Glass Synthetic and Bio-based Thermoplastic elastomers (TPE) Market Trends, Growth Forecast 2018 – 2023
Asia Pacific was the leading region and accounted for more than 40% of the total demand in 2014. Japan, China and India thermoplastic elastomers market dominated Asia Pacific and accounted for more than 85% of the total demand in 2015. Shift of footwear industries to Southeast Asian countries such as Vietnam coupled with growth of automotive & construction industry in India and China is likely to drive regional demand.
Asia Pacific was the leading region and accounted for more than 40% of the total demand in 2014. Japan, China and India thermoplastic elastomers market dominated Asia Pacific and accounted for more than 85% of the total demand in 2015. Shift of footwear industries to Southeast Asian countries such as Vietnam coupled with growth of automotive & construction industry in India and China is likely to drive regional demand.
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Regulatory policies by environmental agencies to reduce carbon emissions and increase in vehicle fuel economy by reducing weight has pushed many automobile OEMS towards adopting plastics in place of metals & alloys for manufacturing components. Automobile weight reduction is witnessed as a priority in the industry as it lowers carbon emissions.
Stringent environmental norms are backed by regulatory bodies in North America and Europe. According to sources, achieving vehicle weight reduction by 450 kg enables an average reduction in emission of CO2 by 40kg and also helps in increasing the fuel efficiency by around 10%.
Key TPE products include styrenic block copolymers (SBC), thermoplastic polyurethanes (TPU), thermoplastic vulcanizates (TPV), thermoplastic polyolefins (TPO) and copolyester elastomers. SBC was the largest consumed product and accounted for more than 45% of the total volume in 2014. Increasing application scope in paving & roofing is likely to drive SBC market demand.
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Global thermoplastic elastomers market share is consolidated moderately and top four companies cater to more than 47% of the total demand. Major companies are shifting TPE production capacity to China, Brazil, India, Thailand, Malaysia and Vietnam owing to ease in raw material procurement and cheap labor cost along with supporting manufacturing policies.
Key companies include BASF, Bayer, China Petroleum & Chemical Corp and Evonik Industries. Other manufacturers include Dow Chemical, LyondellBasell, Huntsman, Lubrizol Corp, PolyOne Corp, LYC Chemical and LG Chemicals.
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