MARKET OVERVIEW- GLOBAL COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET
Co-polyester Thermoplastic Elastomers (COPE) are also called Thermoplastic Co-Polyester Elastomers (TPC), Thermoplastic Polyester Elastomers (TPE). It is a polymer blend that is mixed with the properties of thermoplastics and rubber, which enables it to be shaped into a fabricated article. Thermoplastic Co-Polyester Elastomers are formed by the combination of rigid segments (polyesters) and soft segments (polyether). Co-polyester Thermoplastic Elastomers (COPE) have some features such as excellent flexibility and flex fatigue, and good resistance to weathering, chemicals, wear, and heat, which makes them better as compared to conventional rubbers. The increasing demand for lightweight vehicles in the automotive industry is the main reason behind the Co-Polyester Thermoplastic Elastomers (COPE) market growth.
MARKET DRIVERS
The increasing automotive industry with an increased focus on safety features in automobiles will propel the market growth over the forecast period. The demand for automobiles is increasing, resulting in increasing manufacturing efficiency, along with increased technological advancement in the manufacturing industry and growing production of automobiles. Furthermore, the increasing disposable income and consumer spending in developing countries also leads to market growth. In addition, regulatory bodies in various countries are also focusing on safety measures. For instance, the Union Road Transport and Highways Ministry announced on 1st October 2022, that from October 2023, 6 airbags would be mandatory for passenger cars. These are some of the factors that will be expected to increase the market enhancement over the forecast period.
MARKET OPPORTUNITIES
The emergence of lightweight vehicles and technological advancement in the automotive sector will provide lucrative opportunities in the coming future. The shift in sustainability has been observed and resulting in increased demand for recyclable elastomers for various applications, which is driving the market for COPEs. Apart from the automotive industry, COPE elastomers are used in the electronics and electrical sectors, and they are highly in demand in the manufacturing of cables, air ducts, CDs, DVDs, and other electronic devices. It is also used in footwear. The use of COPE elastomers in 3D printing offers more opportunities in the future. These factors are leading to more promising opportunities over the forecast period.
MARKET RESTRAINTS
Major Restraining factor in the Copolyester Thermoplastic Elastomers (COPE) Market is the high cost of raw materials and the availability of substitutes. These elastomers are widely known for their ease and speed of processing. But these elastomers are considered to be expensive as compared to conventional elastomers, since they are made by copolymerizing two or more monomers, using either block or graft polymerization techniques, which increases the price of COPEs and makes it very difficult for small-scale manufacturers in various industries to afford COPEs. This is one of the key factors that hinders the market’s growth.
MARKET GROWTH CHALLENGES
The weak column strength and high melt viscosity are the major obstacles, and the complexity of the manufacturing process is the major challenge in the Copolyester Thermoplastic Elastomers (COPE) market. Furthermore, the fluctuating prices of raw materials impact the price of Copolyester Thermoplastic Elastomers (COPE) elastomers. This is also one of the major challenges in the market.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Copolyester Thermoplastic Elastomers (COPE) market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The growing automotive industry with an increased focus on safety features in the automotive will drive the market growth. The increasing use of COPE in various applications such as chassis, medical devices, seals and gaskets, hose and tubing, wires and cables and footwear, and others is expected to witness growth at a specific CAGR from 2022-2028.
COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET SEGMENTAL OVERVIEW
The global Co-Polyester Thermoplastic Elastomers (COPE) market is segmented based on Application, End User, and Geography.
COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET BY APPLICATION
Based on application, the Copolyester Thermoplastic Elastomers (COPE) market is divided into
- Chassis
- Medical Device
- Seals and Gaskets
- Hose and Tubing
- Wire and Cable
- Gears
- Air duct components
- Airbags
Hose and Tubing have dominated the market share during the forecast time. They are commonly utilized in medium-to-high-pressure hydraulic applications and are prevalent in both mobile and industrial equipment. Several factors, such as pressure capability, temperature operating range, abrasion resistance, and the ability to withstand attack from chemicals, solvents, cleaning fluids, salt water, ozone, and UV radiation, are considered in the production of hose and tubing from copolyester thermoplastic elastomers.
COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET BY END-USER
By end user, the global Copolyester Thermoplastic Elastomers (COPE) market is segmented into and
- Automotive
- Healthcare
- Electrical and Electronics
- Consumer Goods
- Industrial
- Footwear
- Others (Engineering)
The automotive segment has gained a major chunk of market share during the forecast period. The usage of thermoplastic copolyester elastomers is growing in the automotive industry, owing to their superior physical and chemical properties. The automotive industry is using thermoplastic copolyester elastomers on a large scale to manufacture automotive parts where resistance to chemical, heat and oil is required. Furthermore, the increasing usage of copolyester thermoplastic elastomers in the production of constant velocity joint (CVJ) boots as they are exposed to a broad range of temperatures will further boost the market’s growth.
COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET BY GEOGRAPHY
The Global Copolyester Thermoplastic Elastomers (COPE) market is studied for the following region:
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
The Asia-Pacific region is considered to be the leading market over the mentioned span since this market is growing into a significant economic development phase. Owing to technological adoption, a large population, growing domestic income, and the availability of cheap labor is the key reason that the automotive industry is growing in this region. China is the biggest country in the Asia region since the country is one of the largest manufacturers of commercial as well passenger vehicles. Along with that, Japan is known to be the home to many automotive manufacturers. On the other hand, this region has emerged as a leading producer of electronics across the globe. Thus these are some factors that attributed to the Asia-Pacific growth.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL COPOLYESTER THERMOPLASTIC ELASTOMERS (COPE) MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Copolyester Thermoplastic Elastomers (COPE) market. The report studied an exclusive COVID-19 impact analysis. In addition, the report also studied a complete analysis of changes in the global Copolyester Thermoplastic Elastomers (COPE) market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Due to the COVID pandemic, the demand for COPEs reduced dramatically, since the COVID pandemic caused lockdowns and social distancing, which disrupted manufacturing operations around the world, and impacted the growth of the COPEs market as well. For instance, APAC is a major market for the COPE, witnessed a declining automotive industry during the pandemic. According to the study report by Indian Automobile Manufacturers, the automotive sector registered negative growth in sales of all vehicle categories in FY21 (2.24% decline in sales of passenger vehicles, 13.19% fall in sales of two-wheelers, 20.77% fall in sales of commercial vehicles). As the lockdown has been lifted and people are moving back to their businesses, the market share of COPEs is expected to rise again and see a considerable lift. However, the growing electronic and retail industries are likely to help the market for COPE grow further in the coming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Copolyester Thermoplastic Elastomers (COPE) market is majorly focused on expanding the global growth of Copolyester Thermoplastic Elastomers (COPE) with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Copolyester Thermoplastic Elastomers (COPE) has led to the growing demand for the market.
The key players studied in the market are
- BASF SE (Germany)
- DuPont (United States)
- DSM (Netherlands)
- Evonik Industries (Germany)
- Huntsman Corporation (United States)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Lubrizol (United States)
- Celanese Corporation (United States)
- Eastman Chemical Company (United States)
- EMS-Chemie Holding (Switzerland)
RECENT DEVELOPMENT:
June 2022: DuPont Mobility & Materials has announced the launch of Hytrel® ECO B, a range of bio-based TPC-ET thermoplastic elastomers. This Hytrel® ECO B is similar to those made from fossil feedstock. Hytrel is composed of biomass content up to 72% by weight. With the lower impact on the environment and without processing requalification, OEMs accept the processing benefits and mechanical properties of Hytrel. With the help of this product launch, DuPont aims to reduce its environmental footprint.
Feb 2021: Royal DSM, the company engaged in nutrition, health and sustainable living, has announced that the company’s DSM Engineering Materials business will launch mass-balanced bio-based Arnitel with the partnership of Sympatex Technologies. In order to acknowledge the growing consumer and legislative demand for a lower carbon footprint and more sustainable feedstock. Many companies are integrating bio-based materials into their designs. By launching bio-based Arnitel, DSM is able to fulfill the demand for Sympatex Technologies and membrane manufacturers.
Feb 2022: Celanese Corporation has announced the acquisition of the mobility and materials business of DuPont for $11.0 billion in cash. With this transaction, Celanese Corporation will acquire a broad portfolio of engineered thermoplastics and elastomers. This acquisition will be an important strategy for Celanese Corporation that will make the company the preeminent global specialty materials company.
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