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The Thermoplastic Polyurethane (TPU) Films Market size is forecast to increase by USD 145.91 million, at a CAGR of 5.75% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing market opportunities for TPU films in APAC, the superior properties of TPU, and the recyclability of TPU films.
The report offers extensive research analysis on the Thermoplastic Polyurethane (TPU) Films Market, with a categorization based on Application, including automotive, construction, furniture, sports and leisure, and others. It further segments the market by Type, encompassing polyether, polyester, and polycaprolactone. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Thermoplastic Polyurethane (TPU) films are thin layers of a versatile polymer material that possesses excellent properties. TPU films are widely used in various industries due to their high elasticity, durability, and resistance to abrasion, oil, and chemicals. These films can be processed and molded easily into different shapes through heating and cooling, making them suitable for applications such as automotive parts, medical devices, footwear, electronics, and flexible packaging. TPU films offer a balance of flexibility and strength, making them an ideal choice for products that require both elasticity and toughness.
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Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing market opportunities for TPU films in APAC. In the automotive industry, TPUs are used in several automotive components including door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. In addition, this is due to their properties, such as elasticity, strength, chemical and grease resistance, and high performance at high temperatures.
Moreover, the growth of the automotive industry in APAC is expected to drive the demand for TPU. In addition, APAC is likely to register the highest growth in the TPU films market in the coming years due to the rapidly increasing population and rising purchasing power of individuals. Furthermore, the automotive industry in China records high sales due to its strong government support and ad-hoc tax incentives. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the upcoming developments in bio-based TPU products. Several properties including biodegradability, low density, and recyclability of bio-based TPU films have increased their demand. In addition, these advantages place bio-based TPUs in a commercially competitive position with synthetic TPUs. Furthermore, Bio-based TPUs are replacing their synthetic counterparts in several applications, such as household objects, packaging, automobiles, and furniture.
Moreover, bio-based blends of commercially available polyester-based bio TPU and castor oil-based polyamide11 of different ratios are prepared by melt processing. In addition, castor oil is one of the natural raw materials used for producing TPU. Furthermore, it is one of the most useful and crucial non-edible and non-volatile natural vegetable oils. Hence, such factors are positively impacting the thermoplastic polyurethane films market. Therefore, it is expected to drive the market growth during the forecast period.
Damage to TPU structures caused by moisture is one of the key challenges hindering market growth. TPU elastomers are essentially hygroscopic in nature such that they absorb moisture when exposed to atmospheric humidity. In addition, aromatic TPUs undergo polymerization or depolymerization reactions at an equilibrium rate when processed above 355 degrees F.
Moreover, in the presence of water or moisture, polymeric chains can break down and release amines and carbon dioxide during extrusion. In addition, failure to remove moisture from PUs can result in polymer rearrangement, molecular weight reduction, and loss of physical properties. Furthermore, the excess moisture in TPU resins can cause voids and other defects in extruded and molded parts during extrusion or molding operation. Hence, such factors are hindering the market growth during the forecast period.
The automotive segment is estimated to witness significant growth during the forecast period. The developing countries of APAC, including China and India, are the largest producers of automobiles. In addition, this has led to an increased demand for automotive products. Furthermore, the economic recovery in the US and Europe will also increase the demand for automotive products.
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The automotive segment was the largest segment and was valued at USD 120.88 million in 2018. Therefore, such increasing demand will compel automotive original equipment manufacturers (OEM) manufacturers to increase their production levels either by installing new capacity or by expanding their existing capacities, which, in turn, will increase the demand for automotive coatings for automotive OEM parts. Furthermore, the automotive segment includes applications of TPU in both the automotive and aerospace industries. In addition, in the automotive industry, TPUs are used in various automotive components such as door and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the market has been segmented into polyether, polyester, and polycaprolactone. The polyether segment will account for the largest share of this segment. The polyester segment plays a crucial role in the market. In addition, TPU films are gaining popularity in various industries due to their excellent mechanical properties, durability, and versatility. Moreover, these films find applications in automotive, footwear, textiles, sports, electronics, and other industries. In addition, polyester-based TPU films are widely used in the market due to their exceptional performance and cost-effectiveness. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 45% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The major end-user industries, including automotive, construction, medical, aerospace, and defense, have been flourishing in APAC due to the significant economic growth of the region. In addition, the automotive market in APAC is flourishing due to the high demand from countries such as India, Indonesia, Thailand, and Vietnam. Moreover, the demand from China has been experiencing a slowdown due to the recent economic downturn. Furthermore, the increasing demand from APAC has increased the demand for automotive TPU films by automotive manufacturers. In addition, countries such as China, Japan, and India are contributing to this demand. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
3M Co: The company offers thermoplastic polyurethane films such as 3M Polyurethane Protective Tape 8664NA designed to provide premium leading edge erosion protection.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Avery Dennison Corp., BASF SE, Covestro AG, DingZing Advanced Materials Inc., Dunmore Corp., Huntsman International LLC, Koninklijke DSM NV, Novotex Italiana SpA, PAR Group Ltd., Rengo Co. Ltd., RTP Co., The Lubrizol Corp., American Polyfilm Inc., OG Corp., Okura Industrial Co. Ltd., Permali Gloucester Ltd., Plastic Film Corp. of America, Takeda sangyo Co. Ltd., and Tosoh Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Thermoplastic Polyurethane (TPU) Films Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.75% |
Market Growth 2024-2028 |
USD 145.91 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.15 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Avery Dennison Corp., BASF SE, Covestro AG, DingZing Advanced Materials Inc., Dunmore Corp., Huntsman International LLC, Koninklijke DSM NV, Novotex Italiana SpA, PAR Group Ltd., Rengo Co. Ltd., RTP Co., The Lubrizol Corp., American Polyfilm Inc., OG Corp., Okura Industrial Co. Ltd., Permali Gloucester Ltd., Plastic Film Corp. of America, Takeda sangyo Co. Ltd., and Tosoh Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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