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“Growing demand for passenger vehicles and luxury cars”
The PU films market is estimated to be USD 449.0 million in 2018 and is projected to reach USD 688.6 million by 2023, at a CAGR of 8.9% from 2018. PU films are used in various industries, such as automotive & aerospace, textile & leisure, and medical. The growth of the PU films market can be attributed to the growing demand for luxury cars and premium passenger cars. The demand for luxury cars has increased globally in the past five years owing to the increase in disposable income and purchasing power of people. 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. The demand for PU films is also boosted by aftermarket sales. PU films are costlier than the other substitute films available in the market. Many local and small-scale manufacturers are engaged in the manufacturing of PU blend films which are cheaper than PU films. The consumers in the APAC market are inclined toward the use of cheaper films due to cost reduction. This scenario is restraining the growth of the PU films market.
“The textile & leisure end-use industry segment is projected to grow at the highest CAGR during the forecast period”
The textile & leisure end-use industry segment is projected to grow at the highest CAGR between 2018 and 2023, owing to the increased demand for textile & leisure products across the world. Growing population and increase in their disposable income drive the demand for textile & leisure products. Global textile production is also expected to increase during the forecast period and is expected to register a CAGR of 4.8% between 2015 and 2020. The growth is mainly driven by the increased purchasing power of the middle-class families.
“APAC is the largest and projected to be the fastest-growing market for PU films.”
APAC is estimated to account for the largest share of the PU films market in 2018, owing to the increased production of automobiles in this region. Increase in automobile production in APAC is primarily driven by the presence of leading automotive OEMs in this region. The increasing use of PU films for paint protection application is expected to drive the growth of the PU films market in APAC.
In addition, the demand for PU films is mainly driven by the textile & leisure industry in APAC. China and India are the largest markets of textile & leisure products across the world. The presence of the largest and third-largest textile exporting economies is favorable for the growth of the PU films market.
Extensive primary interviews have been conducted in the process of determining and verifying sizes of several segments and subsegments of the PU films market, gathered through secondary research.
The break-up of primary interviews has been given below.
- By Company Type: Tier 1 – 41%, Tier 2 – 24%, and Tier 3 – 35%
- By Designation: C Level – 29%, Director Level – 24%, and Others – 47%
- By Region: North America – 24%, Europe – 23%, APAC – 41%, and RoW -- 12%
The key companies profiled in this report on the PU films market include Covestro (Germany), SWM International (US), 3M Company (US), DingZing Advanced Materials (Taiwan), Coveris (US), Dunmore (US), MH&W International (US), PAR Group (UK), RTP Company (US), and Permali (UK).
The PU films market has been segmented based on type, function, end-use industry, and region. This report covers the PU films market and forecasts its market size till 2023. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the PU films market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the PU films market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the PU films market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the PU films market and gain insights to improve the position of their businesses.
- The competitive landscape section includes detailed information on new product launches, mergers, expansions, partnerships, acquisitions, and joint ventures.