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.
The Copolyester Elastomers (COPEs) Market represents a specialized sector within the broader elastomers industry. It revolves around the creation and application of thermoplastic elastomers composed of copolyester compositions. COPEs are characterized by their unique blend of rubber-like flexibility and plastic-like processability, rendering them adaptable for a wide array of applications across sectors, including automotive, medical, consumer goods, packaging, and electronics. These materials are esteemed for their resilience, resistance to chemicals, capacity to endure diverse weather conditions, and inherent transparency, allowing them to meet an extensive range of performance prerequisites. The market is currently on an upward trajectory due to the growing demand for eco-friendly materials, a drive for lightweight and fuel-efficient solutions in the automotive domain, and the escalating need for biocompatible materials in healthcare applications. As COPEs gain increasing prominence, the market's definition hinges on its versatility, durability, and its role in elevating the performance and sustainability of various end-use products and components.

Some of the benefits of designing a Copolyester Elastomers (COPEs) Market include:

• Recyclability: Many COPE formulations support sustainability by being recyclable, reducing waste and aligning with circular economy principles.
• Ease of Processing: COPEs simplify manufacturing processes due to their ease of molding and extrusion, streamlining production.
• Transparency: Selected COPE variants offer exceptional clarity, rendering them ideal for transparent or translucent applications, especially in packaging.
• Low Density: COPEs boast a lower density than certain elastomers, contributing to the creation of lightweight, fuel-efficient products, particularly in the automotive sector.
• Barrier Properties: COPEs deliver effective barrier characteristics, including moisture resistance, making them invaluable in packaging materials for food, cosmetics, and personal care products.

COVID -19 Impact

The COVID-19 pandemic exerted a multifaceted influence on the copolyester elastomers market. Supply chain disruptions and manufacturing slowdowns, stemming from safety measures and lockdowns, significantly impacted the availability and production of copolyester elastomers. Furthermore, shifts in industry priorities and demand dynamics became evident during this period, with increased demand for medical devices and a reduced appetite for copolyester elastomers in sectors like automotive and consumer goods due to economic uncertainty.

Projects in construction and infrastructure, employing copolyester elastomers, faced delays or postponements as a result of the pandemic's economic ramifications. Research and development efforts in the field of copolyester elastomers were also affected, with potential delays in innovation initiatives. On the flip side, the pandemic accentuated the growing focus on sustainability and eco-friendly materials, potentially expediting the demand for sustainable copolyester elastomers.

Challenges emerged on the regulatory front, as the pandemic introduced uncertainties and complications in the approval and certification processes for copolyester elastomers in various applications. In sum, the COVID-19 pandemic has reshaped the copolyester elastomers market, catalyzing changes in supply chains, production dynamics, and demand patterns, all while amplifying the importance of sustainability and ushering in regulatory considerations. As the world continues to adapt to the ongoing pandemic-driven changes, the copolyester elastomers market remains in a state of evolution, navigating these challenges and opportunities.

Factors Driving the Market

Drivers

Increasing demand for lightweight and durable materials in the automotive industry

The copolyester elastomers market experiences substantial growth owing to the rising demand for lightweight and durable materials within the automotive industry. This demand is intricately linked to a series of compelling factors. As automotive manufacturers pursue enhanced fuel efficiency to meet strict emissions standards and reduce environmental impact, the adoption of lightweight materials like copolyester elastomers becomes imperative. These materials, celebrated for their durability and resistance to wear and tear, contribute to the longevity and reliability of automotive components, bolstering consumer satisfaction and trust in the industry. Moreover, the utilization of lightweight materials not only reduces operational costs but also promotes cost savings, an appealing proposition for both manufacturers and consumers alike.

In addition to the economic benefits, lightweight vehicles powered by internal combustion engines generate fewer greenhouse gas emissions, aligning with global sustainability objectives. Furthermore, these materials have the potential to elevate vehicle performance, offering improved acceleration and handling, particularly valuable in the realm of sports and high-performance automobiles. As the automotive industry continues to prioritize sustainability and efficiency, the demand for copolyester elastomers as a lightweight, durable, and eco-friendly material is expected to remain a driving force behind market growth. As per data from the India Brand Equity Foundation, India has established itself as a notable car exporter, and there are optimistic expectations for further expansion in this sector in the near future.

