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.
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.
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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.
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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.
TPV
is estimated to experience the highest growth at a CAGR of 7.4% over the
forecast period amongst all products from 2015 to 2022. TPV is broadly used in
fluid handling, consumer good sand automotive applications. Growing usage of
TPV in the automotive sector, such as interiors and under the hood components,
on account of its high oil and heat resistance, is anticipated to be an
important driving factor for market growth over the forecast period. TPU is
mostly used in construction, hose & tubing, wire & cables and
automotive. Its superior thermal insulation and acoustic properties, when
compared to thermoset PU, plays a vital role contributing toits consumption in
the above-mentioned applications.
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