Thermoplastic polyurethane (TPU) films are elastic and durable polyurethane-based materials that can be processed like thermoplastics. They offer high flexibility, abrasion resistance, and permeability to moisture vapor and gases. These properties make TPU films suitable for applications in various industries such as automotive, construction, footwear, and healthcare. In the automotive industry, TPU films are used in interior parts like armrests, door panels, and dashboards due to their elasticity and durability. The footwear industry utilizes TPU films for parts that require flexibility and sturdiness such as shoe soles. In the healthcare sector, TPU films are used in medical devices and components that need flexibility and impact resistance.
The global Thermoplastic Polyurethane (TPU) Films Market is estimated to be valued at US$ 472.19 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the TPU films market is the rising demand for sustainable packaging solutions. With the growing focus on reducing plastic waste and using eco-friendly materials, many FMCG companies are opting for TPU films for flexible packaging. Compared to other plastics, TPU films provide high durability and flexibility with lower environmental impact. They degrade faster in landfills and can also be recycled. Another major trend is the increasing R&D towards development of TPU films with enhanced properties. Manufacturers are developing TPU films with improved optical, thermal, and electrical properties for specialized applications in industries such as electronics and automotive. The ability to customize properties as per application requirements is fueling the demand for innovative TPU films.
Porter’s Analysis
Threat of new entrants: The established presence of major players and high capital requirements for setting up a manufacturing facility pose significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: The presence of several raw material suppliers keeps their bargaining power in check.
Threat of new substitutes: Substitutes like polyvinyl chloride (PVC) films pose competition however novel properties of TPU films allows it to maintain demand.
Competitive rivalry: Intense competition exists among the key players to gain major market share.
Key Takeaways
The Global Thermoplastic Polyurethane (Tpu) Films Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand from various end-use industries such as automotive, building & construction and wearable device.
Regionally, Asia Pacific dominated the global market in 2023 and is expected to maintain its leading position during the forecast period. Factors such as rapid industrialization, growing population and improving economic conditions in countries such as China and India are expected to boost the regional market.
Key players operating in the Thermoplastic Polyurethane (TPU) Films are 3M, American Polyfilm Inc., Avery Dennison Corporation, Covestro AG, Ding Zing Advanced Materials Inc., Gerlinger Industries GmbH, Huntsman International LLC, Okura Industrial Co. Ltd, Permali Gloucester Ltd, Schweitzer-Mauduit International Inc., Wiman Corporation, and The Lubrizol Corporation. 3M among others account for major share of the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
