PU films Market Size, Industry Overview, Analysis and High Demand by 2023

The PU films Market Global Industry Research Report is projected to grow from USD 449.0 million in 2018 to USD 688.6 million by 2023, at a CAGR of 8.9% during the forecast period. It is segmented into two types, namely, polyester PU films and polyether PU films. 

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3M (US), Avery Dennison (US), and DingZing Advanced Materials (Taiwan) are other leading manufacturers of PU films.

The market is also segmented on the basis of function—thermoset-based PU films and thermoplastic-based PU films. These films are mainly manufactured through the process of extrusion and die-casting. PU films have wide applications in various end-use industries such as automotive & aerospace, medical, and textile & leisure. The demand for PU films is mainly driven by the textile & leisure industry for applications such as fabric lamination, blackout & sealing tapes, and fabric coating. In the automotive industry, it is mainly used for the paint protection application.

The key companies have adopted various inorganic and organic growth strategies, such as new product launches, acquisitions, and expansions, to strengthen their foothold in the PU films market. Covestro (Germany), SWM International (US), 3M (US), Avery Dennison (US), and DingZing Advanced Materials (Taiwan) are some of the leading players operating in the PU films market.

Expansions was the key growth strategy adopted by the leading players between 2015 and 2018 to enhance their business prospects, increase their global reach, and widen their distribution network. Covestro adopted the strategy of expansion to increase its revenue and enhance its profit margins. At the beginning of 2018, the company planned to expand its films production capacity at four locations, namely, Thailand, the US, China, and Germany. This expansion is intended to meet the growing demand for films in these markets. The company is planning to invest more than USD 116 million at these locations. Covestro holds the top position in the PU films business across the globe with 19.0% market share. Initially, the company was into manufacturing of PU resins, and, by forward integration, it started manufacturing PU films. This allowed the company to maintain its profit margin and compete with the local low-cost PU film manufacturers.

SWM International (US) is one of the leading PU film manufacturers that operate globally. It is ranked second in the PU films market. In 2015, the company acquired Argotec LLC (US), a leading producer of PU films for surface protection, medical, and glass lamination applications. This acquisition facilitated the company’s entry into the PU films market. Every year the company generates revenue of USD 110 million from its PU films business. This acquisition helped the company gain a leading position in the PU films market.

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