Copolyester Elastomers (COPEs) are also called as copolyester thermoplastic elastomers which offer high elasticity like rubber and can be easily molded to achieve the properties of thermoplastics. COPEs are mainly used in application where resistance to heat, chemicals and oils is required. These copolyester thermoplastic elastomers also possess properties of vulcanized rubber. This advantageous factor of COPEs replaces the application of polymers, metals and rubber in major end-use industries, and is anticipated to augment the COPEs market growth over the forecast period.
COPEs market is anticipated to be driven on account of increasing application scope in automotives, electrical, industrial and medical sectors. Increasing demand for lightweight components in automotive industry to improve overall efficiency is the key factor which is expected to drive the market over the next six years. Stringent regulation to reduce the utilization of hazardous materials is anticipated to boost COPEs market over the forecast period. In addition, increasing manufacturing capacity in Europe and North America coupled with increasing demand across the world is expected to be the key driving factor for COPEs market over the next six years. Electrical industry witnessed to be the fastest growing end-use industry which is anticipated to augment COPEs market over the projected period. COPEs are used in many industrial applications owing to their properties including toughness, flexibility and high resistance to chemicals and heat. Increasing application scope of COPEs in industrial applications is also expected to boost the market. COPEs are used in medical and healthcare industry for packaging purpose, and is one of the key factors driving the market over the next six years.
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Automotive sector was the largest application segment for COPEs market over the last few years on account of increasing demand for automobiles across the world. Increasing demand for lightweight automobiles is the key driving factor for COPEs market. Automobile sector is highly competitive market where product innovation is the key opportunity to gain competitive advantage over the competitors. Increasing vehicle efficiency by reducing the overall weight of automobile is the key factor driving the COPEs market over the forecast period. Growing automobiles sector in emerging nations such as India, China and Brazil is anticipated to drive COPEs demand over the forecast period. Electrical application is anticipated to witness considerable growth over the next six years on account of increasing consumer demand for advanced electrical equipments. COPEs are also used in flexible packaging application including medical and pharmaceuticals due its design flexibility and resistance to heat, chemicals and oils. Increasing application scope of COPEs in medical sector is also expected to witness strong growth over the forecast period.
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North America was the dominating COPEs market across the world over the past few years and trend is expected to continue over the forecast period. Owing to the large number of automotives manufacturing industries in North America, the COPEs market is likely to witness considerable growth over the foreseeable period. Stringent government regulation to reduce the overall vehicle weight and improve efficiency is the key factor which is expected to drive the market over the next six years. Asia pacific witnessed the fastest growth over the last few years on account of rapid industrialization in emerging countries like India and China. Europe has been witnessing sluggish growth owing to market saturation in major end-use industries.
Increasing R&D activities to improve the chemical properties of COPEs is likely to open new opportunities for the market to enter into tire manufacturing industry over the forecast period. Some noticeable players in COPEs market include The Dow Chemical Company, BASF SE, Bayer AG, Huntsman Corporation, China Petro Chemical and Chemical Corporation and E. I. du Pont de Nemours and Company.
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