Asia Pacific thermoplastic elastomers market size was USD 4.63 billion in 2014. The market is anticipated to witness significant growth over the next seven years owing to increasing automotive production in countries such as China, India, Thailand and Indonesia. Government policies to investment liberalization coupled with private players focusing on improving technologies are expected to fuel demand. TPEs are widely used in automotive components due to superior properties such as tactile grip, moisture resistance and excellent elasticity and flexibility. Strong demand from other end-use industries such as footwear, medical devices, and electronics is expected to remain a key driving factor for growth over the forecast period. Asia Pacific Thermoplastic Elastomers (TPE) market revenue They are manufactured using either ionomers or block copolymers manufacturing process. Ionomer process includes copolymers of ethylene and methacrylic acid while block copolymer process uses SBS rubber (styrene-butadiene-styrene) created by linking a short block of polystyrene along with a long block of polybutadiene. Rapid industrialization, economic progress, and increasing disposable income have fostered the development of automotive, consumer goods, and electronics sectors, leading to higher demand in component manufacturing applications. This factor is expected to fuel market growth specifically in China and India. Development of enhanced production processes has boosted demand for recyclable and biodegradable TPE generating less scrap material. Exponential growth is expected to be witnessed in the packaging application segment on account of rising demand for transparent product packaging in various markets such as medical, consumer goods, and electronics. Other growing industries are expected to drive thermoplastic elastomers to demand footwear, personal care products, wire and cable, sports and leisure equipment, and clothing applications. Source:https://www.grandviewresearch.com/industry-analysis/asia-pacific-thermoplastic-elastomers-tpe-market
Asia Pacific thermoplastic elastomers market size was USD 4.63 billion in 2014. The market is anticipated to witness significant growth over the next seven years owing to increasing automotive production in countries such as China, India, Thailand and Indonesia. Government policies to investment liberalization coupled with private players focusing on improving technologies are expected to fuel demand.
Ease of processing and recycling with negligible emissions is expected to lead towards higher demand. They have successfully replaced thermosets in various applications such as electronic components and medical devices. TPE are gaining wide popularity due to a high degree of purity (low level of extractable compounds), recycling ability and cost effectiveness. They are being touted as ideal substitute for PVC and latex owing to aforementioned factors.
Industry participants will have to overcome significant barriers to replace rubber materials thoroughly. As market penetration is achieved in existing applications, market development is expected to be hampered, and key companies are increasingly undertaking product innovation to permit entry into new markets where rubber still dominates most applications.