Polyurethane (PU) Film Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the short term, increasing usage in the footwear and apparel industry is a significant factor driving the market's growth.
• However, the rising prices of raw materials are a key factor anticipated to restrain the target industry growth over the forecast period.
• Nevertheless, the potential for bio-based TPU is likely to create lucrative growth opportunities for the global market soon.
• The Asia-Pacific region is expected to dominate the polyurethane (PU) films market and is also likely to witness the highest CAGR during the forecast period.

Polyurethane Film Market Trends

Footwear and Apparel Segment to Dominate the Market

• TPUs (thermoplastic polyurethanes) are incredibly durable and flexible plastics. The abrasion resistance, shock absorption, grip on slick surfaces, and low weight of this high-quality material are unrivalled.
• Foamed TPU film is ideal for use as a non-slip, wear-resistant protective covering for the shoe outside, including safety shoes, alpine boots, and hiking boots.
• TPU keeps its unique qualities even when wet, making it a popular material for orthopaedic insoles.
• According to World Footwear, the quantity of footwear produced worldwide reached 22.2 billion pairs and registered growth compared to 20.5 billion pairs in 2020.
• As per the Federal Customs Service of Russia, the import footwear volume in Russia reached 310.85 thousand pairs and registered growth compared to 256.08 thousand pairs in 2020.
• Reebok and Addidas are some of the top brands in the footwear market. According to Addidas, net sales of the Reebok brand worldwide were valued at EUR 1,767 million (USD 1,878.75 million) in 2021.
• The footwear industry is growing at a moderate level across the world. Many major footwear companies are shifting their manufacturing facilities to Asia due to cheap labor availability and the increasing demand in developing countries of the Asia-Pacific.
• All the above factors are expected to drive the market for wood-based panels in the coming years.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region holds a significant share of the PU film market globally and is expected to dominate during the forecast period.
• Asia-Pacific includes the most extensive construction market, which India, China, and Southeast Asian countries lead.
• According to the National Bureau of Statistics of China, the market value of China's construction industry was valued at USD 1,117.42 billion in 2021 and registered a growth rate of 6.5% compared to USD 1,049.19 billion in 2020.
• China dominates the global footwear industry and is the world's largest manufacturer and exporter. China exported nearly 7.9 billion pairs of shoes and boots in the first 11 months of 2021. The footwear industry faced a significant decline in the past years. However, the industry is projected to grow faster during the forecast period.
• India's textile sector is one of the oldest industries in the Indian economy. The industry is highly varied and consists of hand-spun and hand-woven textiles sectors and capital-intensive sophisticated mills.
• The exports of textiles stood at USD 22.89 billion between April 2021 and October 2021. According to India Brand Equity Foundation (IBEF), the textile industry in the country is expected to reach USD 209 billion over the next six years.
• Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.

Polyurethane Film Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support