Thermoplastic Polyester Elastomer Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026
Thermoplastic Polyester Elastomer Market Overview
Polyester Elastomer market size is forecast to reach US$1.22 billion by 2026,
after growing at a CAGR of 3.8% during
Currently, due to the COVID-19 pandemic, the Plastic and the rubber industry were affected in multiple ways. There was a supply disruption of raw materials. A delay in farming activities and latex collection further exacerbated the problem. Critical inputs like plastic, carbon black, and rubber compounds were in short supply due to global economic turmoil and import restrictions. For a sector dominated by MSMEs that do not often have solid business continuity planning, the delay in farming activities also resulted in liquidity and working capital concerns. They rely on consistent cash flows to cover their working capital needs and pay their employees. The industry's prospects were further harmed by worldwide market volatility. During the pandemic, however, the market is steadily rebounding due to the growth of TPE (Thermo Plastic Elastomer) in the medical, as well as food and beverage packaging industries.
Thermoplastic Polyester Elastomer Market Report Coverage
The report: “Thermoplastic Polyester Elastomer– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermoplastic Polyester Elastomer market.
By Application: Rubber seals, Belting, Tubing, Bushing and Gears, Conveyer, Geophysical,
Industrial, Material Handling, Wire and Cable, Others.
By End-Use Industry: Aerospace, Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)),Electrical and Electronics (Medical Devices, Smart Phones, Computer Electronics, Home Appliances, and Others), Marine,Sports and Leisure, Energy (Wind Energy, Solar Energy, and Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)
- The Thermoplastic Polyester Elastomer (TPE-E) market in Asia-Pacific is dominated by the region's rising use in a variety of applications in the automotive, medical, construction, and other industrial markets.
- The varieties of TPE-Es and their modification options provide the foundation for a wide range of material qualities, allowing for cost-effective processing in a wide range of industries.
- TPE-E is easy to mold or extrude onto rigid thermoplastic materials, making it ideal for product soft-touch grips. TPE-Es can also be used to make bottle cap liners and seal rings. It's also good for vehicle parts, wire and cable insulation, HVAC systems, and home appliances.
- The biggest opportunity for this market in practically every key industry is increasing need for TPE-Es in densely populated nations like China and India, where demand is growing every day.
Figure: Asia-Pacific Thermoplastic Polyester Elastomer Market Revenue,
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Thermoplastic Polyester Elastomer Market Segment Analysis – By Application
Belting segment held the largest share in
Thermoplastic Polyester Elastomers Market in 2020 and is growing at a CAGR 4.5%
Thermoplastic Polyester Elastomer Market Segment Analysis – By End-Use Industry
segment held the largest share in the Thermoplastic Polyester Elastomer market
in 2020 and is growing at a CAGR of 6.2% during
Thermoplastic Polyester Elastomer Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Thermoplastic Polyester Elastomer Market in 2020 up to 43%, owing to the accelerating automotive industries in the region. According to the International Organization of Motor Vehicle Manufacturers, China produced 25.2 million automobiles in 2020, while India produced 3.9 million, with 25.7 million and 3.8 million automobiles sold in China and India, respectively. China remains the world's largest vehicle market, with the Chinese government projecting that car production will hit 30 million units by 2020 and 35 million by 2025. In 2018, nearly 27 million automobiles were sold in China, according to the China Association of Automobile Manufacturers. The Made in China 2025 program, which aims to transition the country's industry from low-cost mass production to higher-value-added advanced manufacturing, includes automobiles, including new Energy Vehicles (NEVs). The government's target for NEVs is to create 1 million electric and plug-in hybrid cars in China by 2020, with local production accounting for at least 70% of the market. Chinaese government is making a huge investment in the automotive industry which can lead to Thermoplastic Polyester Elastomer Market growth in the forecast period.
Thermoplastic Polyester Elastomer Market Drivers
Increasing Automotive Production
Thermoplastic Polyester Elastomers are increasingly being used to replace their equivalents in the production of the inside and exterior of automobiles due to their specific strength and modulus. Thermoplastic Polyester Elastomers are becoming more popular in the vehicle industry due to their superior strength-to-weight ratio and are used in a range of applications in the industry, including automotive hoses, seats, gears, and brake systems, among others. China is the world's largest automobile market, with the Chinese government projecting that car production will reach 30 million units in 2020 and 35 million by 2025. As a result, increased automation will necessitate more automotive components, which will drive the Thermoplastic Polyester Elastomers market during the forecast period.
Use of Thermoplastics in Commodity Sector
Commodity The term thermoplastic refers to the least priced thermoplastics, such as polypropylene and certain grades of polyethylenes, that account for the majority of total plastic production. Elastomeric polymers have a high degree of elasticity, which makes them less prone to breaking or cracking. In fact, depending on the substance, elastomers can reversibly extend up to 700 percent. Wires and cables, photographic and magnetic tape, apparel, reusable bags, medical trays, and seeding trays are all examples of commodity products that can benefit from the high tensile strength and tear resistance of elastomers. period. As a result of the diverse uses of commodities in everyday life, the plastics market is predicted to grow, which would favorably impact the Thermoplastic Polyester Elastomers market over the forecast period.
Thermoplastic Polyester Elastomer Market Challenges
Higher Price of raw materials:
Extrusion and injection molding are the two most common TPE manufacturing processes. Injection molding allows for incredibly quick and cost-effective fabrication. The TPE-raw E's material costs are substantially greater. The reason for this is its high production cost; while producing TPE-E, the apparatus and equipments used are more expensive, and they also demand a lot of maintenance. As a result of this feature, the product has a greater price than its alternative materials, which tends to limit the market's growth.
Thermoplastic Polyester Elastomer Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic Polyester Elastomer Market. Thermoplastic Polyester Elastomer Market top companies include:
1) A. Schulman, Inc.
2) BASF SE
3) Celanese Corporation
4) Chang Chun Group
5) Covestro AG
7) Entec Polymers
8) LG Chem
9) Mitsui Chemicals Inc
10) PolyOne Corporation and others.
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