Thermoplastic Polyurethane Adhesive Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type (Hot Melt Adhesives and Solvent-Based Adhesives); End-Use (Automotive, Electronics, Footwear & Apparel, Construction & Building Materials, and Others); Region/Country.
Thermoplastic Polyurethane Adhesive Market Size & Forecast
The Thermoplastic Polyurethane Adhesive market was valued at USD 1,328.3 Million in 2023 and is expected to grow at a strong CAGR of around 7.1% during the forecast period (2024-2032) owing to the growing demand for lightweight materials in the automotive industry and the increasing adoption of TPU adhesives in electric vehicles.
Thermoplastic Polyurethane Adhesive Market Analysis
This rapidly expanding market segment concerns high-performance adhesives made from TPU, which constitutes the Thermoplastic Polyurethane (TPU) Adhesive Market. TPU represents a versatile polymer that exhibits flexible durability alongside chemical and abrasion resistance properties. The growing use of these adhesives occurs in automotive and electronic sectors and packaging and footwear applications because they deliver outstanding bonding features combined with environmentally responsive properties, particularly in hot-melt solutions that lack solvents. Market drivers for this sector stem from expanding sustainability needs and the electronics sector expansion, as well as technological innovation in adhesive development. The market expands due to growing industries that adopt lightweight materials, while businesses must operate under environmental standards requiring low-VOC and bio-based solutions.
The rapid growth of the TPU adhesive market depends heavily on industrial development along with increasing sustainable high-performance adhesive demands within China, India, and Japan. TPU adhesive demand in China grows because of two factors: rapid growth in the automotive and electronics sectors and government funding for environmental technologies. India experiences thriving growth because of its expanding manufacturing industry, growing demand for green solutions, and the rising number of electric vehicles that need strong yet lightweight adhesive options. The countries experience market growth success from their powerful industrial demand together with supportive laws for green products and their rising commitment to sustainable production methods, which establishes them as significant contributors in the worldwide TPU adhesive market expansion.
Thermoplastic Polyurethane Adhesive Market Trends
This section discusses the key market trends that are influencing the various segments of the Thermoplastic Polyurethane Adhesive market as identified by our team of research experts.
Automotive Demand:
Lighter, more fuel-efficient vehicles developed by the automotive industry have created substantial demand for TPU adhesives in the market. The TPU adhesive market has gained popularity in automotive production facilities because it provides outstanding bond performance for composite and lightweight components. The automotive industry focuses on electric vehicle development to fulfill environmental standards and, therefore, demands lightweight materials to minimize vehicle weight totals. TPU adhesives strike the right combination of protection, adaptability, and durability properties that allow them to bond panels with interior elements and electrical components in electric vehicles.
Footwear Industry Growth:
The footwear industry underwent major material advancements in design where TPU adhesives became vital for uniting shoe components particularly within sports and high-performance footwear categories. The footwear business selects TPU adhesives because their flexible characteristics enhance user movement and provide comfort alongside their protection from wear and tear to improve shoe durability. TPU adhesives have become essential bonding solutions because the sports and fashion markets require durable specialized footwear.
Electronics Adoption:
Manufacturers increasingly select TPU adhesives as their solution for bonding high-value electronic parts, including screens, batteries, and internal wiring within their products. The demand for small electronic devices with durable features motivates manufacturers toward TPU adhesives because they provide optimal solutions. These bonds offer high stability yet enable movement through typical product usages conditions such as bending along with dropping encounters and temperature changes. The expanding sophistication of electronic appliances, along with their lightweight and thin designs, creates increasing opportunities for TPU adhesives to deliver long-lasting, reliable products.
Sustainability Focus:
The rising societal focus on sustainability along with environmental responsibility leads to an increased market need for environmentally friendly adhesives, whereas TPU adhesives demonstrate promising potential as such solutions. Current TPU adhesive formulas use green raw materials and offer cyclic characteristics since they can be recycled or reused. Sustainability receives increasing attention from consumers and regulators who force manufacturers to cut their emissions, while buyer demand leads to the push for eco-friendly options. Industry growth in eco-friendly materials, including TPU adhesives, will rise immensely because companies want to decrease their waste generation and improve their product's recycling potential.
APAC is Expected to Grow with Significant CAGR During Forecast Period
The Thermoplastic Polyurethane (TPU) adhesive market within the Asia-Pacific (APAC) area shows a major growth trend because multiple sectors including automotive electronics and construction sectors along with textiles continue to demand TPU adhesives in increasing quantities. Industrial development throughout the region combined with expanding automotive and electronics sectors leads manufacturers to use TPU adhesives because of their superior bonding properties as well as their flexibility and durability characteristics. China and India together with Japan maintain a high demand for these glues as they serve to produce automotive elements electronic items and footwear products. The environmental movement has boosted interest in eco-friendly adhesives so TPU adhesives have become more popular because they are recyclable and free from toxic components.
