Industry Insights
In 2014, the global thermoplastic
elastomers (TPE) market was estimated at 3.82
million tons. The rising replacement of ethylene propylene diene monomer (EPDM)
by TPE in construction equipment is likely to fuel the product market. The
superior chemical and physical properties of the product as opposed to
thermoset plastics are expected to widen the application scope, thereby aiding
market demand.
The growing application of
TPE in electronics, consumer goods, construction, and footwear is expected to
have a positive impact on the product demand. The rising demand for TPE in the
automotive industry owing to the changes in consumer preferences regarding
lightweight and high performance passenger cars has been instrumental in
driving the market growth.
The characteristics of the
product to be recycled, re-shaped, and re-molded result in minimizing the
product wastage, resulting in high application scope. The product acts as
substitutes for conventional plastic and rubber on account of its attributes
including resistance to oxidation, UV, chemicals coupled with imparting
soft-touch.
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The regulations by federal
bodies including US Pharmacopeia, FDA promote safety and health ensuring the
product utilization in various end-use industries. In addition, the
environmental norms by various governments regarding reduction in carbon
emission by increasing fuel efficiency is expected to witness a subsequent
growth in the product application in automotive OEMs as an alternative to
alloys and metals.
The fluctuating prices of
major raw materials including polyurethane, propylene, and styrene is likely to
hamper the market growth.
Regional Insights
Asia Pacific contributed to
over 40% of the global product consumption in 2014. The industrial growth in
this region is on account of favorable government norms coupled with monetary
policies regarding private investments. The major contributors to TPE
consumption India and China are estimated to grow exponentially at around 66%
during the analysis period.
North America accounts for
over 35% of the TPO product consumption market. The rising demand for the
product in the construction & industrial sector is likely to propel market
growth. The industrial growth in the region is based on increased application
scope coupled with high R&D activities by local companies. The increased
production in the automotive sector in Mexico and US coupled with the growth of
consumer & construction industries is likely to have a positive impact on
the TPE demand during the analysis period.
Competitive Insights
The global TPE market is
highly fragmented with the major four companies contributing to over 45% of the
market share. These major companies include Lyondell Basell, Sinopec, Kraton
Polymers, and Dow Chemical Company. The other key players include Kraton,
Evonik, Dynasol Elastomers, Bayer Material Science, and Arkema.
The key companies are
changing their production to the emerging markets in India, China, Southeast
Asia, and Brazil. This production shift can be characterized by favorable
production conditions including low labor, raw material & operational
costs. The presence of local suppliers in Japan and China is likely to increase
the competition.
The major manufacturers
Zeon and Muller Kunstsoffe are expanding to Japan and China. In addition,
Mitsubishi is engaged in R&D for developing eco-friendly bio-based TPU and
improving manufacturing processes by the elimination of phosgene toxics.
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