Asia Pacific Thermoplastic Elastomers (TPE) market revenue, by application, 2013
- Asia Pacific TPE market demand was 1,623.1 kilo tons in 2014 and is expected to reach 2,447.1 kilo tons by 2022, growing at a CAGR of 5.3% from 2015 to 2022
- TPV is expected to emerge as the fastest growing product segment at an estimated CAGR of 7.4% from 2015 to 2022. Automotive was the largest TPV application segment and accounted for over 60% of total product demand in 2014.
- China emerged as the leading market with demand share exceeding 55% in 2014. High demand in existing automotive component and aftermarket in the country is anticipated to remain a key factor driving TPE demand over the forecast period.
- India is expected to witness the highest growth of 5.6% from 2015 to 2022. Favorable government initiatives such as ‘Make in India’ to promote domestic manufacturing industries including automotive and electronics and construction materials is expected to drive growth.
- The market is moderately fragmented and characterized with presence of large scale players and several small scale regional players. Major companies operating in Asia Pacific TPE market include Huntsman Corporation, DuPont, Arkema, BASF and Dow Chemical Co.