Thermoplastic Polyurethane Adhesive Market

The Thermoplastic polyurethane adhesive market size is projected to grow from USD  1.02 billion in 2024 to USD  1.41 billion by 2029, registering a CAGR of 6.7% during the forecast period. Versatile performance properties, growing demands in various industries, and requirements concerning sustainability together drive the demand for TPU adhesives. TPU adhesives exhibit excellent flexibility, durability, and strong bonding strength over a wide range of substrates, making them highly in demand in industries such as footwear, automotive, electronics, and textiles. Excellent heat resistance and chemical stability provide reliable performance under the most demanding conditions, whereas elastic properties support applications requiring flexibility, such as wearable devices and flexible packaging. In addition, the increasing global need for lightweight and environment-friendly solutions has increased the demand level as TPU adhesives assist in weight reduction and can be formulated from renewable or recycled resources.

These prominent competitors, along with a slew of others, define the thermoplastic polyurethane adhesive market through ongoing innovation, product launches , partnership, expansion of manufacturing facilities, and worldwide growth strategies. Their contributions propel technological developments, broaden market reach, and shape industry standards, ultimately influencing the future of thermoplastic polyurethane adhesive and their numerous uses., such as include The Lubrizol Corporation (US), BASF (Germany), Covestro AG (Germany), Huntsman International LLC (US), Wanhua (China), DIC CORPORATION (Japan), H.B. Fuller (US), Henkel AG & Co. KGaA (Germany), Arkema (France), Huafon (China),  NANPAO RESINS CHEMICAL GROUP (Taiwan) and Shandong INOV Polyurethane Co., Ltd. (China). adopt  acquisitions, partnership, collaboration, and expansions  to increase their market shares and expand their geographic presence.

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BASF, established in 1865, is a leading global chemical company headquartered in Ludwigshafen, Germany. The company operates in over 93 countries and has 234 production sites globally, spanning Europe, North America, South America, Asia Pacific, Africa, and the Middle East. BASF's business portfolio comprises seven distinct segments: Chemicals, Industrial Solutions, Materials, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Other. The company provides TPU adhesives with the brand name Elastollan® under the Materials segment which is divided into two divisions: Performance Materials and Monomers. The Performance Materials division specializes in thermoplastic polyurethanes and foam specialties tailored for various applications in construction, transportation, consumer goods, and industrial sectors. Its primary products include engineering plastics, biodegradable plastics, and polyurethanes. In 2023, the Materials segment reported revenue of USD 15312.8 million, which accounted for 20 % of the company's revenue. The company organizes its operations into five geographical regions: Europe, North America, Asia Pacific, South America, and Africa and the Middle East. In 2023, Europe represented 40% of the company's total revenue, followed by North America at 28%, Asia Pacific at 25%, and South America, Africa, and the Middle East at 7%.

The Lubrizol Corporation is one of the leading chemical manufacturers and a fully owned subsidiary of Berkshire Hathaway (US). The company established in 1928 and headquartered in Ohio, US is a leading specialty chemicals and performance materials company that serves global transportation, industrial, and consumer markets.  The company is comprised of two primary business segments: Lubrizol Additives and Lubrizol Advanced Materials. The Lubrizol Additives segment focuses on manufacturing engine and driveline lubricant additives along with industrial specialty products, whereas the Lubrizol Advanced Materials encompasses engineered materials such as polymers and performance coatings, as well as life sciences products for beauty, personal care, and health sectors. The segment also develops materials utilized in various wellness-related applications, including sustainable fabrics for activewear and athletic footwear, as well as innovative chemistry for easy-to-install plumbing systems that ensure safe drinking water is accessible globally. Lubrizol Corporation offers TPU adhesives through the Lubrizol advanced materials segment. Additionally, the company serves customers in more than 100 countries, including the US, Belgium, Brazil, China, France, Germany, India, Japan, Spain, and the UK, among others. The Lubrizol Corporation operates 40 technical facilities, 56 manufacturing sites, and 47 sales offices, primarily in North America, Europe, Asia, and South America.

Covestro AG, established in 2015 and headquartered in Leverkusen, Germany, is among the world's top manufacturers of high-quality polymer materials and their components. The company primarily operates under two business segments: Performance Materials and Solutions & Specialties. It offers TPU adhesives under the Solutions & Specialties segment. The Performance Materials segment focuses on the development, production, and supply of essential materials such as polyurethanes and polycarbonates, including key base chemicals like diphenylmethane diisocyanate (MDI), toluene diisocyanate (TDI), long-chain polyols, and polycarbonate resins. In contrast, the Solutions & Specialties segment encompasses six business entities—Engineering Plastics, Coatings & Adhesives, Tailored Urethanes, Thermoplastic Polyurethanes, Specialty Films, and Elastomer. These materials serve various industries, notably Automotive and Transportation, Furniture and Wood Processing, Construction, Electrical, Electronics, and Household Appliances Industry. It has a global presence and operates in Germany, the US, India, Japan, Taiwan, Italy, ASEAN, China, Spain, Australia, New Zealand, Belgium, and the UK. It operated 50 production sites and 13 research and development facilities distributed across the EMLA (Europe, Middle East, Africa), North America, and Asia-Pacific regions, ensuring efficient supply chains and localized support for its diverse customer base

Huntsman International LLC, established in 1970 and headquartered in US, is one of the top global manufacturers and marketers of differentiated and specialty chemicals. The company operates under three business divisions: Polyurethanes, Advanced Materials, and Performance Products. It offers TPU adhesives under the polyurethanes business segment. Huntsman's product portfolio includes a wide array of chemicals and formulations marketed globally to industrial and building product manufacturers. These products find applications in diverse sectors such as adhesives, aerospace, automotive, coatings, construction, electronics, insulation, packaging, power generation, and refining. Many offerings provide significant benefits like premium insulation for buildings and lightweight materials for vehicles, contributing to energy conservation efforts. The company operates more than 60 manufacturing, R&D, and operations facilities in approximately 30 countries across North America, South America, the Middle East & Africa, Europe, and Asia Pacific and employs approximately 6000 associates within three distinct business divisions.

Wanhua, headquartered in Yantai, China, is a prominent global player in the chemical industry, specializing in the production of polyurethanes and related products. Established in 1998, the company is the largest MDI manufacturer in the world and the only Chinese company with independent intellectual property rights for manufacturing MDI and ADI. The company offers polyurethanes, petrochemicals, performance chemicals, and emerging materials. Wanhua’s extensive portfolio serves various sectors such as homeware and furniture, sports and leisure, automobiles and transportation, building and construction, electronics and electrical appliances, personal care, and green energy. The company offers polyester-based as well as aliphatic-based TPU adhesive under the brand name WANTHANE®. The company has five manufacturing bases located around the world and regional branches in Europe, the Middle East, the US, Japan, Russia, India, and Brazil. It has built six key production complexes in Yantai, Ningbo, Sichuan, Fujian, and Zhuhai in China, and Hungary, which are integrated with complete supporting facilities. To serve customers worldwide with competitive products and comprehensive solutions, the company has established R&D centers in Yantai, Ningbo, and Beijing in China, as well as in North America and Europe, and set up subsidiaries and offices in more than ten countries and regions, including Europe, the US, and Japan.

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Thermoplastic Polyurethane Adhesive Market by Type (Hot Melt Adhesives, Solvent-based Adhesives), Application (Granular, Powder, Liquid), End-Use Industry (Packaging, Textile, Consumer Goods, Automotive) - Global Forecast to 2029

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