LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global thermoplastic polyurethane (TPU) films market predicts a CAGR of over 6% during the period 2018-2022.
The report segments the global TPU films market based on its application in various sectors such as automotive, furniture, sports and leisure, energy, construction, and others. The report also provides an analysis of the market’s growth prospects across different geographic regions such as the Americas, APAC, and EMEA. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global TPU films market, according to Technavio chemicals and materials researchers:
- Increasing opportunities in APAC: a major market driver
- Increasing use of thermoplastics in the aerospace industry: key market trend
- In 2017, the automotive segment dominated the market by occupying 27% share
- 3M, AVERY DENNISON, BASF, Covestro, Huntsman International, and PAR Group are the leading players in the market
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Increasing opportunities in APAC: a major market driver
Increasing opportunities in APAC is one of the major factors driving the global TPU films market. The growth of the automotive industry in APAC is expected to drive the demand for TPU films. APAC is likely to register the highest growth during the forecast period due to the rapidly increasing population and rising purchasing power of individuals. The Chinese automotive industry registers high sales due to the strong government support and ad-hoc tax incentives.
According to a senior analyst at Technavio for plastics, polymers, and elastomers research, “The demand for domestic automobiles in India has increased due to the growing popularity of light vehicles. Strong demand and economic reforms such as the introduction of the common nation-wide goods and services Tax in 2017 are expected to drive the economy of the country.”
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Increasing use of thermoplastics in the aerospace industry: key market trend
Lightweight materials are increasingly used in the aerospace industry. These materials enhance fuel efficiency and reduce emissions. Factors such as the increasing awareness about climate change, emphasis on environmental issues, and rising cost of fuel have increased the demand for lightweight aircraft. Polymers have a lower density of around 1.3 g/cm3 in comparison to aluminum that has a density of 2.7 g/cm3. The use of lightweight materials in the Airbus A340’s horizontal tail can reduce the overall weight by 50% and cost by 30%, which augurs well for the growth of the market.
Regional landscape: the Americas to dominate the global TPU films market
The Americas dominated the global TPU films market with a market share of 38% in 2017, and it is expected to maintain its lead over the forecast period. EMEA and APAC respectively follow the Americas with respect to market share. Although the Americas and EMEA hold the larger shares of the market, APAC is witnessing the highest growth and is expected to witness approximately 2% increase in market share over the forecast period.
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