thermoplastic elastomers (TPE) market was estimated at 3.82 million tons. The rising replacement of ethylene propylene diene monomer (EPDM) by TPE in construction equipment is likely to fuel the product market. The superior chemical and physical properties of the product as opposed to thermoset plastics are expected to widen the application scope, thereby aiding market demand.
The
growing application of TPE in electronics, consumer goods, construction, and
footwear is expected to have a positive impact on the product demand. The
rising demand for TPE in the automotive industry owing to the changes in consumer
preferences regarding lightweight and high performance passenger cars has been
instrumental in driving the market growth.
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The
characteristics of the product to be recycled, re-shaped, and re-molded result
in minimizing the product wastage, resulting in high application scope. The
product acts as substitutes for conventional plastic and rubber on account of
its attributes including resistance to oxidation, UV, chemicals coupled with
imparting soft-touch.
The
regulations by federal bodies including US Pharmacopeia, FDA promote safety and
health ensuring the product utilization in various end-use industries. In
addition, the environmental norms by various governments regarding reduction in
carbon emission by increasing fuel efficiency is expected to witness a
subsequent growth in the product application in automotive OEMs as an
alternative to alloys and metals.
The fluctuating prices of major raw materials including polyurethane, propylene, and styrene is likely to hamper the market growth.
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The
products are bifurcated as SBC, TPO, COPES, TPV, and TPU together with melt
processable rubber & thermoplastic polyamides. SBC contributed to over 47%
of the global market volume in 2014. The major SBC product consumed is SBC
accounting for over 70% of the total product volume. The increasing demand for
SIS in India & China in the automotive industry is likely to aid the
product segment. The leading application segment for SBC was roofing &
paving contributing to over 35% of product volume.
The
rising demand in automotive industry for high performance plastics is likely to
propel TPV segment growth. The penetration of TPU in the construction sector is
growing on account of its acoustic and thermal insulating properties. In
addition, the rise in consumer awareness regarding sustainability coupled with
regulatory framework regarding zero energy construction is anticipated to fuel
TPU growth in the sector.
Regional Insights
Asia
Pacific contributed to over 40% of the global product consumption in 2014. The
industrial growth in this region is on account of favorable government norms
coupled with monetary policies regarding private investments. The major
contributors to TPE consumption India and China are estimated to grow exponentially
at around 66% during the analysis period.
North
America accounts for over 35% of the TPO product consumption market. The rising
demand for the product in the construction & industrial sector is likely to
propel market growth. The industrial growth in the region is based on increased
application scope coupled with high R&D activities by local companies. The
increased production in the automotive sector in Mexico and US coupled with the
growth of consumer & construction industries is likely to have a positive
impact on the TPE demand during the analysis period.
Competitive Insights
The
global TPE market is highly fragmented with the major four companies
contributing to over 45% of the market share. These major companies include
Lyondell Basell, Sinopec, Kraton Polymers, and Dow Chemical Company. The other
key players include Kraton, Evonik, Dynasol Elastomers, Bayer Material Science,
and Arkema.
The
key companies are changing their production to the emerging markets in India,
China, Southeast Asia, and Brazil. This production shift can be characterized
by favorable production conditions including low labor, raw material &
operational costs. The presence of local suppliers in Japan and China is likely
to increase the competition.
The
major manufacturers Zeon and Muller Kunstsoffe are expanding to Japan and
China. In addition, Mitsubishi is engaged in R&D for developing
eco-friendly bio-based TPU and improving manufacturing processes by the
elimination of phosgene toxics.
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