The global copolyester elastomers (COPEs) market is expected to reach USD 1,051.5 million by 2020, according to a new study by Grand View Research, Inc. Growing demand from automobile industry, on account of regulatory mandates to reduce weight of automobiles, is expected to remain a key driving factor for the market. Volatility in raw material prices is expected to hinder the market growth over the forecast period.
Automotive emerged as the leading application segment and accounted for close to 50% of total market volume in 2013. Automotive along with being the largest market is also expected to be the fastest growing market for COPEs, at an estimated CAGR of 4.94% from 2014 to 2020.
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Further key findings from the report suggest:
- The global market for COPEs was 202.4 kilo tons in 2013 and is expected to reach 279.1 kilo tons by 2020, growing at a CAGR of 4.7% from 2014 to 2020.
- North America led the global market for COPEs and accounted for just over 39% of total market volume in 2013. Asia Pacific is expected to be the fastest growing market for COPEs at an estimated CAGR of 5.4% from 2014 to 2020.
- Consumption of COPEs is concentrated predominantly in United States, Europe and Japan with China emerging as a major consumer owing to the growth of domestic automotive industry. North America and Europe are relatively mature markets for COPEs and are expected to grow at a sluggish rate over the forecast period.
- Some of the major companies operating in the global COPEs market include Bayer Ag, BASF, China Petroleum and Chemical Corporation, Dow Chemicals, DuPont, Huntsman Corporation, LG Chem Ltd., Lubrizol, Mitsubishi Chemical Holdings Corporation, Nippon Polyurethane etc.
For more information: http://www.grandviewresearch.com