Thermoplastic Polyurethane Films Market - Global Industry Volume and Region Analysis By 2024

The global market for thermoplastic polyurethane (TPU) films is primarily fueled by their rising usage across the automotive and construction industries. Thermoplastic polyurethane is the class of elastomers that are entirely thermoplastic in nature, exhibiting properties such as excellent elasticity, low weight and resistance to degrading factors such as abrasion, chemicals, oil, and moisture. Owing to their excellent structural integrity, TPU films find extensive usage across several industry verticals and are expected to continue to fetch demand at a promising rate in the next few years.

The thriving automotive and construction industries, two of the most lucrative end-use sectors for TPU films, will have a significant impact on the future development of the market. Transparency Market Research estimates that the market will exhibit a promising 6.8% CAGR over the period between 2016 and 2024, rising from a valuation of US$286.8 mn in 2015 to US$516.9 mn by 2024.

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Rising Demand for Lightweight Vehicles to Remain Key to Market Growth

The lightweight and excellent structural integrity allows TPU films to be used across a large set of application areas in a number of industries such as automotive, building and construction, furniture, footwear, energy, aerospace, medical and healthcare, and flexible packaging. Of these, the automotive and construction industries have contributed the dominant share in revenue to the global TPU films market consistently over the past few years. The automotive industry, especially, is emerging as one of the leading consumers of TPU films to manufacture lightweight body parts and components. The automotive sector led the market in terms of volume in 2015, followed by the construction sector.

Owing to the excellent moisture, chemicals, oils, abrasion, and tear resistance properties of TPU films, they also find extensive usage in the construction industries. The thriving growth of the industry, especially in developing economies owing to the rapid rate of urbanization and construction of new buildings and public infrastructure is the key factor to have led the excellent demand for TPU films in the construction sector over the past years. The trend is expected to remain strong in the near future as well.

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Europe Market to Continue to Account for Massive Chunk in Revenue

From the regional perspective, the report segments the global TPU films market into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Of these, the Europe market is presently the leading contributor to the revenue of the global market, thanks to the presence of some of world’s leading automobile manufacturers. Recovery of the automotive company post the recent economic slowdown in the region will again open growth avenues for the TPU films market, allowing the region to remain at the forefront of the global market in the next few years as well.

The Asia Pacific market is also expected to embark upon high-growth path in the next few years, chiefly owing to the burgeoning construction sector in developing economies and rising production of vehicles in China, Japan, and South Korea. The Asia Pacific market for TPU films held a significant 35% of the global market in 2015 and is expected to see a sizeable gain by 2024. Within the Asia Pacific region, China is by far the most lucrative market for TPU films, in terms of both revenue and volume.

The global TPU films market features a largely fragmented vendor landscape owing to the presence of a large number of small and large players. Some of the market’s leading players are The Lubrizol Corporation, Huntsman Corporation, BASF SE, Wanhua Chemical Group Co., Ltd., Shanghai Lejoin Polyurethane Industrial Co., Huafon Group, Ltd., Tosoh Corporation, Polyol Macromolecule Polymer (Fujian) Co., Ltd., and Covestro AG.

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