The PU films market 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. The growth of the PU films market can be attributed to the rising demand for passenger vehicles and luxury cars worldwide. Also, the growing concerns regarding health and hygiene increased the medical & healthcare expenditure worldwide, which is favorable for the growth of the PU films market.
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Growing demand for passenger vehicles and luxury cars is projected to lead the PU films market during the forecast period.
PU films are mainly used in luxury cars in the automotive industry. Owing to the increase in disposable income and purchasing power, the demand for luxury cars has increased over the past five years. The sale of luxury cars has increased globally by 17% in 2017 over the previous year. From the beginning of 2018, the sales of top 2 luxury car manufacturers, namely, BMW and Mercedes-Benz have increased by 13.0% and 12.0%, respectively. Also, Jaguar Land Rover and Volvo have posted growths of 66.0% and 33%, respectively, since January 2018. This overall growth is driving the PU films market in the automotive industry, globally.
Polyester PU films is the largest and projected to be the fastest-growing type segment of the PU films market.
The polyester PU films type segment of the PU films market is projected to grow at a higher CAGR between 2018 and 2023. The growth of the polyester PU films segment can be attributed to its lower cost than that of polyether PU films and its high demand in the textile & leisure industry.
APAC to be the fastest-growing regional segment of the PU films market.
The APAC region is projected to be the fastest-growing market for PU films. The growth of the APAC PU films market can be attributed to the presence of large textile exporting industries in countries, such as India, China, and South Korea. Additionally, the increasing demand for luxury and premium cars is expected to drive the growth of the APAC PU films market during the forecast period.
Covestro (Germany), 3M Company (US), SWM International (US), DingZing Advanced Materials (Taiwan), Avery Dennison (US), Coveris (US), MH&W International (US), PAR Group (UK), and RTP Company (US) are the leading players operating in the PU films market.
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