The aim of this paper was the detailed investigation of the properties of one-shot bulk polymerized thermoplastic polyurethanes (TPUs) produced with different processing temperatures and the properties of thermoplastic dynamic vulcanizates (TDVs) made by utilizing such in situ synthetized TPUs as their matrix polymer. We combined TPUs and conventional crosslinked rubbers in order to create TDVs by dynamic vulcanization in an internal mixer. The rubber phase was based on three different rubber types: acrylonitrile butadiene rubber (NBR), carboxylated acrylonitrile butadiene rubber (XNBR), and epoxidized natural rubber (ENR). Our goal was to investigate the effect of different processing conditions and material combinations on the properties of the resulting TDVs with the opportunity of improving the interfacial connection between the two phases by chemically bonding the crosslinked rubber phase to the TPU matrix. Therefore, the matrix TPU was synthesized in situ during compounding from diisocyanate, diol, and polyol in parallel with the dynamic vulcanization of the rubber mixture. The mechanical properties were examined by tensile and dynamical mechanical analysis (DMTA) tests. The morphology of the resulting TDVs was studied by atomic force microscopy (AFM) and scanning electron microscopy (SEM) and the thermal properties by differential scanning calorimetry (DSC). Based on these results, the initial temperature of 125 °C is the most suitable for the production of TDVs. Based on the atomic force micrographs, it can be assumed that phase separation occurred in the TPU matrix and we managed to evenly distribute the rubber phase in the TDVs. However, based on the SEM images, these dispersed rubber particles tended to agglomerate and form a quasi-continuous secondary phase where rubber particles were held together by secondary forces (dipole–dipole and hydrogen bonding) and can be broken up reversibly by heat and/or shear. In terms of mechanical properties, the TDVs we produced are on a par with commercially available TDVs with similar hardness.
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