Thermoplastic Copolyester Elastomers Market Highlighting Lucrative Avenues Across Major Geographies During 2018-2027
Thermoplastic copolyester elastomers market witnessed moderate growth in 2018, with demand surpassing 170 thousand tons, according to Fact.MR’s latest study. Thermoplastic copolyester elastomers demand is likely to benefit from broader developments in the automotive industry, especially the growing focus on improving fuel efficiency.
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Automotive manufacturers are rapidly moving towards thermoplastic copolyester elastomers for production of new high-temperature resistant air ducts. Thermoplastic copolyester elastomers are also facilitating manufacturers to produce air ducts in a single material and using a single process. Focus on weight and cost reduction, while improving process efficiency are among the key factors that will continue to support adoption of thermoplastic copolyester elastomers in end-use industries.
According to Fact.MR’s study, demand for thermoplastic copolyester elastomers from the automotive industry will also be influenced by growing focus on passenger safety. Governments in various countries have mandated the inclusion of airbags in vehicles. Use of thermoplastic copolyester elastomers as a cost-effective material for airbag manufacturing will create significant opportunities for stakeholders.
The demand for TPC is expected to grow significantly in the US, Europe, and Japan, owing to the rising demand for high-performance materials. Further, China, Brazil, and India hold great potential for thermoplastic copolyester elastomers manufacturers due to the growing automobile market, along with the imposition of emission regulations on the automotive sector.
Thermoplastic copolyester elastomers are rapidly replacing rubber and metals in electrical, consumer goods, and medical manufacturing. Medical device manufacturers are shifting towards non-latex solutions, owing to the ever-increasing environmental concerns, biohazard, and skin sensitization issues. This is driving the demand for TPC, replacing other materials such as polyvinyl chloride (PVC) and silicone rubber used in medical devices.
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North America to Remain Lucrative in Thermoplastic Copolyester Elastomers Market
North America is witnessing growing demand for thermoplastic copolyester elastomers in the automotive sector in manufacturing lightweight and fuel-efficient cars. Thermoplastic copolyester elastomers are finding significant applications in manufacturing hot charge air ducts and CVJ boots in automobiles.
The report by Fact.MR opines that the demand for thermoplastic copolyester elastomers in North America is expected to exceed 60 thousand tons in 2018. Regulatory requirements are becoming increasingly stringent in automotive, medical, and consumer goods industries in North America. This is driving the demand for recyclable and flexible raw material for manufacturing various products in these industries, thereby, resulting in growing demand for thermoplastic copolyester elastomers.
Asia Pacific Excluding Japan (APEJ) is also expected to account for significant share in the market owing to stellar growth in China. The automotive and footwear industries in APEJ are among the leading consumers of thermoplastic copolyester elastomers. However, complex production process and high technical requirements is keeping the operating rates at low levels for thermoplastic copolyester elastomers in China.
The report also finds that the thermoplastic copolyester elastomers market may be impacted by the fluctuating raw material prices. Volatility in crude oil prices is hampering the growth thermoplastic copolyester elastomers and making it difficult for manufacturers to maintain regular supply.
The Fact.MR report tracks the thermoplastic copolyester elastomers market for the forecast period 2019-2027. The thermoplastic copolyester elastomers market is projected to register CAGR of 4.5% between 2019 and 2027, according to the report.