PU Films Market expected to reach USD 888.0 million in 2026, growing at a CAGR of 9.0% during the forecast period
The global PU Films market was valued at USD 485.8 million in 2018 and is expected to reach USD 888.0 million in 2026, growing at a CAGR of 9.0% during the forecast period. Rising demand for passenger vehicle globally and growing awareness regarding health and hygiene are expected to drive the growth of the PU Films market.
PU films, especially thermoplastic polyurethane (TPU) films are replacing the common films such as PP, PE and PVC in several applications including automotive & aerospace, textile & leisure, and medical. The properties that makes PU films preferable over conventional/common films are excellent elongation and tensile strengths, excellent elastomeric memory, excellent chemical and microbial resistance, and excellent low temperature flexibility.
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In the automotive industry, PU films are primarily used in luxury cars. The demand for luxury cars has witness a significant increment over past five years owing to the increase in disposable income and consumer purchasing power. In 2017, the global luxury cars sale has increased by 17% over the previous year. In the first business quarter of 2018, the sales of two leading luxury car manufacturers, such as Mercedes-Benz and BMW have increased by 12.0% and 13.0% respectively. Moreover, Jaguar Land Rover and Volvo have witnessed growths of 66.0% and 33%, respectively, since January 2018. The growth of these luxury car market is propelling the demand for PU films market in the automotive industry, globally.
However, high cost of PU film is the key factor expected to hamper its market growth during the forecast period. Therefore, PU film is unable to cater the major market share compared to the conventional product.
Based on type, the polyester PU film segment is expected to grow at a higher CAGR of 10.0% during the forecast period.
Based on function, the thermoplastic-based PU film segment accounts of the largest share in the market and is expected to grow at a CAGR of around 9.5% during the forecast period.
Based on end-use industry, the textile & leisure segment accounts of the largest share in the market and held for more than 30% of the total market in 2018.
Asia-Pacific accounted for nearly 38% share of the global PU Films market in 2018
In January 2019, Covestro launched bio-based PU film formers for cosmetic industry.
In July 2019, SWM International has expanded its thermoplastic-based PU films manufacturing facility in China.
In August 2018, Avery Dennison launched a premium conformable polyurethane (PU) film with ‘self-healing’ capabilities.