PU film or polyurethane film is a transparent and elastic film that has found application in medical, food, and automotive industries due to properties like good tensile strength, low temperature flexibility, and resistance to chemical and microbial growth. PU films are resistant to moisture and abrasions as well.
Further, PU films are available in both aliphatic and aromatic varieties. While aromatic films are mostly used in consumer applications, aliphatic films are used for some specific applications that require specific adhesion properties and high levels of optical clarity. Demand for PU films mainly comes from the automotive, medical, and food industries.
In 2018, the global PU films market was valued at USD 443 million. By 2025, the global market is projected to reach USD 766 million, growing at a CAGR of 8.2% during 2019 to 2025. The booming automotive industry will provide a major thrust to the growth of the PU films market. In the automotive industry, PU films are mainly used in luxury and premium cars, and passenger vehicles.
The demand for these vehicles has been increasing significantly due to rising disposable income and purchasing power of consumers, which in turn, is fueling the growth of the market for PU films. Properties like high elasticity and grease resistance make PU films an ideal product to be used for automotive applications. These films are mainly used for paint protection application in the automotive industry.
In the healthcare industry, PU films are used in medical tapes, surgical gowns, and wound care components. They are used in very thin gauges, which are used for wound care and dressings. Increasing demand for PU films from the healthcare industry for these applications will give a major boost to the growth of the global PU films market.
Region-wise, the North American PU films market is expected to grow significantly during 2019 to 2025, mainly due to high demand for PU films in the aerospace industry. The North American market for PU films will be led by the US. Europe will also hold a significant share in the global market, mainly due to increasing demand for luxury and electric cars in the region. The presence of major luxury car manufacturers in Europe will propel the growth of the European market.
However, it is the Asia-Pacific PU films market that is expected to grow at the highest CAGR during 2019 to 2025. The impressive growth of the Asia-Pacific region can be mainly attributed to rapid urbanization, as well as population explosion, increasing disposable income, and growing demand for luxury cars in the region. The launch of cheaper cars will also promote the growth of the Asia-Pacific market in the coming days.
The major players operating in the global PU films market are, SWM International, Covestro, 3M Company, Avery Dennison, Coveris Advanced Coatings, DingZing Advanced Materials, Dunmore, MH&W International, PAR Group, RTP Company, Novotex Italiana, American Polyfilm, Scorpion Protective Coatings, Permali, Nihon Matai Co., Erez Europe, and Vreeberg Elastic Materials.