Expanded Thermoplastic Polyurethane Market size was valued at USD 212.17 billion in 2023 and is expected to exceed USD 666.16 billion by 2036, expanding at over 9.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of expanded thermoplastic polyurethane is assessed at USD 227.79 billion.
The growth of the market can be attributed to the rising interest to use expanded thermoplastic polyurethane for protective purposes and increasing applications of the material in different industries such as sports, cars, building and gadgets. Furthermore, growing awareness about the beneficial properties of thermoplastic polyurethane such as high resistance to physical and heat related deformation and superior abrasion resistance impact are also projected to positively impact the market in the upcoming years. Additionally, the escalating use of this plastic material in logistics industry on the back of its property to keep moisture as well as other environmental elements out of packaging units is expected to offer lucrative opportunities to the market in the near future. In 2020, the market for sustainable plastic packaging was valued to be approximately USD 90 billion, with the highest presence in the food and beverage packaging industry.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.2% |
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Base Year Market Size (2023) |
USD 212.17 billion |
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Forecast Year Market Size (2036) |
USD 666.16 billion |
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Regional Scope |
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The expanded thermoplastic polyurethane market is segmented by end user into footwear, building & construction, automotive, electronics and others, out of which, the footwear segment is anticipated to hold the largest share as expanded thermoplastic polyurethane provides softness as well as excellent cushioning to sports shoe midsoles. In addition, on the basis of application, the segment for extruded products is estimated to acquire the largest market share during the forecast period, which can be credited to the rising growth of medical and electronics industries, and growing innovations in extrusion process. Along with this, increasing sales of automobiles are also assessed to boost the growth of this market segment in the future.
Our in-depth analysis of the global expanded thermoplastic polyurethane market includes the following segments
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By Application |
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By End User |
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On the basis of regional analysis, the expanded thermoplastic polyurethane market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is predicted to account for largest revenue share by 2036, on the back of rising demand for sports shoes from urban areas in the region. On the other hand, growing disposable income of the consumers in APAC is also expected to fuel the growth of the market in the coming years. High manufacturing output of china is also evaluated to boost market growth in the region. For instance, China is the world’s largest producer of plastic. More than 30% of the world’s plastic is manufactured in this country amounting to about 366 million metric tonnes.
Europe Market Analysis
Moreover, Europe is also estimated to gain significant expanded thermoplastic polyurethane market share over the forecast period owing to the strong presence of well-established leather and automotive industries in nations such as France, Spain and Italy, and increasing agricultural production in the region.
Author Credits: Rajrani Baghel
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