TPU Films Market to Expand with Significant CAGR During 2025
TPU is a versatile polymer which can offer several combinations of performance properties. TPU resins are extruded with polyester, polyether, and polycaprolactone substrate to produce TPU films. TPU films offer excellent properties such as wear and tear resistance, high elasticity, high strength, durability, resistance to chemicals, abrasion resistance, etc. TPU films are biodegradable in nature. The higher biodegradability of TPU films offer an upper hand to the TPU films over its other counterparts. Manufacturers such as Lubrizol are focusing on the development of bio-based TPU films. These products offer equivalent performance to the synthetic TPU films. Thus, technological developments of bio-based TPU films are expected offer lucrative opportunities to the TPU films market in the near future.
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Furthermore, puncture resistance offered by TPU films and their competitive physical structure render them suitable as viral and liquid barrier. The barrier protects patients and medical staff from potentially harmful blood-borne pathogens. Also, TPU films do not use any plasticizers during the manufacturing process; hence, they do not cause allergic reactions unlike their counterparts. Furthermore, TPU films can sustain autoclave sterilization temperatures and still remain flexible and soft over time. Thus, TPU films offer long shelf-life. The films offer breathability, inherent softness, and conformability and help the patient to recover speedily with comfort. This is expected to provide lucrative opportunities for the TPU films market during the forecast period.
The global construction/civil engineering industry has expanded significantly during the past decade. It plays a major role in economic growth, driven by rising demand for smart infrastructure and increasing expenditure in developing countries. Furthermore, increased expenditure on improving residential, commercial, and industrial infrastructure along with energy conservation initiatives is expected to propel the civil engineering industry during the forecast period. There has been a significant rise in modern architecture in recent years, leading to the development of modern materials which complement the art without compromising on the stability and strength of the structures formed. TPU films are used in flooring as tile underlayment, insulation netting, insulation sheathing, rain screen on the roofs, etc. With construction as one of the major end-use industries of TPU films, the evolving modern architecture and construction industry are projected to propel the TPU films market significantly during the forecast period.
TPU films are also utilized in automotive interior parts such as air chambers of car seats, sunroofs, noise reduction components, and others. The demand for touchscreens and displays in car interiors has increased considerably in the past few years. This developing trend of digitization can be integrated into the surfaces of center consoles, instrument panels, seat panels, and doors of the vehicle. TPU-based flexible electronics can be used in electric vehicle interiors for panel heating of large surface areas, geometrically complex decorative parts with attractive lighting effects, etc. Hence, increase in demand for flexible electronics and digitized automatic transmission systems is anticipated to drive the TPU films market during the forecast period.
However, extensive consumption of raw materials (methylene diphenyl isocyanate (MDI) and polyols) from different industries such as textiles, polymers, rubber processing, and medical & health care affects the demand-supply scenario and eventually results in increased prices. This is anticipated to hamper the TPU films market during the forecast period. Furthermore, availability of bio-based raw materials, and substitutes such as thermoplastic olefins with enhanced performance are likely to restrain the growth of the TPU films market in the next few years.
The global TPU films market is consolidated. Presence of prominent players accounting for a market share of more than 50% is anticipated to intensify the competition during the forecast period. Key players are focusing on joint ventures and acquisition of regional players in order to gain a substantial share of the global and regional TPU films market. In February 2016, Mitsubishi Corporation acquired 4% share of DingZing Advanced Materials Company. The strategic partnership is expected to expand its global footprint in the TPU market. In the same month, Huntsman Corporation commenced TPU manufacturing facility in Shanghai, China, their first production unit in Asia Pacific to cater the rising requirement of TPU films and cables for the automotive, footwear, and building & construction industries in the region.
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The polycaprolactone TPU segment is estimated to expand at a fast pace during the forecast period due to its superior performance characteristics compared to other substrates. Demand for TPU films from automotive & transportation, and building & construction sectors is anticipated to rise rapidly in the next few years. Asia Pacific, and North America are expected to be the leading consumers of TPU films during the forecast period.
Some of the key players in the TPU films market include Covestro AG, Huntsman Corporation, Erez Europe, Novotex Italiana S.p.A., Bond-A-Band Transmission Limited, Permali Gloucester Limited, DUNMORE, 3M, Evermax Eco, Redwood TTM Ltd, Wiman Corporation and PROCHIMIR SAS.
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