Fabricating low-density elastomeric foams with a homogenous cell structure has been challenging because of foam shrinkage. The low modulus of the elastomers and the high diffusivity of blowing agents lead to foam shrinkage and poor surface quality. Using N 2 as a physical blowing agent (PBA) is an eco-friendly foaming method to overcome foam shrinkage. In this study, PTMEG-MDI/BD-based TPU with a hardness of 85A, 90A, and 95A were foamed using N 2 . Nitrogen as a blowing agent created a homogeneous cell structure with an expansion ratio of more than five times, an average cell size of less than 25 μm, and a cell density of more than 10 9 cells/cm 3 . The shrinkage ratio and cellular morphology of CO 2 - and N 2 -blown TPU foam were compared at their maximum expansion ratio. At the maximum expansion ratio, the N 2 -blown foams exhibited a fine cell structure with a shrinkage ratio of less than 4%. However, the CO 2 -blown TPU foam showed a shrinkage ratio of 12.7% with significant cracks in the sample. The results demonstrate that using N 2 as a blowing agent can achieve an expansion ratio similar to that of CO 2 -blown foam, and the shrinkage problems of elastomeric foams can be significantly eliminated, which may help to maintain the physical properties of the foam.