According to Fact.MR’s study, demand for thermoplastic copolyester elastomers from the automotive industry will also be influenced by growing focus on passenger safety. Governments in various countries have mandated the inclusion of airbags in vehicles. Use of thermoplastic copolyester elastomers as a cost-effective material for airbag manufacturing will create significant opportunities for stakeholders.
The Fact.MR report tracks the thermoplastic copolyester elastomers market for the forecast period 2019-2027. The thermoplastic copolyester elastomers market is projected to register CAGR of 4.5% between 2019 and 2027, according to the report.
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Thermoplastic copolyester elastomers market witnessed moderate growth in 2018, with demand surpassing 170 thousand tons, according to Fact.MR’s latest study. Thermoplastic copolyester elastomers demand is likely to benefit from broader developments in the automotive industry, especially the growing focus on improving fuel efficiency.
Top 5 Players Account for Over 50% Share in Thermoplastic Copolyester Elastomers Market
Top players in the thermoplastic copolyester elastomers market are focusing on product differentiation and expanding production capacity. The leading players continue to focus on strengthening their position in Asia Pacific, based on the growing demand for fuel-efficient and lightweight vehicles.
The intense competition among the key players in thermoplastic copolyester elastomers market is resulting in value added product offering with increased investment in the research and development activities.
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The report offers a segment-wise analysis of the thermoplastic copolyester elastomers market to identify growth opportunities across various regions. The report on the thermoplastic copolyester elastomers market is segmented on the basis of the application. On the basis of the application, the market is segmented into Automotive Air Ducts, CVJ Boots, Medical, Electrical (wires & cables), Consumer goods, Industrial, and Other application.
Volatility in raw material prices is likely to adversely affect the thermoplastic copolyester elastomers market in the future. This is likely to make it difficult for manufacturers to maintain regular supply for use in various industries. Fluctuating price structure of crude oil is directly impacting the overall production cost of the thermoplastic copolyester elastomers.
Variation in the exchange rate of key producers and exporters dealing in thermoplastic copolyester elastomers is also significantly impacting the development of the product. Rising crude oil prices are also likely to increase petrochemical costs along with the market price for plastic and other downstream chemicals.
North America is witnessing growing demand for thermoplastic copolyester elastomers in the automotive sector in manufacturing lightweight and fuel-efficient cars. Thermoplastic copolyester elastomers are finding significant applications in manufacturing hot charge air ducts and CVJ boots in automobiles.
Asia Pacific Excluding Japan (APEJ) is also expected to account for significant share in the market owing to stellar growth in China. The automotive and footwear industries in APEJ are among the leading consumers of thermoplastic copolyester elastomers. However, complex production process and high technical requirements is keeping the operating rates at low levels for thermoplastic copolyester elastomers in China.
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