The global thermoplastics polyurethane market is expected to rise at a steady 6.8% CAGR from 2015 to 2024, according to Transparency Market Research (TMR). Rising at this CAGR, the global thermoplastic polyurethane films market is expected to surpass the valuation US$516.9 mln by 2024 from US$286.8 mln in 2015.
North America is expected to hold maximum share in the thermoplastics polyurethane market during the forecast period. This is mainly due to the rising implementation of latest technologies in polyurethane manufacturing in the region. Apart from this, favourable government laws & regulations and existence of well-established infrastructure are some other factors expected to boost the region’s growth. Among several product types, the rigid & flexible foam segment is projected to witness massive growth, thanks to the inherent properties of the segment such as high flexibility impact & shock resistance.
The thermoplastic polyurethane films market is expected to rise at a significant pace in the coming few years, thanks to the increasing demands from the end user industries. Thermoplastic polyurethane (TPU) can be defined modified form of elastomer and it is known for their fully thermoplastic properties. In addition to this, they can be processed to improve their properties and with the help of several extrusions as well as injection, blow and compression moulding equipment.
Properties of thermoplastic polyurethane such as chemical, puncture, abrasion, waterproofness, high resilience, and cool temperature resistance make them ideal for various industrial applications. This is expected to increase the demands for the thermoplastic polyurethane film market in the coming few years.Along with this, several factors such as growing industrialization, urbanization and rise in world economy are some of the other factors expected to drive the global thermoplastic polyurethane films market.
However, despite several drivers and opportunities, growth in the market is likely to suffer because of the stringent governmental policies regarding the use of polymer due to their adverse impact on the market. Along with, presence of other cheaper substitutes such as elastomers is another factor expected to impede growth in the thermoplastics polyurethane market. Nevertheless, increasing use of thermoplastics polyurethane in the automotive application is expected to fuel the thermoplastic polyurethane film market during the forecast period.
One of the primary application of thermoplastics polyurethane is in the construction industry. The industry is projected to rise at an impressive rate on the back of increasing in urbanization projects and new construction activities. This is another prominent factor expected to propel the demand of thermoplastics polyurethane in the coming few years.