The thermoplastic elastomer (TPE) industry in the Asia-Pacific region is set to grow at a rate of CAGR 5.3% to reach USD 7.82 billion till 2022. The demand for TPE is expected to augment from 1,623.1 kilotons to 2,447.1 kilotons. According to the report by “Thermoplastic Elastomers Market”, the strong demand from automotive part manufacturers has fueled the growth of TPE market
Thermoplastic Elastomers (TPEs) are fast replacing standard plastics and elastomers in auto and construction industry. They help enhance fuel efficiency and are lightweight as compared to metals and alloys. TPEs require shorter processing time, have low production costs and are more flexible. They are used in production of automotive components such as window profiles, bumpers shock, absorbers, valves, spark plug boots, diaphragms, seals, mats and gaskets.
TPEs – Dynamically Developing Materials
Basically, TPEs are plastics that exhibit the properties like that of vulcanized elastomers at room temperature. They can be melted, deformed and recycled! There are several types of TPEs, which have diverse properties. They are more widely used in sectors like automobile, construction, machine manufacturing, and medical technology.
SBC (Styrenic Block Copolymers) a TPE, have been dominating the market for the past few years now. It is used in the manufacture of sealants, adhesives and footwear applications. This TPE has rubber-like flexibility and is resistant to acids, bases, water, polar solvents.
Another TPE, Thermoplastic vulcanizates (TPV) is also estimated to witness a significant growth over the next few years. It is estimated to grow at the rate of 7.4% from 2015 to 2022. TPV is used in the production of consumer goods, automotive components and in fluid handling.
Thermoplastic Polyurethane (TPU) has superior thermal and acoustic insulation properties and is used in the construction of hose and tubing, automotive parts, wires, and cables.
Countries Dominating the TPV Market:
Presently, China, Japan, Germany and the USA are the largest consumers of TPE. Also, Asia-Pacific is the largest regional market that accounts for more than 40% of total consumption.
The high industrial growth characterized by the favorable policies of the government of China and India has propelled the TPE consumption (Grand View Research). For example, the government of India’s ‘Make in India’ initiative to boost domestic engineering sectors such as electronics, construction and automotive is further anticipated to drive the TPE demand.
Styrenic Block Copolymer Thermoplastic Elastomer (SBC / TES). (n.d). Retrieved from http://www.rtpcompany.com/products/product-guide/styrenic-block-copolymer-thermoplastic-elastomer-sbc-tes/
Asia Pacific Thermoplastic Elastomers (TPE) Market Size To Grow At A CAGR Of 5.3% From 2015 To 2022: Grand View Research, Inc. Nasdaq. (n.d) Retrieved from https://globenewswire.com/news-release/2016/04/18/829583/0/en/Asia-Pacific-Thermoplastic-Elastomers-TPE-Market-Size-To-Grow-At-A-CAGR-Of-5-3-From-2015-To-2022-Grand-View-Research-Inc.html
Auto industry driving strong growth for TPEs. (Esposito Frank, 2014). Retrieved from http://www.plasticsnews.com/article/20140618/NEWS/140619891/auto-industry-driving-strong-growth-for-tpes
Thermoplastic Elastomers Market worth 27.8 billion USD by 2020. (n.d). Retrieved from http://www.marketsandmarkets.com/PressReleases/thermoplastic-elastomers.asp
Plastic News. (n.d). Retrieved from http://www.plastemart.com/plastic-facts-information.asp?news_id=28768&news=Thermoplastic-Elastomers-market-in-Asia-Pacific-Size-to-register-CAGR-of-53-from-2015-To-2022