Global Thermoplastic Copolyesters (TPC) Market Demand & Forecast Analysis, 2016-2032
Thermoplastic Copolyester Elastomers Market Overview
The global Thermoplastic Copolyester Elastomers Market is forecast to reach USD 2.2 billion by 2032, at a CAGR of 5.5 % from USD 1.3 billion in 2022. Thermoplastic elastomers (TPE) are a versatile type of plastic that exhibit properties of both plastics and rubbers. TPCs have become increasingly popular in many high-strength applications as a substitute for metals and rubbers, thanks to their exceptional physical, mechanical, and dynamic properties
Global Thermoplastic Copolyester Elastomers Demand Supply 2016-2032 (Kilo Tons)
Thermoplastic copolyester elastomers (TPC) are produced from polycondensation of long chain ether or ester diols with chain extender like butanediol with terephthalic acid. TPC contains hard segment of PBT and soft segment of amorphous polyether. Variation of properties is determined by the ratio and molecular weight of hard and soft segments. They have random distribution of hard and soft segments with random length sequences. Thermoplastic copolyester elastomers are processed with the conventional techniques of injection moulding, compression, blow moulding and rotational moulding. They can readily be extruded. Processing conditions are related to the melting temperatures of polymers and hence the morphology. To achieve ultimate properties, it is important that the polymers and compounds prepared from them are dry. High melt strength of TPC’s make them suitable for blow moulding.
Major Thermoplastic Copolyester Elastomers Producers, Capacity- 2022 (Kilo Tons)
Thermoplastic Copolyester Elastomers Capacity
Global Thermoplastic Copolyester Elastomers production capacity was estimated to be around 345 kilo tons in 2022. Countries like the USA, Japan, South Korea, and Western Europe witnessed higher capacity utilization rates. However, lower capacity utilization rates in China and ideal production facilities in the country have brought down the global average capacity utilization rates to around 55% between 2016 and 2021. Capacity utilization rates were further hit due to the global COVID-19 pandemic which led to a decline in demand from the automotive sector which was the worst hit in 2020. Nationwide lockdowns and lower consumer confidence impacted the global car production which declined by around 16% as per OICA. The industry faced another setback due to the global semiconductor chips shortage, adding to the woes for automotive manufacturers. Asia-Pacific accounted for around 60% of the global Thermoplastic Copolyester Elastomers capacity in 2022 which is further projected to reach to 67% by 2032.
Thermoplastic Copolyester Elastomers Key Players
Dupont, Toyobo, Celanese, DSM, Eastman Chemicals, Jiangyin Hetron Elastomer New Materials Technology Co., Ltd, LG Chem, Blue Ridge Tunhe Polyester Company, Hengli Group, Chang-Chung Group, Shinkong Group, SK Chemicals and Samyang Corporation are some of the leading Thermoplastic Copolyester Elastomers producers.
Thermoplastic Copolyester Elastomers Demand
The global Thermoplastic Copolyester Elastomers demand in 2022 was estimated to be over 151 kilo tons and global demand is expected to grow cross 230 kilo tons by 2032, at a CAGR of 4% between 2023 and 2032. Key demand drivers for TPC have been their application in automotive applications especially, CVJ boots and air ducts, medical and industrial applications.
Asia-Pacific accounted for over 38% of the global demand and it is poised to register a CAGR of 6% between 2023 and 2032 to cross 100 kilo tons by 2032. As a result of the continued shift of automobile production away from the mature markets to the developing regions in Asia-Pacific, the demand for Thermoplastic Copolyester Elastomers in Asia-Pacific is projected to witness strong growth in the coming years. Asia-Pacific has the presence of countries in which the automotive industry plays an important role. The region has high predicted growth rates on the back of China, India, and other Asia-Pacific countries. Several automotive manufacturers have already announced their projects while other foreign players are likely to set up automotive plants in the region.
Thermoplastic Copolyester Elastomers Trade
Asia Pacific Thermoplastic Copolyester Elastomers exports have averaged around 9 kilo tons between 2016-2021, predominantly towards the European region. China (including Taiwan) is the largest Thermoplastic Copolyester Elastomers producer in Asia Pacific with installed capacity of over 160 kilo tons in 2022. Chang-Chung Group, Shinkong Group, Blue Ridge Tunhe Polyester Company, Hengli Group Shanghai and Yitan New Material Co., Ltd., are the major Thermoplastic Copolyester Elastomers manufacturers in China, accounting whopping share of around 90% of the total country’s total capacity.
Global Thermoplastic Copolyester Elastomers Demand, By Application - 2022 (Kilo Tons)
Thermoplastic Copolyester Demand, By Application
Automotive remains the largest application of Thermoplastic Copolyester Elastomers with major use in making high performance engineering components occupying around 50% of the overall Thermoplastic Copolyester Elastomers demand globally. Metal replacement has been a key driver of use of Thermoplastic Copolyester Elastomers in automobile industry. CVJ boots are the largest area with share of 40% and air-ducts with share of 27% globally. Other parts of automobile such as airbag covers, torque couplings, door latch bumpers, gears, steering gear bellows, oil & gas cap seals, hinges, air brake tubing, air dams, body panels, weather stripping and arm rests accounted for the remaining 33%. Stiffness and abrasion resistance of TPC make it suitable for snowmobile tracks. Shifting trend from conventional thermoset rubbers like EPDM to TPC’s is driving the demand for Thermoplastic Copolyester Elastomers in the automotive sector.
The growth opportunities for most of performance elastomers and other engineering plastics in the automotive industry are primarily linked with the industry’s drive for lower emission and increased fuel efficiency. Thermoplastic Copolyester Elastomers to an extent also provides the option of replacement of metals with elastomers to reduce some weight of the vehicle to achieve fuel efficiency. These high-performance materials in coming years are more likely to play an important role across the automotive sectors to help meet the objectives of Paris Climate agreement like reducing the greenhouse gases in the environment.