Asia Pacific Thermoplastic Polyurethane Market Size, Share, and COVID-19 Impact Analysis, By Type (Polyester-Based, Polyether-Based, Polycaprolactone-Based and Others), By End User (Footwear, Automotive & Transportation, Industrial & Machinery, Electronics & Electrical, Medical & Healthcare and Others), and Asia Pacific Thermoplastic Polyurethane Market Insights, Industry Trends, Forecast to 2035.

Asia Pacific Thermoplastic Polyurethane Market Insights Forecasts to 2035

• The Asia Pacific Thermoplastic Polyurethane Market Size Was Estimated at USD 1.17 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 8.01% from 2025 to 2035
• The Asia Pacific Thermoplastic Polyurethane Market Size is Expected to Reach USD 2.73 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the Asia Pacific Thermoplastic Polyurethane Market size is anticipated to reach USD 2.73 billion by 2035, growing at a CAGR of 8.01% from 2025 to 2035. The market is driven by the increasing use of these adhesives in various industries, including automotive, packaging, construction, and textiles, which drives market growth.

Market Overview

The thermoplastic polyurethane (TPU) market is experiencing significant expansion because various industries, including footwear, automotive, electronics and healthcare, are increasing their demand for TPU. The automotive industry requires lightweight materials that can sustain both strength and flexible operation Therefore designers need to create products which achieve these two requirements through their material choices. Thermoplastic polyurethane TPU serves as an affordable thermoplastic elastomer that exists in the market. The diisocyanate reacts with polyester or polyether diols to form block copolymers, which create alternating hard and soft segments through their chemical bonding process.

REVO introduced its innovative thermoplastic polyurethane product line REVOSTICK to the market as their first product launch in February 2025. The wood construction and footwear industries can use REVOSTICK as a flexible high-performance solution.

Covestro, one of the world's leading polymer providers, announced today the completion of thermoplastic polyurethane (TPU) capacity expansion at its Changhua manufacturing site in Taiwan. The government will implement Anti-Dumping Duty (ADD) on Thermoplastic Polyurethane (TPU) products from China PR during the five-year period which begins with the final results of DGTR investigations. TPU is used in protective coatings and flexible components which manufacturers produce for wearables and smartphones, while the regional electronics market will reach a value of over $1 trillion in 2024.

Report Coverage

This research report categorises the Asia Pacific thermoplastic polyurethane market based on various segments and regions, and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific thermoplastic polyurethane market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia Pacific thermoplastic polyurethane market.

Driving Factors

The thermoplastic polyurethane market in Asia Pacific is driven by the shift toward EVs and the need for fuel efficiency in internal combustion engine (ICE) vehicles drive massive demand for TPU in lightweight components, interiors, and paint protection films.  Manufacturers turn to bio-based TPU together with enhanced mechanical recycling methods because environmental regulations increase and companies work to decrease their carbon emissions.

Restraining Factors

The thermoplastic polyurethane market in the Asia Pacific is restrained by the production costs become unpredictable because oil prices frequently surpass $100 per barrel and currency exchange rates fluctuate unpredictably, which affects profit margins. The stricter regulations for volatile organic compound emissions, which China and India enforce, require manufacturers to adopt cleaner production methods that also result in higher costs.

Market Segmentation

The Asia Pacific thermoplastic polyurethane market share is categorised into type and end user.

• The polyester-based segment accounted for the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. 

The Asia Pacific thermoplastic polyurethane market is segmented by type into polyester-based, polyether-based, polycaprolactone-based and others. Among these, the polyester-based segment accounted for the largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The polyester-based segment was the largest segment with a revenue share of 58.92% in 2025. Polyester-based thermoplastic polyurethane functions as an ideal material for applications which demand protection against water, oil, and fuel exposure. The polyester type provides exceptional transparency, which results in its widespread use throughout construction and engineering fields.

• The footwear segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

Based on end user, the Asia Pacific thermoplastic polyurethane market is segmented into footwear, automotive & transportation, industrial & machinery, electronics & electrical, medical & healthcare and others. Among these, the footwear segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is driven by factors that will positively impact the textile-grade resin market include the demand for shoes that are comfortable and durable due to increased consumer purchasing power for footwear products.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific thermoplastic polyurethane market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies                                                                                                                      

• Miracll Chemicals Co.
• Wanhua Chemical Group
• Mitsui Chemicals Inc
• Wanhua Chemical Group Co., Ltd.
• The Lubrizol Corporation
• Huafon Group
• DIC Corporation
• Tosoh Corporation
• Kuraray Co. Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the Asia Pacific, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Asia Pacific thermoplastic polyurethane market based on the below-mentioned segments:

Asia Pacific Thermoplastic Polyurethane Market, By Type

• Polyester-Based
• Polyether-Based
• Polycaprolactone-Based
• Others

Asia Pacific Thermoplastic Polyurethane Market, By End User

• Footwear
• Automotive & Transportation
• Industrial & Machinery
• Electronics & Electrical
• Medical & Healthcare
• Others