Thermoplastic Polyurethane films market to cross US$516 mln by 2024, at CAGR of 6.8%

28-Feb-17

The global thermoplastic polyurethane films market was valued at US$286.8 mln in 2015 and is projected to reach US$516.9 mln by 2024, expanding at a CAGR of 6.8% therein, as per Transparency Market Research. Thermoplastic polyurethane (TPU) films are functional polymers that possesses the key attributes of plastic and rubber, such as low weight, high elasticity, and good resistance against abrasion, heat, chemicals, oil, and moisture. Led by their structural properties, TPU products are employed in a wide range of applications across the automotive and construction industries. The future scope of TPU products is anticipated to expand during the forecast period, led by the surge in construction and infrastructure projects. This can be attributed mainly to the recovery of the construction sector in several countries and the increase in government investments in infrastructure development.

TPU films are primarily used in automotive, building and construction, energy, and aerospace industries. In terms of volume, the automotive sector led the global thermoplastic polyurethane films market in 2015, followed by the building and construction industry. Thermoplastic polyurethane films are used to reduce the overall weight of automotive body parts. Furthermore, these films are used in engineering and designing noise- and vibration-absorbing automotive parts. TPU films are employed in the building and construction industry owing to their excellent tear resistance properties. TPU films are also used in processing and designing shoe sole inserts and the upper portions of athletic sportswear. A rise in the usage of thermoplastic polyurethane films in the aerospace segment is estimated to provide lucrative growth opportunities for the TPU films market in the next few years.

Asia Pacific held the major share of the global TPU market volume in 2015, accounting for more than 35% that year. The rising demand for TPU films in the automotive and building and construction industries has been the leading factor driving the thermoplastic polyurethane films market in Asia Pacific. TPU films are increasingly employed in the automotive industry to lower the overall weight of automotive body parts and other components. This is also expected to propel the TPU films market in the region. In terms of volume, Europe and North America held a share of more than 45% of the global TPU films market in 2015. The TPU films market in these regions is anticipated to expand at a steady rate during the forecast period. Latin America is projected to be a beneficial market for thermoplastic polyurethane films during the forecast period. The growth of the automotive and building and construction industries in the region is higher than that in North America and Europe and this is anticipated to propel the demand for thermoplastic polyurethane films in Latin America. The TPU films market in the Middle East and Africa is also estimated to exhibit strong growth through 2024 owing to the rising investments in new construction projects in the region.


 

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