TPU Films Market Size Worth $548.10 Million By 2025

The global thermoplastic polyurethane films market size is anticipated to reach USD 548.1 million by 2025 expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Increasing healthcare spending coupled with growing automotive sector is projected to drive the market. Asia Pacific is the dominant regional market due to the strong presence of major companies, such as Huntsman, Nippon, and Lubrizol, with large production capacities. Asia Pacific is also the leading consumer of TPU films due to growing automotive, construction, and energy sectors.

Major manufacturers based out of North America and Europe have set up wide distribution networks in developing countries by acquiring regional companies. This is also likely to have a positive impact on the region’s growth. Moreover, reduced reliance on export to Western Europe and North America is projected to increase the investments and trade in the local markets of Asia Pacific. Availability of cheap labor and easy access to finance are also likely to support the domestic market growth.

In addition, growing population and rising income levels are anticipated to fuel the development further. Rising global aniline prices have impacted the profitability of TPU films producers as there is intense competition in the global market. Due to the presence of a large number of suppliers, buyers have the advantage of low switching cost; therefore, manufacturers cannot afford to lose out on their customers and in the process jeopardize their profitability. Bio-based alternatives of TPU are capable of replacing the synthetic (petroleum-based) TPU.

Bio-based TPUs are widely used in almost every end-use industry where synthetic product is being used. Bio-based films provide a clean solution to the growing demand for Thermoplastic Elastomers (TPEs). Wearables in the medical field are expected to provide many opportunities over the coming years. As per the data published by DuPont, conductors, printed on TPU films show good results. Increasing healthcare spending coupled with rising awareness are likely to assist the market growth of wearable technology, thereby developing new opportunity for the product.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/tpu-films-industry

Further key findings from the study suggest:

  • Automotive is anticipated to be the largest application segment of the TPU films market during the forecast period on account of growing demand for vehicles
  • Aerospace is also predicted to witness a steady growth due to increasing demand from emerging countries, such as China and India
  • Asia Pacific was the second-largest regional market and accounted for 29.6% of revenue share in 2018 owing to the rapid development of automotive and construction sectors in the region
  • The 3M Company, Bayer Material Science, Huntsman Corp., Permali Gloucester Ltd. are the major companies in the global market
  • Most of these companies emphasize on their R&D activities for novel product development

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