, footwear, electronics, and consumer goods. However, the market is being challenged by alternative materials with the same or comparable properties. Moreover, thermoplastic elastomers (TPEs), rubbers, silicone, polypropylene, and polyvinyl chloride (PVC) can be used as substitutes for thermoplastic polyurethane in specific applications. The existence of these alternatives gives customers more options and may lead them to choose a cheaper or more readily available substitute, hindering the overall market growth.

U.S. Thermoplastic Polyurethane (TPU) Market Segmentation Analysis

By Type Analysis

Based on type, the market is divided into polyester, polyether, polycaprolactone, and others. The polyester segment held the largest U.S. thermoplastic polyurethane market share in 2022. Polyester-based TPU is highly adopted in applications that require resistance to oils, fuels, and water. Furthermore, the polyester type typically provides superior transparency hence it is highly utilized in engineering and construction applications.

The growing automotive industry is augmenting the adoption of polyether in applications such as hoses, cable sheathing, films, and sound insulation applications, including fender walls, panels, pump covers, engine covers, and firewalls.

On the other hand, the polycaprolactone segment is growing at a significant rate owing to its abrasion resistance and inherent toughness properties. The product is highly utilized as a potential material for bone tissue engineering applications due to its mechanical and antimicrobial properties.

By Application Analysis

Based on application, the market is segmented into automotive, construction, engineering, footwear, hose & tubing, wire & cable, medical, synthetic leather, and others.

The footwear segment holds the largest market share. A surge in the demand for comfortable and durable shoes coupled with the increase in consumer expenditure on footwear are expected to drive product consumption in footwear applications.

The growth of the automotive segment is associated with the rising preference for products in automotive parts, such as rocker panels, cladding, body side trim, and ditch covers.

Moreover, the growing infrastructure development in the U.S. is further expected to augment the product demand during the review period.

The growing wire & cable demand from the electrical & electronics industry is poised to flourish product adoption as it provides flexibility at lower temperatures, toughness, and greater flame retardancy characteristics.

List of Key Companies in U.S. Thermoplastic Polyurethane (TPU) Market

In terms of the competitive landscape, the U.S. thermoplastic polyurethane market depicts the presence of established and emerging companies. Key players include BASF SE, the Lubrizol Corporation, and Covestro AG, among others. Industry players compete primarily based on the price and application characteristics of the product. Companies are emphasizing product innovation, social marketing, acquisition, and collaborations.

LIST OF KEY COMPANIES PROFILED

• BASF SE (Germany)


• The Lubrizol Corporation (U.S.)


• Covestro AG (Germany)


• Huntsman Corporation (U.S.)


• COIM Group (Italy)


• LANXESS (Germany)


• Shenzhen Haosu Industrial Co., Ltd. (China)


• Kent Elastomer Products, Inc. (U.S.)


• AMERICAN POLYFILM, INC. (U.S.)


• DSM (Netherlands)


• Avient Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS

• May 2020 – Huntsman Corporation announced the branding of the world-leading spray polyurethane foam (SPF) Business as Huntsman Building Solutions (HBS). The SPF Business was formed when Huntsman acquired leading North American SPF company Icynene-Lapolla in February and combined it with Demilec, which Huntsman acquired in 2018.

REPORT COVERAGE

The study report thoroughly examines key factors such as leading companies, applications, and products. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at the country level.

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Report Scope & Segmentation