Thermoplastic copolyester elastomers are a class of thermoplastic elastomers that combine many of the properties of both thermoplastics and rubbers. Thermoplastic copolyester elastomers are high-performance engineering materials with thermoplastic behavior and structural strength. They exhibit elasticity and resistance to impact and flex fatigue.
At low strains, they have low hysteresis and behave akin to a perfect spring with ideal elasticity. Additionally, these materials possess excellent resistance to oils and chemicals and have high service temperatures.
Thermoplastic copolyester elastomers have replaced other materials such as metal and general rubbers. They are also expected to replace composites of rubber with metal, glass, and fabrics without reinforcement.
Along with the automotive industry, thermoplastic copolyester elastomers are also used in industries such as building & construction, footwear, engineering, medicals, and wires & cables
Key Drivers of Thermoplastic Copolyester Elastomers Market
Increase in application of thermoplastic copolyester elastomers in the automotive industry is expected to boost the thermoplastic copolyester elastomers market during the forecast period. Thermoplastic copolyester elastomers are increasingly being used in automotive hot charge air ducts, particularly in advanced petrol and diesel engines, that need to withstand high temperatures for long periods. They also provide flexibility at a lower temperature, eliminating the chances of a splinter in automobile airbags.
The usage of polyvinyl chloride (PVC) and silicone rubber has been decreasing in the health care industry, owing to the rising environmental and health concerns. Thermoplastic elastomers are emerging as a more sustainable alternative to thermoset rubbers owing to their recyclability and cost-efficiency. They are rapidly replacing rubber and PVC in medical devices as they are non-allergenic. This eliminates concerns for individuals with latex sensitivity. These factors are fuelling the adoption of thermoplastic elastomers in dental, surgical, and medical applications, thus driving the thermoplastic copolyester elastomers market.
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Fluctuation in Raw Material Prices to Restrain Thermoplastic Copolyester Elastomers Market
Volatility in raw material prices is likely to adversely affect the thermoplastic copolyester elastomers market in the near future. This is likely to make it difficult for manufacturers to maintain regular supply for use in various industries. Variation in the exchange rate of key producers and exporters dealing in thermoplastic copolyester elastomers is also significantly impacting the development of the product, thus restraining the market.
In 2017, Mitsubishi Chemical Corporation developed a new grade of thermoplastic copolyester elastomer known as TEFABLOC. It provides scratch and oil resistance. The company also began production of styrenic thermoplastic elastomer at Mitsubishi Chemical Performance Polymers (Thailand) Co., Ltd in 2018.
DuPont de Nemours, Inc. increased the production capacity at its Shenzhen site. The company’s specialty products division invested nearly US$ 42 Mn to install three new production lines at the Shenzhen site in China.
Asia Pacific to be Key Region of Global Thermoplastic Copolyester Elastomers
In terms of region, the global thermoplastic copolyester elastomers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The market in Asia Pacific is expected to expand considerably in the near future. It is anticipated to be followed by Europe. Growth of the automotive sector in countries such as India and China due to the adoption of rapid technological advancement has significantly boosted the market in the region.
The automotive industry in India produced 30,915,420 vehicles, including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in April–March 2019 compared to 29,094,447 in April–March 2018, registering a growth of 6.26% over the same period in the last year
The thermoplastic copolyester elastomers market in North America and Middle East & Africa is likely to expand at a sluggish pace during the forecast period
Key Manufacturers in Market
The global thermoplastic copolyester elastomers market was highly fragmented in 2018. Key manufacturers operating in the global market include:
