Changing trend towards replacement of polymers, metals and rubbers which are harmful for the environment is the major factor driving the copolyseter elastomers (COPEs) industry. Moreover, rising demand in automotive industry for high performance low weight material is expected to boost the global COPEs demand further. COPEs have similar properties as vulcanizes and also contain tremendous tensile and tear strength, electrical properties and good flex life.
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Fuel efficient automobiles have emerged as the modern approach of automobile manufacturers to accomplish sustainability. Furthermore, one prime technique to augment fuel efficiency of automobiles is to decrease the entire weight of automobiles. Rising demand for high performance materials for automotive applications will affect the markets in developed regions like Japan, Europe the U.S. Although the market is anticipated to reach saturation further and COPEs demand in the region is likely to grow at a sluggish rate over the coming years. Furthermore, COPEs demand in medical applications is expected to increase in these markets and is anticipated to drive over the forecast period. Rising automobiles market in regions such as Brazil, China and India will drive emerging regions such as Latin America and Asia Pacific.
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In 2013, automotive sector led the application segment and contributed total market share of over 49.5% worldwide. This segment is anticipated to be the rapid growing segment and is projected to exceed CAGR of 4.5% from 2014 to 2020. Rising focus on reduction of weight of the vehicle is increasing COPEs demand in automotive industry. Strict government rules in North America concerning reduction in vehicular weight have augmented the use of COPEs in automotive market. North America contributed over 39.12% of the overall market share in 2013 and is expected to undergo sluggish growth over the forecast period. Furthermore, Asia Pacific is projected to be the rapid growing regional market for COPEs with estimated CAGR of over 5.2% during 2014 to 2020. Emerging economies such as Brazil, Russia and India are anticipated to be the major consumer of COPEs over the coming years. The worldwide copolyseter elastomers market for is segmented are Huntsman Corporations, Nippon Polyutherane, Lubrizol, China Petroleum, BASF, DuPont, Mitsubishi and LG Chem Ltd.
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