Notably, during the fiscal year 2019, automotive exports demonstrated robust growth at 14.50%, and projections indicate a continuous upward trajectory. It is anticipated to advance at a Compound Annual Growth Rate (CAGR) of 3.05% from 2016 to 2026, underscoring the industry's promising outlook. Additionally, data from the Japan Electronics and Information Technology Industries Association (JEITA) reveals a significant surge in the production of electronic components and devices, recording a remarkable growth rate of 108.6% in March 2021 compared to the previous year. These developments across various end-use industries signal a positive momentum, boding well for the copolyester thermoplastic elastomers market's expansion throughout the forecast period.

Growing demand for medical devices and implants

The copolyester elastomers market experiences significant growth due to the increasing demand for medical devices and implants. These elastomers offer a unique set of attributes that align with the stringent requirements of the healthcare sector. Their exceptional biocompatibility ensures minimal risk of adverse reactions or rejections when in contact with biological tissues, making them suitable for a wide range of medical applications. The versatility of copolyester elastomers allows them to be molded into various forms, from catheters to surgical instruments, providing adaptable solutions for healthcare professionals. Their durability and resistance to wear and tear ensure the longevity of medical devices and implants, crucial for patient safety and satisfaction.

Furthermore, the ease of sterilization using common methods adds to their appeal, ensuring that medical devices remain free from harmful microorganisms. Copolyester elastomers also contribute to reducing the weight and size of implantable medical devices, enhancing patient comfort and reducing the strain on the body. Some variants are biodegradable, making them suitable for temporary implants that gradually degrade as the body heals or replaces the implant with natural tissue. Additionally, these materials meet strict regulatory requirements, instilling confidence in manufacturers and healthcare providers. As the healthcare sector continues to expand, driven by growing healthcare infrastructure and an aging population, the demand for medical devices and implants is on the rise. Copolyester elastomers, with their unique properties, are well-positioned to meet these evolving needs, thus fueling the market's sustained growth.

Challenges

Availability of alternative materials

The availability of alternative materials, such as Thermoplastic Polyurethane (TPU), has a multifaceted impact on the copolyester elastomers market. On one hand, it introduces heightened competition, prompting manufacturers to enhance their product offerings and invest in innovation. This competition can foster diversification, with manufacturers expanding their portfolios to cater to specialized applications and unique performance requirements. However, it can also exert downward pressure on prices, as cost-effectiveness becomes a consideration in purchasing decisions.

Market dynamics are further influenced by the specificity of applications, as copolyester elastomers and alternative materials may each offer distinct advantages in various industries. The ultimate choice may hinge on factors like environmental sustainability, regulatory compliance, and performance criteria. In this evolving landscape, the copolyester elastomers market's growth depends on manufacturers' ability to adapt, innovate, and position their products effectively in response to the availability of alternatives. Consumer preferences, industry-specific demands, and ongoing technological advancements will all play a crucial role in shaping the market's trajectory.

Trends

Increasing demand for sustainable materials

The increasing demand for sustainable copolyester elastomer materials plays a pivotal role in propelling the copolyester elastomers market's growth. This surge is driven by a multifaceted shift towards eco-friendly practices and materials. As environmental awareness gains momentum, industries and consumers alike seek alternatives with a reduced environmental footprint. Copolyester elastomers, distinguished by their recyclability and lower carbon impact, have emerged as a preferred choice. Stringent environmental regulations further emphasize the appeal of these materials, as they effortlessly align with compliance requirements. Moreover, evolving consumer preferences favor products and packaging crafted from sustainable materials. Copolyester elastomers, boasting attributes such as clarity, impact resistance, and recyclability, harmonize with this shift, bolstering their presence in consumer goods. Additionally, companies embracing sustainability in their materials and processes enhance their brand image and cater to a growing segment of eco-conscious customers. With a focus on durability and resilience, copolyester elastomers represent a long-term investment, reinforcing their desirability in applications necessitating extended product lifecycles. Ultimately, the increasing demand for sustainable copolyester elastomers offers a pathway to broader market access, affirming their role as a driving force behind the market's expansion.

Market Segmentation

By Product Type

• The thermoplastic elastomers dominated the copolysters elastomers
• The thermoplastics vulcanizates (TPVS) is the fastest growing segment, growing at a CAGR of 8.3% during the forecast period.

By Product Type, the global Copolyester Elastomers (COPEs) Market is divided into Thermoplastic Elastomers (TPEs), Thermoplastic Vulcanizates (TPVs), Thermoplastic Polyurethanes (TPUs), Others

TPEs find widespread application in various industries, including automotive, electrical and electronics, medical devices, and packaging, owing to their exceptional attributes encompassing flexibility, durability, and resilience against chemicals and UV radiation. Notably, their recyclability positions them as an environmentally responsible choice for a multitude of applications. The surging demand for lightweight, fuel-efficient vehicles is poised to propel TPE growth in the automotive sector, as these materials contribute to reduced weight and enhanced fuel efficiency. Additionally, the packaging industry is expected to experience an upsurge in the use of TPEs driven by the increasing demand for sustainable packaging materials.

