Asia-Pacific Thermoplastic Elastomer (TPE) Market Regional Trend & Growth Projections Forecast 2022-2031
The Asia-Pacific thermoplastic elastomer market is estimated to witness a healthy growth, at an estimated CAGR of over 6.5%, over the forecast period. The major factors driving the growth of the market studied are extensive demand from the automotive industry and growing application in the HVAC industry.
– Growing demand for bio-based thermoplastic elastomers are likely to create opportunities for the market in the coming years.
– Volatility in raw material prices are expected to hinder the market demand in the future.
– China is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
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Key Market Trends
Increasing Usage in the Automotive and Transportation Applications
– Thermoplastic elastomers (TPE) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in a myriad of applications, some of which include the manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trims, door liners and handles, seat backs, and seat belt components, among others.
– The automotive industry places particularly high requirements on the materials used. Under extreme stresses, the materials must be dimensionally stable and must not warp, even when faced with great temperature variations.
– TPEs are special types of plastic, which are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight, in addition to providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at low cost. The light weight of TPE enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage.
– Growing demand for lightweight and high-performance plastics in the automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for the growth of the TPE market. High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help in reducing the weight and controlling greenhouse gas emissions.
– All the aforementioned factors, in turn, are expected to drive the demand for thermoplastic elastomer during the forecast period.
Asia-Pacific Thermoplastic Elastomer (TPE) Market
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