The APAC region experiences growth in TPU adhesive demand because manufacturers focus on vehicle-weight reduction and energy-conserving products in their automotive and construction projects. Manufacturers focus on new TPU adhesive development for demanding environments since manufacturers strive to develop durable materials that work well in extreme conditions like heat and high moisture. The growing e-commerce sector together with an expanding middle-class population in APAC drives manufacturers to use TPU-based adhesives for flexible and resilient packaging applications. The region will keep expanding at a steady rate because ongoing technological developments combine with the rising use of sustainable high-performance materials.
Thermoplastic Polyurethane Adhesive Industry Overview
The Thermoplastic Polyurethane Adhesive market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include BASF SE, The Lubrizol Corporation, DIC Corporation, Master Bond, Huntsman Corporation, Covestro AG, H.B. Fuller, Arkema, Wanhua Chemical Group Co., Ltd., and Huafon TPU.
Thermoplastic Polyurethane Adhesive Market News
In April 2021, Covestro completed the acquisition of the Resins & Functional Materials business (RFM) from the Dutch company Royal DSM. The transaction received regulatory approval after Covestro and DSM signed an acquisition agreement in late September 2020. The transaction substantially expands Covestro’s portfolio of sustainable coating resins, making the Group one of the world’s leading providers in this growth market. The integration of RFM will expand the Group’s revenues by around EUR 1 billion and will add more than 20 sites to its global production network.
Thermoplastic Polyurethane Adhesive Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 7.1% |
Market size 2023 | USD 1,328.3 Million |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Asia-Pacific is expected to grow at the highest CAGR during the forecasted period |
Key countries covered | U.S., Canada, Germany, Spain, Italy, France, United Kingdom, China, Japan, South Korea, and India |
Companies profiled | BASF SE, The Lubrizol Corporation, DIC Corporation, Master Bond, Huntsman Corporation, Covestro AG, H.B. Fuller, Arkema, Wanhua Chemical Group Co., Ltd., and Huafon TPU. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Type; By End-Use; By Region/Country |
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global Thermoplastic Polyurethane Adhesive market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Thermoplastic Polyurethane Adhesive Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of global Thermoplastic Polyurethane Adhesive were the three major steps undertaken to create and explore the adoption of Thermoplastic Polyurethane Adhesive in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Thermoplastic Polyurethane Adhesive market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Thermoplastic Polyurethane Adhesive through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Thermoplastic Polyurethane Adhesive, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Type and End-Use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Thermoplastic Polyurethane Adhesive. Further, we conducted factor analysis using dependent and independent variables such as Type and End-Use of Thermoplastic Polyurethane Adhesive market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Thermoplastic Polyurethane Adhesive sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Thermoplastic Polyurethane Adhesive market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the Thermoplastic Polyurethane Adhesive across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global Thermoplastic Polyurethane Adhesive market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Thermoplastic Polyurethane Adhesive market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type and End-Use in the global Thermoplastic Polyurethane Adhesive market.
The main objective of the Global Thermoplastic Polyurethane Adhesive Market Study
The current & future market trends of the global Thermoplastic Polyurethane Adhesive market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of Thermoplastic Polyurethane Adhesive industry in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
Segments in the study include areas of Type and End-Use
Define and analysis of the regulatory framework for the Thermoplastic Polyurethane Adhesive industry
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
Analyze the current and forecast market size of the Thermoplastic Polyurethane Adhesive market for the major region
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
Company profiles of the Thermoplastic Polyurethane Adhesive market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Thermoplastic Polyurethane Adhesive market?
The Thermoplastic Polyurethane Adhesive Market was valued at USD 1,328.3 Million in 2023 and is expected to grow at a strong CAGR of around 7.1% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the Thermoplastic Polyurethane Adhesive market?
The growth of the Thermoplastic Polyurethane Adhesive market is driven by growing demand for lightweight materials in the automotive industry and the increasing adoption of TPU adhesives in electric vehicles.
Q3: Which segment has the largest share in the Thermoplastic Polyurethane Adhesive market by End Use?
The Automotive segment has the largest share of the Thermoplastic Polyurethane Adhesive market by End Use.
Q4: What are the emerging technologies and trends in the Thermoplastic Polyurethane Adhesive market?
Emerging trends in the TPU adhesive market include innovations in bio-based TPU formulations, advancements in high-performance bonding for electronics, and increased demand for sustainable, eco-friendly adhesives.
Q5: Which region will dominate in the Thermoplastic Polyurethane Adhesive market?
APAC is expected to dominate the market during the forecast period
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