Newark, NJ, Feb. 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global synthetic thermoplastic elastomers (TPE) market is expected to grow from USD 25.60 billion in 2019 and to reach USD 42.46 billion by 2027, growing at a CAGR of 6.53% during the forecast period 2020-2027.
The sectors/areas which have fundamentally contributed towards the increasing consumption are construction, electronics, consumer goods and footwear. These have played an instrumental role in the growth of the market. However, the primary factor propelling the growth of the market over the forecast period is automotive component production. The increased awareness about environmental degradation has forced several environmental agencies to regulatecarbon emission reduction. It is to be accomplished through an improvement in the efficiency of fuel.
Thermoplastic elastomers are commonly known as TPE. They are eco-friendly as well as unique. These thermoplastics can be recycled. Along with the property of being recyclable, they can be re-shaped and re-molded, which reduces the wastage exponentially. TPEs' physical properties and features are, to name a few, oxidation, UV and resistance to chemicals. They are also soft to touch materials. All these TPEs' characteristics are beneficial and excellent compared to conventional plastic material and rubber, which results in the replacement by TPEs in their applications. To assure complete customer well-being and protection in various end-use industry products, many governmental organizations such as FDA, US Pharmacopeia manage product applications in them. Hence, these federal laws affirm TPE usage for industrial applications by offering specific guidelines for prudent product usage.
Measures taken by the government in order to boost the demand have driven key automotive OEMs to consolidate plastics as a replacement to alloys and metals in automotive parts. To drive the plastics innovation further upwards in automotive manufacturing there is an Increasing consumer preference for high performance and lightweight passenger cars. Owing to the excellent chemical and physical characteristics of Thermoplastic elastomer (TPE) compared to thermoset plastics, consumers are highly inclined towards TPE. Similarly, the vast substitution rate of TPU & TPO in construction materials as an alternative to ethylene propylene diene monomer (EPDM) is further anticipated to boost the growth of the market in the coming years (forecast period).
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Key players operating in the global synthetic thermoplastic elastomers (TPE) market include BASF, China Petroleum & Chemical Corp, Dow Chemical, Huntsman, Evonik Industries, Bayer and LyondellBasell. To gain a significant market share in the global synthetic thermoplastic elastomers (TPE) market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
TPU is expected to show the highest growth over the forecast period in the product segment
The product segment includes COPE, TPV, TPO, TPU and styrenic block copolymers. TPU is expected to show the highest growth over the forecast period. The major end-use industries such as consumer goods and medical are also contributing towards the demand of TPU and this is expected to prove be beneficial for the market. Additionally, there is rapid industrialisation in certain regions across the world, these belts are expected to further benefit the market growth. To state an example the rapid industrialization in the U.S. had been beneficial for market growth. To break it down further, the major factors which drove the market demand in the recent past during the Rapid industrialization phase is the demand from plastics, synthetic lubricants, and other industrial applications.
Electronics & electrical segment is expected to show the highest growth over the forecast period in the application segment
The application segment includes advanced materials, industrial, electronics, medical, construction, footwear and automotive. Electronics & electrical segment is expected to show the highest growth over the forecast period in the application segment. There is a consciousness that has developed in the society and amongst consumers about one’s security and safety in electrical and electronics industries, which will further propel the growth of the global TPE market over the forecast period. Owing to their aesthetic appeal, soft feel, easy coloring and high-performance, TPEs are well suited for electrical and electronic applications. The physical and chemical attributes of TPE, i.e., resistance to chemicals and UV along with being poor conductors of electricity and offering insulation against heat, are increasingly being used in electrical connection applications. It is done while creating functional or residential systems. TPU is also extensively utilized in the production of mobile phones, especially in phone case connectors and covers.
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Regional Segment Analysis of The Synthetic Thermoplastic Elastomers (TPE) Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global synthetic thermoplastic elastomers (TPE) market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is expected to show the highest share in the market over the forecast period. Domestic companies in North America focus majorly on R&D which is aimed at innovation which facilitated increased application scope. Structured administrative policies regarding application-specific plastics disposal and consumption are anticipated to significantly influence the regional growth of the market. Increasing automotive production in the U.S. and Mexico in addition to construction and consumer industries’ growth in Mexico is believed to drive North America TPE demand over the forecast period.
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About the report:
The global synthetic thermoplastic elastomers (TPE) market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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