Thermoplastic Elastomers market in Asia Pacific Size to register CAGR of 5.3% from 2015 To 2022

Asia Pacific thermoplastic elastomers (TPE) market size to grow at a CAGR of 5.3% from 2015 to 2022, increasing focus on enhancing fuel efficiency in vehicles by replacing metal and alloys with light weight components is expected to propel demand for TPE, as per Grand View Research, Inc The market is estimated to reach over US$7.82 bln owing to growing consumption from automotive part production. Regulatory initiatives limiting carbon emission and increasing focus on enhancing fuel efficiency in vehicles are expected to have a positive impact on growth. Numerous automotive OEMs have been replacing metal and alloys with plastics from manufacturing of vehicle components to make vehicles light weight, thus propelling demand for TPE. Plastic innovation in the automotive industry is a major driving factor owing to growing consumer preference towards light weight vehicles and high performance This has resulted in increasing TPE consumption and requirement for manufacturing innovative and fuel efficient vehicles. The product requires low fabrication costs, shorter processing time and design flexibility as compared to thermosets, thereby achieving widespread recognition. Rising consumption in consumer goods, electrical & electronics, construction and the automotive industry is expected to develop new opportunities for the market over the forecast period. Styrenic block copolymers (SBC) dominated the market and accounted for 53.2% of overall volume in 2014. SBC is used in the production of advanced material, sealants, adhesives, and footwear applications. Growing construction expenses in India, Indonesia, Thailand and China is anticipated to drive growth over the next seven years. Thermoplastic vulcanizates (TPV) is projected to witness a significant growth rate of over 7.4% from 2015 to 2022. TPV is extensively used in fluid handling, consumer goods and automotive. Growing TPV consumption in motor vehicle sector including the interiors and hood components, on account of high oil and heat resistance is anticipated to be a major driving factor for its growth. Thermoplastic polyurethane (TPU) is essentially used in hose & tubing, automotive, wire & cables, and construction. Superior thermal and acoustic insulation properties compared to thermoset PU is expected to be the key driving factors for growth. Asia Pacific TPE demand is supposed to grow at a CAGR of over 5.3% and is anticipated to reach 2,447.1 kilo tons from 1,623.1 kilo tons in 2014. TPV is expected to increase rapidly at a projected CAGR of 7.4% over the forecast period. The largest TPV application was the automotive sector which constituted over 60% of total demand in 2014. China occupied the largest share in terms of demand and accounted for about 55.0% of the overall market in 2014. Increasing demand in the aftermarket and the automotive component market is anticipated to be an important factor driving the TPE demand in the next seven years. Government initiatives including ‘Make in India’ to encourage domestic engineering industries including electronics, construction material and automotive is projected to propel growth. India is expected to witness the highest growth of over 5.6% over the forecast period. The market is characterized by numerous small scale regional players and the existence of large-scale players. Major companies include DuPont, Huntsman Corporation, BASF, Dow Chemical and Arkema.
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