Asia Pacific thermoplastic elastomers (TPE) market is expected to reach USD 7.82 billion, according to a new report by Grand View Research, Inc. High rate of product utilization in automotive component production is expected to remain a key factor driving market growth over the next seven years. Favorable regulatory initiatives by environmental agencies to curtail carbon emission by improving fuel efficiency has compelled major automotive OEMs to adapt plastics as substitute to metals and alloys in various components.
Rising consumer preference towards high performance and light weight passenger cars has been driving plastics innovation in automotive industry. These factors have led to increased TPE consumption for manufacturing advanced and fuel efficient cars. They exhibit design flexibility, lower fabrication costs and shorter processing times compared to thermoset plastics, thus gaining wide acceptance in terms of their application consumption. The market is expected to exhibit high growth potential owing to increasing consumption in construction, automotive, consumer goods and electrical & electronics industries.
SBC was the leading product segment and accounted for 53.2% of total market volume in 2014. SBC is widely consumed for paving & roofing, advanced material production, footwear and adhesives & sealants applications. Increasing construction spending in China, India, Indonesia and Thailand is expected to drive this segment over the forecast period.
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Further key findings from the report suggest:
- Asia Pacific TPE market demand was 1,623.1 kilo tons in 2014 and is expected to reach 2,447.1 kilo tons by 2022, growing at a CAGR of 5.3% from 2015 to 2022.
- TPV is expected to emerge as the fastest growing product segment at an estimated CAGR of 7.4% from 2015 to 2022. Automotive was the largest TPV application segment and accounted for over 60% of total product demand in 2014.
- China emerged as the leading market with demand share exceeding 55% in 2014. High demand in existing automotive component and aftermarket in the country is anticipated to remain a key factor driving TPE demand over the forecast period.
- India is expected to witness the highest growth of 5.6% from 2015 to 2022. Favorable government initiatives such as ‘Make in India’ to promote domestic manufacturing industries including automotive and electronics and construction materials is expected to drive growth.
- The market is moderately fragmented and characterized with presence of large scale players and several small scale regional players. Major companies operating in Asia Pacific TPE market include Huntsman Corporation, DuPont, Arkema, BASF and Dow Chemical Co.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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