06-Aug-19
The global thermoplastics polyurethane market is expected to rise at a steady 6.8% CAGR during the forecast period. Rising at this CAGR, the global thermoplastic polyurethane films market is expected to surpass US$516.9 mln by 2024 from US$286.8 mln in 2015, according to Transparency Market Research (TMR).
North America is expected to hold maximum share in the thermoplastics polyurethane market during the forecast period. This is mainly due to the rising implementation of latest technologies in polyurethane manufacturing in the region. Apart from this, favourable government laws & regulations and existence of well-established infrastructure are some other factors expected to boost the region’s growth. Among several product types, the rigid & flexible foam segment is projected to witness massive growth, thanks to the inherent properties of the segment such as high flexibility impact & shock resistance.
The thermoplastic polyurethane films market is expected to rise at a significant pace in the coming few years, thanks to the increasing demands from the end user industries. Properties of thermoplastic polyurethane such as chemical, puncture, abrasion, waterproofness, high resilience, and cool temperature resistance make them ideal for various industrial applications. This is expected to increase the demands for the thermoplastic polyurethane film market in the coming few years. Along with this, several factors such as growing industrialization, urbanization and rise in world economy are some of the other factors expected to drive the global thermoplastic polyurethane films market.
However, despite several drivers and opportunities, growth in the market is likely to suffer because of the stringent governmental policies regarding the use of polymer due to their adverse impact on the market. Along with, presence of other cheaper substitutes such as elastomers is another factor expected to impede growth in the thermoplastics polyurethane market. Nevertheless, increasing use of thermoplastics polyurethane in the automotive application is expected to fuel the thermoplastic polyurethane film market during the forecast period. One of the primary application of thermoplastics polyurethane is in the construction industry. The industry is projected to rise at an impressive rate on the back of increasing in urbanization projects and new construction activities. This is another prominent factor expected to propel the demand of thermoplastics polyurethane in the coming few years. These players are focusing towards several activities such as acquisitions and mergers, business expansion and collaboration in order to concretise their foothold in the market. The competition could highly intensify in future with increase in the number of players in the market. Most players are pouring extensive investments in the market to push innovations and developments.
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