Thermoplastic Elastomers Market

The Asia Pacific Thermoplastic Elastomers Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape, and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for market players to invest in research and development.

Market Overview:

Asia Pacific thermoplastic elastomers market size was USD 4.63 billion in 2014 and is anticipated to reach over USD 7.82 billion by 2022. It is expected to witness substantial growth over the forecast period owing to growing automotive manufacturing in countries such as India, China, Indonesia, and Thailand.

Key Players:

  • Advanced Elastomer Systems L.P.
  • Arkema S.A.
  • BASF
  • Bayer MaterialScience
  • China Petroleum & Chemical Corporation
  • Dynasol Elastomers LLC
  • EMS group
  • Evonik Industries
  • Huntsman Corporation
  • Kraton Polymers LLC

Growth Drivers:

The introduction of government policies that support investment along with private players emphasizing on enhancing technologies is anticipated to further fuel market demand.

TPEs have superior properties such as moisture resistance, excellent elasticity and flexibility and tactile grip and hence are widely used in automotive components. Demand from other industries such as footwear, medical devices, and electronics is expected to remain a key driving factor for growth over the forecast period. Growth in demand is expected owing to the ease of recycling and processing with negligible emission is anticipated to result in higher demand. They have replaced thermosets in varied applications including medical devices and electronic components. TPE are gaining prominence mainly on account of the high degree of purity, low level of extractable compounds, cost effectiveness and recycling ability. They are popularly known as an ideal substitute for latex and PVC owing to above-mentioned factors.

Product Outlook:

  • Styrenic block copolymers (SBC)
  • Thermoplastic polyurethane (TPU)
  • Thermoplastic polyolefins (TPO)
  • Thermoplastic vulcanizates (TPV)
  • Copolyester elastomers (COPE)

Regional Insights:

China TPE market was the market leader in Asia Pacific with an estimated revenue exceeding USD 2 billion in 2014. The market in the region experiences a high demand for TPU and TPV in automotive and medical applications respectively. Thermoplastics consumption in automotive applications is used as an alternative to alloys and metals owing to favourable government policies. In addition, increasing production of passenger cars is anticipated to further augment the regional market demand from 2015 to 2022.

In 2014, Japan constituted for approximately 20% of the overall market share by volume. The market in the region is identified by supportive regulatory regulation pertaining to plastic usage in automotive component applications. In addition, automotive OEMs are dynamically implementing thermoplastics as a substitute for metals to make available automobiles with improved performance and fuel efficiency simultaneously reducing total curb weight of the automobile.

In 2014, India contributed to over 10% of the overall market volume. Favourable manufacturing conditions including cheap raw material, availability of skilled labour and low capital investment have resulted in many global automotive OEMs preferring their production bases to shift to India thus benefiting small scale TPE manufacturers in terms of supply and demand.

Source: https://express-press-release.net/news/2020/12/10/817793

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