TPU Film Market Key Players and Competitive Landscape

Thermoplastic Polyurethane Films Industry Overview

The global thermoplastic polyurethane films market size was valued at USD 386.93 million in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. Thermoplastic polyurethane (TPU) film is a versatile substrate that is made to order for performance applications. Its adaptability is partly due to the wide range of base chemical classes. It can be extruded with polyester, polyether, or polycaprolactone. The global demand for TPU films has seen an upswing during the last two years, owing to a period of stability in the automotive industry. Key automotive applications of TPU films include exterior applications such as paint protection, scratch protection, anti-stone chipping, cowl protection, and rear bumper protection.

TPU films are being increasingly used as an alternative to rubber and traditional plastic materials in the automotive industry. The global demand for automobiles reached 80.14 million units in 2021, which was an increase of 3.13% over the 2020 demand. TPU films are also being increasingly used in the furniture industry to upsurge resistance to UV light exposure.

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Owing to their excellent gas permeability, TPU films are becoming the material of choice for leisure sports product manufacturers, which is expected to be a key application for market participants in the near future. The use of TPU films offers excellent protection for leisure sports products in different weather conditions.

The leisure sports industry in North America and Europe has reached a state of maturity. However, strong economic development in the Asia Pacific region has resulted in an increase in disposable income. This is expected to cause growth in the leisure sports industry within the region, which in turn is expected to trigger demand for TPU films.

According to the World Bank Group, the U.S. exhibited significant GDP growth of 5.9% in 2021 owing to high export volumes. Moreover, the signing of the U.S.–Canada–Mexico Agreement in 2018 led to further auto tariff exemptions for the U.S. and Canada. This increased manufacturing of automobile products in the country, thereby impacting demand for the TPU films developed from thermoplastic polyurethane during the forecast period.

In Canada, under the Green Infrastructure program, the government has announced its plan to invest approximately USD 481.0 million for the deployment projects in Canada related to four streams, namely, renewables, electric vehicle infrastructures, smart grids, and reduced diesel usage in rural and remote communities. All these investments are expected to increase demand for electric vehicles, solar panels, wind turbines, and electric & electronic equipment in the country in the coming years that use paint protection films. This, in turn, is anticipated to make possible the growth of the market for these films in Canada from 2022 to 2030.

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• The global hermetic packaging market size was estimated at USD 3.82 billion in 2023 and is expected to expand at a CAGR of 6.6% from 2024 to 2030. In hermetic packaging, electronic systems are protected from environmental circumstances, including variations in atmospheric pressure and moisture that may damage sensitive electronic components or electrical connections.

• The global sustainable packaging market size was estimated at USD 272.93 billion in 2023 and is expected to grow at a CAGR of 7.6% from 2024 to 2030. Rising awareness about the environmental impact of traditional packaging materials, especially plastics, has led to increasing demand for sustainable packaging solutions across the world.

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Key Companies profiled:

• PAR Group

• BASF SE

• The Lubrizol Corporation

• American Polyfilm Inc.

• 3M• Avery Dennison

• MH&W International Corporation

• Plastic Film Corporation

• Perfectex Plus LLC.

• Permali Gloucester Limited

• Bayer Material Science

• Huntsman Corporation