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. The introduction of government policies that support investment along with private players emphasizing on enhancing technologies is anticipated to further fuel market demand.
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The key driving factors responsible for the growth of Asia Pacific
Thermoplastic Elastomers market :
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.
Block copolymers and ionomers are
the major raw materials for manufacturing TPE. Block copolymer process utilizes
SBS rubber (styrene-butadiene-styrene) formed by combining a long block of
polybutadiene with a short block of polystyrene where as ionomer process
includes copolymers of ethylene and methacrylic acid. Increasing disposable
income, rapid industrialization, and economic progress has progressively
fostered automotive, electronics and consumer goods sectors, resulting in
higher demand for component manufacturing end-uses. This aspect is likely to
boost market growth, especially in India and China.
Improvement in the production
process has propelled demand for biodegradable and recyclable TPE producing
less scrap material. Additionally, packaging application segment is expected to
witness exponential growth owing to increasing demand for transparent product
packaging in different markets including consumer goods, electronics and
medical applications. Other growing industries are projected to boost
thermoplastic elastomers in personal care products, footwear, wire and cable,
clothing applications and sports and leisure equipment.
Market players may have to
confront major barriers to substitute rubber materials. Key companies are
gradually undertaking new product development and innovation to allow entry
into new marketplaces where rubber remains the dominant most applications.
Product Insights
SBC accounted for 50% of the
overall volume and emerged as the largest application segment in 2014. Demand
for hydrogenated SBC is catching momentum in sealants, adhesives, coatings, films and coating applications on
account of its superior pressure sensitivity. Rising demand from applications
including footwear, advanced materials and paving & roofing is expected to
further improve industry growth over the forecast period.
TPO finds its widespread
applications in automotive industry such as fascia systems, instrument panels
and bumpers. It emerged as the second most consumed product in the market. Key
automotive OEMs are increasingly adopting plastics in automotive components as
a substitute for alloys and metals in order to reduce weight, improve
structural strength and gain chemical resistance.
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