Among TPE variants, TPVs are anticipated to demonstrate the most rapid revenue growth in the forecast period, underpinned by their outstanding mechanical properties and high heat resistance. These materials are extensively applied in the production of automotive components, including seals, gaskets, and hoses, as well as in building and construction applications, benefiting from their impressive weatherability and resistance to chemicals and oils.

By Application

• The automotive segment dominated the copolysters elastomers (copes) market in 2022.
• Consumer goods is the fastest growing segment, growing at a CAGR of 6.7% during the forecast period.

By Application the Copolyester Elastomers (COPEs) Market is divided by Automotive, Consumer Goods, Electrical & Electronics, Healthcare, Others.

The automotive sector stands out as a primary domain for copolyester elastomers due to their exceptional performance attributes, including remarkable durability, chemical resistance, and resistance to varying weather conditions. These materials are extensively applied in the production of automotive components like hoses, seals, gaskets, and vibration dampers. The surging demand for lightweight and fuel-efficient vehicles is poised to fuel the adoption of copolyester elastomers in the automotive industry, as they contribute to reduced weight and enhanced fuel efficiency. In parallel, the consumer goods segment is anticipated to achieve the most rapid revenue growth in the foreseeable future. This trajectory is underpinned by the increasing preference for sustainable and environmentally responsible materials within the packaging industry. Copolyester elastomers are widely employed in the manufacturing of packaging materials for diverse consumer goods, spanning food, cosmetics, and personal care items, due to their outstanding attributes, which encompass impressive clarity, impact resistance, and effective barrier properties. Notably, copolyester elastomers are recyclable, positioning them as an eco-friendly choice for packaging materials.

By Region

• The APAC region dominated the copolyester elastomers (copes) market in 2022.
• The APAC region is the fastest growing segment, growing at a CAGR of 4.9% during the forecast period.

By region, the global Copolyester Elastomers (COPEs) Market is divided into North America, Europe, APAC and Others. Others is further divided into Middle East, Africa and South America.

In 2022, the Asia Pacific region commanded the majority share, exceeding 42.62%, in the copolyester thermoplastic elastomers market. The market's growth in countries like China, Japan, India, and South Korea was further catalyzed by government regulations focusing on vehicle weight. India, as a notable car exporter with a strong outlook for export expansion, witnessed automotive exports growing by 14.50% during FY19, and this trend is anticipated to continue, with a projected CAGR of 3.05% from 2016 to 2026. In addition, the Japan Electronics and Information Technology Industries Association (JEITA) reported a remarkable 108.6% increase in electronic components and devices production in March 2021 compared to the previous year. These factors, coupled with the thriving growth of various end-use industries, underpin the anticipated expansion of the copolyester thermoplastic elastomers market in the coming years. The APAC region has witnessed robust economic growth, leading to increased industrial activity and demand for advanced materials like copolyester thermoplastic elastomers.

Competitive Landscape

The global Copolyester Elastomers (COPEs) Market is consolidated with the presence of few major players contributing to the market revenue. This dominance of these major players is driven by their technological expertise, extensive resources, and established brand recognition. These companies typically offered comprehensive and diversified solutions to end use industries.

• BASF SE

BASF SE, headquartered in Ludwigshafen, Germany, is the world's largest chemical manufacturer in terms of revenue. Established in 1865 by Friedrich Engelhorn, BASF has a global workforce exceeding 111,000 employees and operations in more than 60 nations. BASF specializes in manufacturing a diverse array of chemicals, encompassing plastics, petrochemicals, specialty chemicals, and agricultural solutions. These products find applications across multiple sectors, such as construction, automotive, packaging, and agriculture.

• Covestro AG

Covestro AG, based in Leverkusen, Germany, stands as a global leader in high-tech polymer materials. Ranked among the top 20 chemical companies on a worldwide scale, Covestro maintains a workforce of more than 17,000 employees across over 50 countries. Covestro's extensive product portfolio serves a diverse array of industries, spanning automotive, construction, electrical and electronics, wood, furniture, sports, recreation, as well as coatings, adhesives, and sealants. The company is renowned for its products, celebrated for their exceptional performance, durability, and sustainability.

