LOS ANGELES, April 24, 2019 (GLOBE NEWSWIRE) -- The global Thermoplastic Polyurethane (TPU) Films Market size is estimated to grow at CAGR above 5.9 % over the forecast time frame and reach the market value around USD 6.22 billion.

The market is projected to be driven by increasing healthcare expenses and the growing automotive sector. Asia Pacific is the dominant regional market because of the strong presence of large production capacities in large companies like Huntsman, Nippon, and Lubrizol. Asia Pacific, due to the increasing automotive, construction and energy industry, is also the market leader in TPU films.

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By acquiring regional companies, large distribution networks in developing countries were set up by leading manufacturers from North America and Europe. This will probably also have a good impact on the growth of the region. In addition, less dependence on exports to Western Europe and North America is expected to increase investment and trade in Asia Pacific local markets. Cheap labor and easy access to finance will also contribute to domestic growth.

Furthermore, an increasing population and income levels are expected to further fuel the development. Rising global aniline prices have affected the profitability of TPU film producers because the global market has been heavily competitive. Because of the presence of numerous suppliers, purchasers benefit from low switching costs; hence producers are unable to afford their customers to lose out, and thus jeopardize their profitability. TPU bio-based alternatives can replace the (petroleum-based) synthetic TPU.

In almost all end-usage industries in which synthetic product is used, biological TPUs are common. The growing demand for thermoplastic Elastomers (TPE's) is met in organically based films. In the next few years wearables in the field of medicine are expected to offer many opportunities. Drivers printed on TPU films show good results as per the data published by DuPont. More healthcare expenses and increased awareness are likely to contribute to the wearable technology market growth, creating new opportunities for the product.

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In Shorts

Due to increased demand for vehicles, Automotive is expected to be the biggest TPU film segment for the projected period.

Aerospace is also expected to grow steadily as demand from emerging countries, such as China and India, grows steadily.

Asia Pacific was the second largest regional market and in 2018, the automotive and construction sectors in the region had rapidly expanded, representing a 29.6 percent share in revenue.

The three main companies in the global market are the 3 M Company, Huntsman Corp., Bayer Material Science, Permali Glouchester Ltd.

Most companies emphasize their research and development activities for the development of new products.

Regional Outlook

The largest and fastest growing regional market is expected for Asia Pacific. Government policies favoring different industries in combination with medical, automotive and building expansion in the region are likely to drive growth in the region. Increased levels of available income will also contribute to the expansion of TPU Films.

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The revenue share for North America in 2018 was 32.24 %. The region is characterized by the presence of aerospace and component manufacturers in medium and large scales. More agriculture is also expected to help in global market growth in countries such as China, the United States, India, Brazil, Mexico and Russia. In the next few years, emerging applications, including animal ID tags, will provide the global market with growing opportunities.

Key Players

The Thermoplastic Polyurethane (TPU) Films Services market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are MH&W International Corp, Permali Gloucester Ltd., BASF SE, Nippon Polyurethane & Lubrizol. Huntsman Corporation, 3 M Company, MH&W International Corp., PAR Group, among others.

With the attendance of many small and medium-sized manufacturers, the market is fragmented. The strong presence of local manufacturers and suppliers, particularly in China, is one of the main reasons for market fragmentation. In addition, companies focus on product adaptation, strategic partnerships and new customer acquisitions to gain more market shares.

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