Asia-Pacific Elastomers Market - Segmentation by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific elastomers market is expected to grow at a significant rate during the forecast period (2018 - 2023), owing to the increasing automotive production in countries such as China, India, Thailand, and Indonesia. Among the elastomers, the thermoplastic elastomers (TPU) are expected to show more growth relatively, mainly due to the diverse range of its applications and increasing R&D efforts.
Growing Demand from Automotive Industry
The growing demand from the automotive industry is the main driver for the elastomers market. Among elastomers, thermoplastic elastomers (TPEs) are extensively used in the automotive industry. TPEs are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight. The light weight of TPE (special plastics) helps in making more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage. Lightweight automobiles are witnessing huge demand, driven by the growing consumer preference for high-quality and fuel-efficient automobiles, thus increasing the utilization of TPE resins for manufacturing automobiles.
Rising Usage in Electronics Sector
Elastomers are being excessively used in most of the consumer electronic devices, industrial electronic applications, household, and food handling appliances in the form of composites, such as TPE, glass-reinforced, carbon fiber-reinforced, and stainless steel fiber-reinforced, and others, with enhanced impact and flame resistance. China’s electrical & electronics industry has recorded stupendous growth during the recent decade, primarily owing to the growing demand from consumer/household electronic appliances. The market for laptops, smartphones, tablets, PCs, etc. has grown over the years, thus, the market for elastomers is expected to augment during the forecast period.
China to Lead the Market
China is the most attractive market for elastomers in the world and will be the principal driver for the Asia-Pacific elastomers market demand by 2023. China’s geographic location provides easy access to industrial good markets in neighboring countries, as well as other countries, making it a major access point for manufacturers and suppliers. This has made China the largest manufacturing country in the world. Apart from the automotive sector, construction is the major contributor to the GDP of China and this sector is expected to grow significantly during the forecast period, thus driving the elastomers market.
March 2017: ContiTech opens new plant for coated fabrics in China.
July 2017: ExxonMobil to start up elastomer plant in Singapore in 2017.
Major Players: BASF SE, DowDupont, Akzonobel N.V., Lyondell Basell, and Mitsui Chemicals, among others.
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