As per a report by P&S Intelligence, the thermoplastic polyurethane (TPU) market generated a value of USD 3,100 million in 2022, and it will touch USD 5,326 million, advancing at 7.0% CAGR, by 2030.
The medicinal industry provides numerous opportunities to the manufacturers of thermoplastic polyurethane as it is a renowned material in this sector and can be implemented in numerous medicinal applications and healthcare products, for instance, wound care products, orthodontic products, dental materials, healthcare mattresses, medical instrument cables, gel shoe orthotics, compression stockings, and catheters.
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In 2022, the polyester category accounted for the largest thermoplastic polyurethane (TPU) market revenue share, and it will maintain its position in the years to come. This is because of the mounting requirement for polyester in the textile, automobile, and construction industries as it offers extreme transparency.
In 2022, APAC generated the largest revenue share in the industry, at over 55%, and it will continue to lead the industry in the years to come.
The growth in APAC is because of the high adoption of TPU in the automotive and medical industries, most original equipment manufacturers are implementing polyurethane for producing automobile parts, and the region is the largest automobile exporter in the world.
Due to the mounting requirement for thermoplastic polyurethane from various end-use verticals and the increasing necessity for biodegradable plastic all over the world, the thermoplastic polyurethane (TPU) industry will continue to advance in the years to come.
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