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Myriad Applications of Thermoplastics Polyurethane Work Wonders for Global TPU Market

Article Description

Thermoplastics polyurethane (TPU) are materials that combine highly useful attributes of plastic such as low weight and good resistance against chemicals, moisture, and abrasion, to that of rubber such as high elasticity, and flexibility. This makes TPU films an incredibly useful material that are used in a range of industries and thereby, the global thermoplastic polyurethane films market is projected to expand at a healthy CAGR of 6.8% during the forecast period of 2016 to 2024. The opportunities in this market were worth US$286.8 mn, which will increase up to US$516.9 mn by the end of 2024.

Flourishing Automotive Sector Escalating Demand

With rising global population and increasing disposable income, the automotive sector is currently thriving. This factor is expected to positively reflect on global TPU market, as this robust and noise resistive material is now extensively used on the vehicle’s interior door panels, seating in-fills, and thermal insulation for engine bays. TPU is significantly helpful in decreasing the weight of the final vehicle. The use of wood for railroad is now being replaced by thermoplastic polyurethane, serving as cross-beam support between rails while maintaining the rails’ distance from one another. The properties of TPU to withstand a variety of environmental and weather related conditions ideally suits for these purposes.

After automotive, building and construction is the second most prominent end-use segment of the global thermoplastic polyurethane films market, owing to its excellent tear resistive properties. A considerable increment in the use of thermoplastic polyurethane films in the aerospace segment is also expected to open new avenues for the players in this market. Moreover, TPU films are highly useful in designing and processing shoe sole inserts and the upper parts of athletic sportswear. In healthcare industry, TPU are now a well-known and specified materials for the manufacturing of advanced medical products, owing to its resistance against oils and chemicals. For the reason that TPU is free from plasticizers, they are considered environment friendly and hence are rapidly replacing polyvinyl chloride (PVC), despite preserving the flexibility.

Asia Pacific Most Lucrative Region

Asia Pacific resides nearly half of the world’s population and comprise several emerging economies such as China, India, Malaysia, Japan, and South Korea. These nations are the manufacturing hub of several industries, owing to the availability of cheap and skilled labor. Western European region is the second most lucrative regional segment.

Browse the full Global Thermoplastic Polyurethane Films Market report

Several Large Players Make-up an Intensely Competitive Landscape

The global thermoplastic polyurethane films market exhibits stiff competition between several established players, including Covestro AG, BASF SE, The Lubrizol Corporation, Wanhua Chemical Group Co., Ltd., Polyol Macromolecule Polymer (Fujian) Co., Ltd, Huntsman Corporation, Shanghai Lejoin Polyurethane Industrial Co., Ltd., Tosoh Corporation, and Huafon Group. Collaboration, partnerships and acquisition of smaller players with potential is the most common strategy adopted by these companies to maintain their market shares and extend their geographical outreach. In this scenario, the opportunities for new entrants is quite bleak. Evolution of bio-based Thermoplastic polyurethane grades are also expected to create future market opportunities.