Mar 01, 2019
Thermoplastic Elastomers Market Continues to be Driven by Growing Adoption in Automotive Industry, Finds Fact.MR
by Team Fact.MR
Automobile manufacturers are increasingly shifting from standard plastic and conventional elastomers to using thermoplastic elastomers with product innovations. Demand for thermoplastic elastomers is strongly focused in Japan, US, China, and Germany owing to continues growth in the automotive industry, along with several new players entering the market.
Thermoplastic elastomers application in automotive industry is widespread ranging from sealing components to fabric coating. PVC in the fluid handling applications in automobiles is being replaced with thermoplastic vulcanizate, a type of thermoplastic elastomers on a large scale.
In the developed regions, growing demand for soft touch interiors in the automotive sector are likely to drive thermoplastic elastomers adoption in interior skins and components. Moreover, ease of processing is expected to lead thermoplastic elastomers replacing rubber in engine application in the automotive industry.
Manufacturers in the automotive sector with an aim to lower vehicle emission and reduce vehicle weight are focusing on developing various components in the vehicle using thermoplastic elastomers. Increasing demand for fuel-efficient cars across regions is also shifting manufacturers focus towards thermoplastic elastomers.
The diversity of thermoplastic elastomers is finding new opportunities in other industries. The rise in global demand for consumer electronics and goods with a soft touch and ergonomic design is driving manufacturers to develop new products using thermoplastic elastomers. Thermoplastic elastomers are widely used to improve grip characteristics of power and grip tools.
Medical and hygiene is also the fastest growing application sector for thermoplastic elastomers. Medical device manufacturers are increasingly replacing thermoset rubber and PVC in standard application like drip chambers, ventilator bags, syringe tips, dropper bulbs, gaskets, seals, etc. New materials are being delivered using thermoplastic elastomers in medical sector to meet stringent health and environmental regulations.
Intense competition in the market has led to the increased investment in the research and development by thermoplastic elastomers manufacturers. Moreover, environmental regulations have led to the development of bio-based thermoplastic elastomers. Thermoplastic elastomers are also witnessing significant growth in other industries such as building and construction and footwear.
Thermoplastic Copolyester Elastomers Sales Surge on Back of Wide Application in Automotive Air Ducts
Sales of thermoplastic copolyester elastomers is likely to increase in the coming years with growing application in the automotive sector to design new components and as a substitute to PVC and rubbers. The thermoplastic copolyester elastomers market expected to witness volume sales exceeding 180 thousand tons in 2019, up from 176,890 tons in 2018, as per the latest Fact.MR report.
Growing demand for thermoplastic copolyester elastomers in air ducts and CVJ boots in the automotive industry owing to its superior chemical and physical properties is predominantly driving its global sales.
Application of thermoplastic copolyester elastomers in medical and industrial sectors is likely to increase in the coming years. The rapid shift from silicone rubber and PVC, due to various health concerns is driving demand for thermoplastic copolyester elastomers as a sustainable alternative. High-resistance to oil and chemicals is also leading to the increasing sales of thermoplastic copolyester elastomers in various industries.
Fact.MR expects North America to remain lucrative in terms of volume sales in the thermoplastic copolyester elastomers market followed by APEJ. Presence of established players, coupled with the booming automotive industry and medical sector in North America is creating favorable business conditions for market players. North America is projected to reach nearly 70 thousand tons in terms of sales in 2019.
The US remains a strong production base for thermoplastic copolyester elastomers manufacturers, despite rapid growth in China. Thermoplastic copolyester elastomers suppliers are rapidly expanding capacity in the US, owing to the presence of large multinational customers, availability of skilled workforce, and low energy cost. According to the report, application of thermoplastic copolyester elastomers in China is likely to rise in a number of industries, with current focus in footwear.