Copolyester Thermoplastic Elastomers (COPE) Market Size Forecast to Reach $1.5 billion - 2026

Copolyester Thermoplastic Elastomers (COPE) Market size is forecast to reach $1.5 billion by 2026, after growing at a CAGR 6% during 2021-2026. Globally, copolyester elastomers (COPEs) have emerged as one of the fastest growing thermoplastic elastomer, as it can be easily processed by high-volume injection molding and blow molding processes. The shifting trend towards the adoption and substitution of metals, synthetic rubbers, and polymers that are harmful to the environment has further raised the growth of the market. Additionally, the rising demand for high-performance, light-weight materials such as electric cables, hose and tubing from the automotive sector has driven the demand for copolyester thermoplastic elastomers (COPEs), in the projected period. Moreover, the increasing demand for copolyester thermoplastic elastomers owing to its abrasion resistance, excellent tear and tensile strength, and flex life properties in the healthcare sector is anticipated to boost the copolyester thermoplastic elastomers industry in the projected time frame.

Impact of Covid-19

The COVID-19 pandemic widely affected the growth of the copolyester thermoplastic elastomers industry in the year 2020. Due to the import export supply chain disruption, the availability of raw materials declined, which further affected the production and demand for copolyester thermoplastic elastomers market growth. However, looking forward towards the new normal condition and reopening of several end use industries in various regions, it is anticipated that the market for copolyester thermoplastic elastomers will see upsurge in the forecast period (2021-2026).

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Copolyester Thermoplastic Elastomers (COPE) Market Segment Analysis- By Application

Hose and tubing held the largest share in the copolyester thermoplastic elastomers (COPE) market in 2020. Copolyester thermoplastic hoses 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, saltwater, ozone and UV radiation, are considered while the production of hose and tubing from copolyester thermoplastic elastomers. Also, the copolyester thermoplastic elastomers used in hose and tubing also often comprise one or two reinforcing layers to give the necessary strength and pressure-holding capacity. Thus, the rising usage of hose and tubing is further estimated to drive the demand for copolyester thermoplastic elastomers (COPE) over the forecast period.

Copolyester Thermoplastic Elastomers (COPE) Market Segment Analysis- By End Use Industry

The automotive sector held the largest share in the copolyester thermoplastic elastomers (COPE) market in 2020 and is projected to grow at a CAGR of 5% during the forecast period 2021-2026. Owing to the exceptional physical and chemical qualities, thermoplastic copolyester elastomers are widely used in the automotive sector. Also, the automobile industry uses thermoplastic copolyester elastomers extensively in the production of automobile parts that need chemical, heat, and oil resistance. Thermoplastic copolyester elastomers are finding widespread use in advanced petrol and diesel engines hot charge air ducts, which must resist high temperatures for extended periods of time. 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 would further dive the market growth. Therefore, the copolyester thermoplastic elastomers (COPE) market is estimated to see an upsurge over the forecast period with the growing automotive industry.

Copolyester Thermoplastic Elastomers (COPE) Market Segment Analysis– By Geography

The Asia Pacific region held the largest share of more than 42% in the copolyester thermoplastic elastomers (COPE) market in 2020.Government regulations governing vehicle weight have also aided the market's expansion in countries such as China, Japan, India, and South Korea. According to India Brand Equity Foundation, India is also a popular car exporter with high hopes for export development in the near future. During FY19, automotive exports grew 14.50 per cent. It is projected to rise during 2016-2026 at a CAGR of 3.05%. Moreover, according to the Japan Electronics and Information Technology Industries Association (JEITA) the electronic components and devices production increased by 108.6% in March 2021, in comparison with the previous year. Thus, with the rising growth of several end use industries the market for copolyester thermoplastic elastomers (COPE) is anticipated to increase over the forecast period.

Copolyester Thermoplastic Elastomers (COPE) Market Drivers

Increasing Demand for Thermoplastic Elastomers (TPE) in the Healthcare Sector

Copolyester elastomer is a synthetic rubber that is also known as copolyester thermoplastic elastomer and is increasingly being used in the healthcare sector. Rising environmental and health concerns has forged the healthcare industry to shift its way from polyvinyl chloride (PVC) and silicone rubber to copolyester thermoplastic elastomer (COPE) in recent years. Owing to their recyclability and cost-effectiveness, copolyester thermoplastic elastomers are developing as a more sustainable alternative to various other thermoset elastomers. Moreover, copolyester thermoplastic elastomers (COPEs) are increasingly replacing silicone rubber and polyvinyl chloride (PVC) in medical equipment because they are non-allergenic, and it helps in removing the issues for individuals who are allergic to latex. Copolyester thermoplastic elastomers (COPE) are also being used in dental, surgical, and medicinal applications as a result of these reasons. Rising investments in the healthcare sector it further estimated to drive the demand for copolyester thermoplastic elastomers over the forecast period. For instance, in the Union Budget 2021-22, the government announced a six-year outlay of Rs. 64,180 crore (US$ 8.80 billion) for the healthcare sector to strengthen the existing ‘National Health Mission' by developing primary, secondary, and tertiary care, healthcare systems, and institutions to detect and cure new and emerging diseases. Thus, such government initiatives would further drive the market growth over the forecast period.

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Copolyester Thermoplastic Elastomers (COPE) Market Challenges

Fluctuating Prices of Raw Materials will Hamper the Market Growth

The volatility in raw material prices is projected to have a negative impact on the copolyester thermoplastic elastomers market in the upcoming years. Fluctuating prices is most likely to make it difficult for producers to maintain a consistent supply for varied businesses. Thus, whole production cost of thermoplastic copolyester elastomers is estimated to directly get affected by crude oil price fluctuations. The growth of the product is also influenced by fluctuations in the currency rate of important manufacturers and exporters of thermoplastic copolyester elastomers. Petrochemical expenses, as well as the market price for plastic and other downstream chemicals, are projected to rise as crude oil prices rise. Thus, due to the fluctuating price of raw materials the market for copolyester thermoplastic elastomers (COPE)is estimated to face challenges in the forecast period.

Copolyester Thermoplastic Elastomers (COPE) Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the copolyester thermoplastic elastomers (COPE) market. Major players in the copolyester thermoplastic elastomers (COPE) market are BASF SE, Bayer Ag, Dow Chemicals, China Petroleum and Chemical Corporation, DuPont, LG Chem Ltd., Huntsman Corporation, Mitsubishi Chemical Holdings Corporation, Lubrizol, and Evonik Industries AG, among others.

Acquisitions/Technology Launches

In November 2019, Evonik manufactured thermoplastic elastomers for powder-based 3D printing technologies using novel copolyester.

Key Takeaways

Asia-pacific region dominated the copolyester thermoplastic elastomers (COPE) market due to the rising production of automotive and electronics in emerging economies such as China, India, South Korea, and Japan. 

Increasing demand for copolyester thermoplastic elastomers (COPE) as a substitute to polyvinyl chloride (PVC) and silicone rubber in the healthcare industry applications is estimated to drive the growth of the market in the projected period.

Furthermore, volatility in raw material prices is estimated to create hurdles for the global copolyester thermoplastic elastomers (COPE) market growth over the forecast period.

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