LONDON--(BUSINESS WIRE)--The thermoplastic polyurethane films market is set to grow by USD 145.4 million accelerating at a CAGR of almost 4%, during the period spanning over 2020-2024. One of the key factors driving growth is the increasing opportunities in APAC. The growth of the automotive industry in APAC has increased the demand for thermoplastic PU films. The rising number of windmill installations is a significant trend that will further stimulate market growth. The growing inclination toward sustainable energy sources has increased the number of windmill installations worldwide.
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Parent Market Analysis
Technavio categorizes the global thermoplastic polyurethane films market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. The market excludes chemical companies that produce diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Growth in the global commodity chemicals market will be driven by the rising number of construction activities across the world.
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Thermoplastic Polyurethane Films Market: Geographic Segmentation
The report segments the market by geography: APAC, Europe, North America, South America, and MEA. About 51% of the market’s growth will originate from APAC during the forecast period. The thriving automobile and construction industry in the region will fuel the growth of the market in the region. China and India are the key markets for thermoplastic polyurethane films in APAC.
Thermoplastic Polyurethane Films Market: Segmentation by Application
The automotive segment was leading the market in 2019. The growing focus on improving the overall efficiency has led to the development of lightweight vehicles. This has increased the use of TPU films in the automotive industry owing to properties such as lightweight, elasticity, strength, chemical resistance, and excellent performance at high temperatures. This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoplastic polyurethane films market size.
Thermoplastic Polyurethane Films Market: Growth Drivers
The market is driven by the increasing growth opportunities in APAC. Rising purchasing power and the rapid expansion of population in APAC countries has led to the growth of various industries such as automotive, footwear, consumer goods, electronics, and construction. TPU films are widely used in these industries owing to their high strength, lightweight, chemical resistance, and others. Therefore, the growth of various end-users in APAC will provide significant growth opportunities for market vendors during the forecast period.
Thermoplastic Polyurethane Films Market: Challenges to overcome
Countries across the world are adopting stringent regulations on the use of plastics. This has negatively impacted the sales of chemical substance manufacturers. Complying with such regulations will challenge the growth of the market vendors during the forecast period.
Thermoplastic Polyurethane Films Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading thermoplastic polyurethane films companies, including:
- American Polyfilm Inc.
- Avery Dennison Corp.
- BASF SE
- Covestro AG
- DUNMORE Corp.
- Huntsman Corp.
- Novotex Italiana SpA
- PAR Group Ltd.
- Takeda Sangyo Co. Ltd.
- Xkiki Wank Wipe
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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