• DowDuPont

DowDuPont, a multinational chemical conglomerate, emerged from the merger of Dow Chemical Company and DuPont in 2017. Headquartered in Wilmington, Delaware, the company boasted a workforce exceeding 100,000 employees on a global scale. DowDuPont's diverse product line encompassed an array of chemicals, plastics, and agricultural solutions. These products found applications across a spectrum of industries, including construction, automotive, packaging, and agriculture. DowDuPont held a significant position within the worldwide chemical industry, acclaimed for its innovation and unwavering commitment to sustainability. The company's products permeated various sectors, underpinned by a robust global presence.

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

Recent Developments

• In 2021, DuPont introduced an advanced range of COPEs branded as Hytrel, featuring enhanced mechanical properties, heat resistance, and chemical resistance compared to prior Hytrel COPEs.
• In 2020 witnessed Lanxess' strategic acquisition of Emerald Kalama Chemical, a U.S.-based specialist in specialty chemical production, to broaden its product portfolio and fortify its standing in the COPEs market.
• In 2019, BASF announced the expansion of its COPEs production capacity at its Ludwigshafen site in Germany to meet escalating demand from diverse end-use sectors.

Table of Contents

1 INTRODUCTION OF GLOBAL COPOLYESTER ELASTOMERS (COPES) MARKET

1.1 Overview of the Market

1.2 Scope of Report

1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY 

3.1 Data Mining

3.2 Validation

3.3 Primary Interviews

3.4 List of Data Sources

4 GLOBAL COPOLYESTER ELASTOMERS (COPES) MARKET OUTLOOK

4.1 Overview

4.2 Market Dynamics

4.2.1 Drivers

4.2.2 Restraints

4.2.3 Opportunities

4.3 Porters Five Force Model

4.3.1. Bargaining Power of Suppliers

4.3.2. Threat of New Entrants

4.3.3. Threat of Substitutes

4.3.4. Competitive Rivalry

4.3.5. Bargaining Power among Buyers

4.4 Value Chain Analysis

5 GLOBAL COPOLYESTER ELASTOMERS (COPES) MARKET, BY PRODUCT TYPE

5.1 Overview

5.2 Thermoplastic Elastomers (TPEs)

5.3 Thermoplastic Vulcanizates (TPVs)

5.4 Thermoplastic Polyurethanes (TPUs)

5.5 Others

6 GLOBAL COPOLYESTER ELASTOMERS (COPES) MARKET, BY APPLICATION

6.1 Overview

6.2 Automotive

6.3 Consumer Goods

6.4 Electrical & Electronics

6.5 Healthcare

6.6 Others

7 GLOBAL COPOLYESTER ELASTOMERS (COPES) MARKET, By REGION

7.1 North America

7.1.1 U.S.

7.1.2 Canada

7.2 Europe

7.2.1 Germany

7.2.3 U.K.

7.2.4 France

7.2.5 Rest of Europe

7.3 Asia Pacific

7.3.1 China

7.3.2 Japan

7.3.3 India

7.3.4 South Korea

7.3.5 Singapore

7.3.6 Malaysia

7.3.7 Australia

7.3.8 Thailand

7.3.9 Indonesia

7.3.10 Philippines

7.3.11 Rest of Asia Pacific

7.4 Others

7.4.1 Saudi Arabia

7.4.2 U.A.E.

7.4.3 South Africa

7.4.4 Egypt

7.4.5 Israel

7.4.6 Rest of Middle East and Africa (MEA)

7.4.7 Brazil

7.4.8 Argentina

7.4.9 Mexico

7.4.10 Rest of South America

8 COMPANY PROFILES

8.1 BASF SE 

8.1.1. Company Overview

8.1.2. Key Executives

8.1.3. Operating Business Segments

8.1.4. Product Portfolio

8.1.5. Financial Performance (As per availability)

8.1.6 Key News

8.2 Covestro AG

8.2.1. Company Overview

8.2.2. Key Executives

8.2.3. Operating Business Segments

8.2.4. Product Portfolio

8.2.5. Financial Performance (As per availability)

8.2.6. Key News

8.3 DowDuPont

8.3.1. Company Overview

8.3.2. Key Executives

8.3.3. Operating Business Segments

8.3.4. Product Portfolio

8.3.5. Financial Performance (As per availability)

8.3.6. Key News

8.4  Huntsman Corporation

8.4.1. Company Overview

8.4.2. Key Executives

8.4.3. Operating Business Segments

8.4.4. Product Portfolio

8.4.5. Financial Performance (As per availability)

8.4.6. Key News

8.5 LG Chem

8.5.1. Company Overview

