The global Thermoplastic Elastomers market is expected to grow at a highest growth rate in the forecast period. The global consumer demand is growing with CAGR of 2.8% from 2018-2023. Construction and transportation sector are the major driving factors of the Thermoplastic Elastomers market, as they consume two third of the global Thermoplastic Elastomers production. In the forecast period, developing economies will generate a huge demand for the Thermoplastic Elastomers market, due to increase in construction and infrastructural development.
What is Thermoplastic Elastomers?
Thermoplastic elastomers contain physical properties of both thermoplastics and rubber which makes them soft and flexible. Thermoplastic elastomers can be treated by general thermoplastic techniques for example extrusion, injection molding, and blow molding. Thermoplastic elastomers turn into plastic when exposed to heat and elastic as soon as it is cooled down. Thermoplastic elastomers is formed due to the physical cross-linking among the elements. While the material is cooled down, there is a formation of new cross-links, which connects the elastic blocks into rigid three dimensional networks. Thermoplastic elastomers comprises of various properties which make it more superior than rubber and PVC such as it is easy to process, it has a short cycle, consumes low energy, it contains thermal stability, 100% recyclable, it is also adaptable to dying as well as color effects.
This report incorporates an in-depth assessment of thermoplastic elastomers market by product type, applications, end user industries and geography. The major types of thermoplastic elastomers encompassed in the scope includes various thermoplastic elastomers such as block copolymers, polymer blends, and so on.
What are the major applications for thermoplastic elastomers?
The major end use industry for thermoplastic elastomers are automotive, construction, consumer goods, electric and cable, medical and food, consumer electronics. Among which automotive is the largest consumer of thermoplastic elastomers accounting for 40% to 50%, due to increasing use as a substitute of PVC and rubbers, along with the growing automotive industrial globally. Thermoplastic elastomers is used approximately 8 kg in each vehicle. Various automobile parts, for instance gaskets, window handles, wipers, body seals, rocker panels, filler panels, damping pads, and many more are manufactured from thermoplastic elastomers. Increasing demand for automobiles is expected to boost the growth of thermoplastic elastomers market. Growing demand for light weight, safe, and low-cost products are few properties that drives the growth of thermoplastic elastomers market.
Market Research and Market Trends of Thermoplastic Elastomers
Thermoplastic elastomers market is mainly driven due to continuous product development by the manufacturers of thermoplastic elastomers, to cater the increasing demand for low cost and high performance applications in various industries. Wherein industries had shown a major shift from PVC to thermoplastic elastomers which is projected to boost the market share in the forecast period.
Commonly used TPE type is styrene block copolymers (SBCs). SBCs are majorly used in asphalt modification in construction of road. SBCs have a large share in China and India, due to the large application of asphalts.
Styrene block copolymers is followed by thermoplastic polyolefins (TPOs), which are primarily used in automotive industry. Thermoplastic vulcanizates (TPVs), is expected to grow at a higher rate as it is extensively used in applications like seals and hoses.
North America demand for thermoplastic elastomers is around 25% of the global demand. The market is mainly driven due to the EPA regulations to encourage eco-friendly products together with increasing use of TPEs product in sports & leisure equipment, automotive, construction, and medical equipment industry.
Asia Pacific market for thermoplastic elastomers is expected to grow at a fastest rate in the forecast period. China, Japan, and India are the major countries contributing in the growth thermoplastic elastomers. China is the largest country for the growth of thermoplastic elastomers market. Automotive parts market of China is growing at a rate of 30%.
Who are the Major Players in Thermoplastic Elastomers market?
The companies referred to in the market research report includes A. Schulman, Inc. (USA), BASF (Germany), BAYER (Germany), Berkshire Hathaway (Lubrizol), Dow Chemical Company (USA), E. I. du Pont de Nemours and Company (USA), Dynasol (USA), Exxon Mobil Corporation (USA), Huntsman Corporation (USA), Kraton Polymers (USA), Kuraray (Japan), LCY Chemical (Taiwan), LG Chemicals (South Korea).
What is our report scope?
The report gives in-depth analysis of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics and its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
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