Global Copolyester Elastomers (COPEs) Market Size, Share & Trends Analysis Report, Product Type, By Application, By Region Forecasts, 2023 - 2030

Global Copolyester Elastomers (COPEs) Market Size, Share & Trends Analysis Report, Product Type, By Application, By Region Forecasts, 2023 - 2030

Global Copolyester Elastomers (COPEs) Market was valued at US $ 1.62 Billion in 2022 and is expected to reach US $ 2.6 Billion by 2030 growing at a CAGR of 6.2% during the forecast period 2023 – 2030.

Copolyester elastomers are a type of thermoplastic elastomer (TPE) that combines the flexibility and elasticity of rubber with the processability and durability of thermoplastics. These materials are formed through copolymerization of polyester segments with flexible glycol units and rigid acid units. The resulting material possesses excellent mechanical properties, chemical resistance, and good weatherability.

The market for copolyester elastomers (COPEs) is a niche within the larger elastomers industry. It is centred around the production and use of copolyester-based thermoplastic elastomers. Because of their special combination of plastic-like processability and rubber-like flexibility, COPEs can be used in a wide range of industries, including electronics, consumer goods, automotive, medical, and packaging. These materials are highly valued for their durability, chemical resistance, ability to withstand a variety of weather conditions, and intrinsic transparency, which enable them to satisfy a wide range of performance requirements. The market is now seeing growth as a result of the increasing need for biocompatible materials in healthcare applications, the growing demand for eco-friendly materials, and the automotive industry's push for lightweight and fuel-efficient solutions.

The market for copolyester elastomers is expanding rapidly, mostly due to the growing need for strong and lightweight materials in the automotive sector. The car industry's need for increased fuel efficiency to satisfy strict emissions regulations and environmental objectives is the source of this demand. Because of their resistance to deterioration and capacity to persist longer, copolyester elastomers prolong the life of automotive components, increasing consumer happiness and industry reputation. Additionally, by lowering emissions, these materials support sustainability goals, save operating costs, and improve vehicle performance—especially in sports cars. The market's bright future is further supported by the rapidly expanding automobile export market in India and a notable increase in the manufacturing of electronic components in Japan. Based on projections, the Compound Annual Growth Rate (CAGR) for automobile exports is expected to be 3.05% between 2016 and 2026.

“Thermoplastic Elastomers segment, by product type, to be dominating market from 2023 to 2030.”

Because of their remarkable qualities, which include flexibility, durability, and resistance to chemicals and UV radiation, TPEs are used extensively in a variety of industries, including automotive, electrical and electronics, medical devices, and packaging. Especially, because they can be recycled, they are an eco-friendly option for a wide range of uses. TPE growth in the automotive industry is expected to be driven by the growing need for lightweight, fuel-efficient automobiles, since these materials help reduce weight and improve fuel efficiency. Furthermore, a spike in the usage of TPEs in the packaging sector is anticipated due to the growing need for eco-friendly packaging materials.

TPVs, a TPE variation with exceptional mechanical qualities and excellent heat resistance, are predicted to expand their income at the fastest pace during the projection period. Because of these materials' exceptional weatherability and resistance to chemicals and oils, they are widely used in the manufacturing of automotive components, such as gaskets, hoses and seals, as well as in building and construction applications.

“Automotive segment, by application, to be dominating market from 2023 to 2030.”

Copolyester elastomers are particularly well-suited for the automobile industry because of their outstanding performance characteristics, which include great durability, chemical resistance, and weather resistance. These materials are widely used in the manufacturing of gaskets, hoses, seals, and vibration dampers, among other automotive components. Copolyester elastomers are expected to be widely used in the automotive industry due to their ability to reduce weight and improve fuel economy, which will be fueled by the growing demand for lightweight and fuel-efficient automobiles. Simultaneously, the consumer goods sector is expected to experience the fastest revenue increase in the near future.

“Asia Pacific to be largest region in Copolyester Elastomers (COPEs) market.”

The copolyester thermoplastic elastomers market was dominated by the Asia Pacific region in 2022, accounting for more than 42.62% of the market share. Government laws emphasising vehicle weight further fueled the market's expansion in nations including China, Japan, India, and South Korea. India is a prominent automobile exporter with a promising future for export growth. During FY19, the country's car exports increased by 14.50%, and this trend is expected to continue with a predicted CAGR of 3.05% from 2016 to 2026. Furthermore, a noteworthy 108.6% rise in the manufacturing of electronic devices and components was recorded in March 2021 as compared to the same month the previous year, according to the Japan Electronics and Information Technology Industries Association (JEITA).

Copolyester Elastomers (COPEs) Competitive Landscape

The competitive landscape of the Copolyester Elastomers (COPEs) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Copolyester Elastomers (COPEs) technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Copolyester Elastomers (COPEs) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Copolyester Elastomers (COPEs) Market include:

BASF SE, Covestro AG, Huntsman Corporation, DowDuPont, LG Chem, Nippon Zeon, DSM, Mitsubishi Chemical Corporation, Eastman Chemical Company, Evonik Industries, Lanxess AG, Celanese Corporation, Lubrizol Corporation, Tosoh Corporation, Solvay, Sumitomo Chemical, Asahi Kasei Corporation, Wanhua Chemical Group, Kuraray Co., Ltd., JSR Corporation and others.

Recent Developments:

In comparison to earlier Hytrel COPEs, DuPont unveiled an improved line of COPEs in 2021 under the Hytrel trademark. These COPEs have improved mechanical qualities, heat resistance, and chemical resistance.

In 2020, Lanxess made a calculated move to acquire Emerald Kalama Chemical, a specialised chemical production company situated in the United States, in order to expand its product line and strengthen its position in the COPEs market.

In response to growing demand from a variety of end-use sectors, BASF announced in 2019 that it will be increasing the capacity of its COPEs production at its Ludwigshafen location in Germany.