8.5.2. Key Executives

8.5.3. Operating Business Segments

8.5.4. Product Portfolio

8.5.5. Financial Performance (As per availability)

8.5.6. Key News

8.6 Mitsubishi Chemical Corporation

8.6.1. Company Overview

8.6.2. Key Executives

8.6.3. Operating Business Segments

8.6.4. Product Portfolio

8.6.5. Financial Performance (As per availability)

8.6.6. Key News

8.7 Nippon Zeon

8.7.1. Company Overview

8.7.2. Key Executives

8.7.3. Operating Business Segments

8.7.4. Product Portfolio

8.7.5. Financial Performance (As per availability)

8.7.6. Key News

8.8 DSM

8.8.1. Company Overview

8.8.2. Key Executives

8.8.3. Operating Business Segments

8.8.4. Product Portfolio

8.8.5. Financial Performance (As per availability)

8.8.6. Key News

8.9 Evonik Industries

8.9.1. Company Overview

8.9.2. Key Executives

8.9.3. Operating Business Segments

8.9.4. Product Portfolio

8.9.5. Financial Performance (As per availability)

8.9.6. Key News

8.10 Eastman Chemical Company

8.10.1. Company Overview

8.10.2. Key Executives

8.10.3. Operating Business Segments

8.10.4. Product Portfolio

8.10.5. Financial Performance (As per availability)

8.10.6. Key News

8.11 Celanese Corporation

8.11.1. Company Overview

8.11.2. Key Executives

8.11.3. Operating Business Segments

8.11.4. Product Portfolio

8.11.5. Financial Performance (As per availability)

8.11.6. Key News

8.12 Lanxess AG

8.12.1. Company Overview

8.12.2. Key Executives

8.12.3. Operating Business Segments

8.12.4. Product Portfolio

8.12.5. Financial Performance (As per availability)

8.12.6. Key News

8.13 Lubrizol Corporation

8.13.1. Company Overview

8.13.2. Key Executives

8.13.3. Operating Business Segments

8.13.4. Product Portfolio

8.13.5. Financial Performance (As per availability)

8.13.6. Key News

8.14  Solvay

8.14.1. Company Overview

8.14.2. Key Executives

8.14.3. Operating Business Segments

8.14.4. Product Portfolio

8.14.5. Financial Performance (As per availability)

8.14.6. Key News

8.15 Sumitomo Chemical

8.15.1. Company Overview

8.15.2. Key Executives

8.15.3. Operating Business Segments

8.15.4. Product Portfolio

8.15.5. Financial Performance (As per availability)

8.15.6. Key News

8.16 Tosoh Corporation

8.16.1. Company Overview

8.16.2. Key Executives

8.16.3. Operating Business Segments

8.16.4. Product Portfolio

8.16.5. Financial Performance (As per availability)

8.16.6. Key News

8.17 Wanhua Chemical Group

8.17.1. Company Overview

8.17.2. Key Executives

8.17.3. Operating Business Segments

8.17.4. Product Portfolio

8.17.5. Financial Performance (As per availability)

8.17.6. Key News

8.18 Kuraray Co., Ltd.

8.18.1. Company Overview

8.18.2. Key Executives

8.18.3. Operating Business Segments

8.18.4. Product Portfolio

8.18.5. Financial Performance (As per availability)

8.18.6. Key News

8.19 Asahi Kasei Corporation

8.19.1. Company Overview

8.19.2. Key Executives

8.19.3. Operating Business Segments

8.19.4. Product Portfolio

8.19.5. Financial Performance (As per availability)

8.19.6. Key News

8.20 JSR Corporation

8.20.1. Company Overview

8.20.2. Key Executives

8.20.3. Operating Business Segments

8.20.4. Product Portfolio

8.20.5. Financial Performance (As per availability)

8.20.6. Key News

Global Copolyester Elastomers Market Segmentation

Copolyester Elastomers by Product Type: Market Size & Forecast 2023-2030

• Thermoplastic Elastomers (TPEs)
• Thermoplastic Vulcanizates (TPVs)
• Thermoplastic Polyurethanes (TPUs)
• Others

Copolyester Elastomers by Application: Market Size & Forecast 2023-2030

• Automotive
• Consumer Goods
• Electrical & Electronics
• Healthcare
• Others

Copolyester Elastomers by Geography: Market Size & Forecast 2023-2030

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major players

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