The market for TPU Films is expected to register a CAGR of over 6% during the forecast period (2022-2027).
TPU films market was affected negatively due to the Covid-19 pandemic, but the market has now been estimated to be at pre-pandemic levels and is expected to grow at a steady pace.
Key Highlights The major factor driving the growth of the market is the increasing usage in the footwear and apparel industry.
On the flip-side, the rising prices of raw materials is expected to impact the growth of the market during the coming years.
Polyesther-type TPU films are expected to dominate the market owing to its key properties, including improved UV stability, good low-temperature performance, high elasticity, high recovery, and rubber-like feel.
The Asia-Pacific region is expected to be the largest market for the TPU films market.
Key Market Trends
Polyether segment to dominate the TPU Films Market
Polyether TPU is a type of polyurethane plastic with several useful qualities, including oil, grease, and abrasion resistance.
Polyether is a term used to describe polymers with a functional group, mainly ether. Polyether TPUs come in various grades resistant to weak acids/bases, microbial attacks, and moisture/humidity.
Polyether thermoplastic polyurethane materials function well in applications that come into direct touch with human skin because of their oil and grease resistance.
Polyether polyurethane pneumatic bladders and spill containment are two common applications.
Polyether films are frequently employed as an adhesive or barrier layer in multi-layer laminations. Since TPU films are adaptable, polyether sheet products can be used in various applications.
Additionally, the ureasil-polyether hybrid material has become a popular candidate to form bio-adhesive films.
Thus, based on the aforementioned aspects the polyether TPU films is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate TPU Films Market
The Asia-Pacific region holds a prominent share in the TPU film market globally and is expected to dominate the market during the period of forecast.
Asia-Pacific has the largest construction market, which is led by India, China, and various Southeast Asian countries.
The total revenue of the footwear market from the Asia-Pacific region is projected to register a CAGR of 4.9% during the forecast timeline.
China dominates the global footwear industry and is the world’s largest manufacturer and biggest exporter. China exported nearly 7.9 billion pairs of shoes and boots in the first 11 months of 2021. The footwear industry faced a major decline in the past years, however, the industry is projected to grow at a faster rate during the forecast period.
India’s textiles sector is one of the oldest industries in the Indian economy. The industry is extremely varied and consists of hand-spun and hand-woven textiles sectors and also capital-intensive sophisticated mills sector.
The exports of textiles stood at USD 22.89 billion between April 2021 and October 2021. According to India Brand Equity Foundation (IBEF) the textile industry in the country is expected to reach USD 209 billion by 2029.
Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.
The market for TPU films is consolidated. Some of the players in the market (in no particular order) include Covestro AG, SWM, Gerlinger Industries GmbH, DingZing Advanced Materials Inc, and Okura Industrial Co.,Ltd.
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