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3. BASF SE (Germany), The Lubrizol Corporation (US) are Leading Players in the Thermoplastic Polyurethane (TPU) Market

The TPU market is projected to reach USD 4.6 billion by 2027, at a CAGR of 7.1% from USD 3.2 billion in 2022. The market growth is driven by influencing factors such as significant demand from end industries such as footwear, automotive, medical, industrial machinery, and electronics industries.

The key global players in the TPU market include BASF SE (Germany), The Lubrizol Corporation (US), Covestro AG (Germany), Huntsman Corporation (US), Wanhua Chemical Group Co. Ltd. (China), American Polyfilm, Inc. (US), Epaflex Polyurethanes SpA (Italy), COIM Group (Italy), Mitsui Chemicals, Inc. (Japan), and Avient Corporation (US) are the key players in the TPU market. These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.

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BASF SE

BASF SE is a leading chemical company. The company operates under six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. It offers TPU through the functional materials business segment. The company's research is divided into three global divisions: Process Research & Chemical Engineering, Advanced Materials & Systems Research, and Bioscience Research. It supplies products and services to 90,000 customers. The company holds one of the top three market positions in around 80% of the business areas in which it is active. It operates six Verbund sites and 232 additional production sites across Europe, Asia Pacific, North America, South America, Central America, and the Middle East & Africa., In 2020, the company announced a collaboration with Maincal to launch South America's first safety shoe made with Infinergy. Infinergy TPU will help the company to meet the growing demand for the expanded TPU, especially in Asia Pacific. In September 2018, BASF SE launched a new production plant for expanded TPU, Infinergy, at the Changhua manufacturing site (Taiwan).

THE LUBRIZOL CORPORATION

The Lubrizol Corporation is one of the leading chemical manufacturers and a fully owned subsidiary of Berkshire Hathaway (US). The company is comprised of two primary business segments: Lubrizol Additives and Lubrizol Advanced Materials. It offers TPU through the Lubrizol advanced materials segment. It serves its products to various markets such as 3D printing, coatings, life sciences, personal care & beauty, medical devices, industrial cleaning and home care, and separation. 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 45 sales offices.

In May 2019, the Lubrizol Corporation partnered with Ultimaker (Netherlands) and to develop new grades of TPU for the Ultimaker printers. This strategy will expand the product line of TPU and expand the choices of materials available for various new applications, such as extrusion-based 3D printing. In August 2022, Lubrizol unveiled its new thermoplastic polyurethane (TPU) production line at its Songjiang manufacturing site in Shanghai, China. This action is another milestone of Lubrizol Engineered Polymers' investment in Asia Pacific.

Related Reports:

Thermoplastic Polyurethane (TPU) Market Raw Material (Diisocyanates, Polyols, Diols), Type (Polyester, Polyether, Polycaprolactone), End-Use Industry (Footwear, Industrial, Machinery, Automotive, Electronics, Medical), and Region - Global Forecast to 2027

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