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.
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.
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 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.
Major Players: BASF SE, DowDupont, Akzonobel N.V., Lyondell Basell, and Mitsui Chemicals, among others.
1.2 Research Methodology
1.3 Study Deliverables
2. Executive Summary
3. Market Insight
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Force Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 Growing Demand from Automotive Industry
4.1.2 Advancement in Processing Industry
4.2.1 Market Saturation in Applications
4.3.1 Bio-based Thermoplastic Elastomers
4.3.2 Opportunities in the Healthcare Sector
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By Product Type
5.1.1 Thermoset Elastomers
220.127.116.11 Nitrile Rubber (NBR)
18.104.22.168.1 Carboxylated Nitriles (XNBR)
22.214.171.124.2 Hydrogenated Nitrile (HNBR)
126.96.36.199 Ethylene Propylene (EPR)
188.8.131.52 Fluorocarbon Elastomers (FKM)
5.1.2 Thermoplastic Elastomers
184.108.40.206 Styrenic Block Copolymers (TPS)
220.127.116.11 Polyolefin Blends (TPO)
18.104.22.168 Elastomeric Alloys (TPV)
22.214.171.124 Thermoplastic Polyurethanes (TPU)
5.2 By Application
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.4 South Korea
6.5 Rest of Asia-Pacific
7. Competitive Landscape
7.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis***
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.1 BASF SE
8.2 Bayer MS
8.4 Huntsman Corp.
8.5 Chemtura Corp.
8.6 Mitsui Chemicals
8.8 Lyondell Basell
8.9 Ineos Olefins & Polymers
8.10 Total Petrochemicals
8.11 Akzonobel NV
8.12 ExxonMobil Chemical Co.
8.13 Afton Chemical Corporation
8.14 Braskem SA
8.15 Innospec Inc.
8.16 Cummins Inc.
8.17 Total S.A.
8.18 Evonik Industries
8.19 Chevron Phillips Chemical Co.
8.23 Wanhua Industrial Group
8.24 Schulman (A.) Incorporated
8.25 PolyOne Corporation
8.26 Royal DSM
*List not exhausative
**Subject to Availability on Public Domain