Market Size of Thermoplastic Polyurethane (TPU) Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.86 Billion |
| Market Size (2029) | USD 3.99 Billion |
| CAGR (2024 - 2029) | 6.86 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermoplastic Polyurethane (TPU) Market Analysis
The Thermoplastic Polyurethane Market size is estimated at USD 2.86 billion in 2024, and is expected to reach USD 3.99 billion by 2029, growing at a CAGR of 6.86% during the forecast period (2024-2029).
During the Covid-19 pandemic, the demand for TPU declined heavily as TPU is majorly used in consumer products. The unfavorable macroeconomics affected people's finances and reduced purchasing power, negatively affecting the TPU demand. The supply chain restrictions further compounded the decline. However, as the restrictions eased, the demand returned to pre-pandemic levels in 2021.
- The major driving factor of the market studied is TPU's increasing usage in the footwear and apparel industries.
- On the flip side, the rising prices of raw materials are hindering the studied market's growth.
- Bio-based TPU films will likely offer growth opportunities for the market studied over the forecast period.
- Asia-Pacific is the largest consumer of TPU for various applications, and this demand is expected to grow rapidly during the forecast period.
