LOS ANGELES, March 18, 2019 (GLOBE NEWSWIRE) -- The global thermoplastic elastomers market size is anticipated to be around USD 27.8 billion by 2026, this market is anticipated to grow with 6.7% CAGR during the forecast time period. The rise in demand for thermoplastic elastomers in automotive applications is expected to drive the growth of the global thermoplastic elastomers market.
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Thermoplastic elastomers are the materials that own properties of both elastomers and plastics. The thermoplastic elastomer materials are based on stiff thermoplastic and soft elastomer. Thermoplastic elastomers are environment-friendly in nature and consist of various properties such as recyclability, flexibility, and others. The mixture of properties of vulcanized rubber and ease of processability of thermoplastic elastomers makes it more suitable for usage in the extensive range of applications in various end-use industries such as automotive, medical, building & construction, consumer goods, and others. This thermoplastic elastomer possesses exceptional physical properties such as high stability, chemical inertness, flexibility, scalability, and better gas transmission properties.
The global thermoplastic elastomers market is driven by various factors such as the upsurge in the demand for thermoplastic elastomers in automotive applications such as car exteriors, wires and cables, bumpers, and others. Thermoplastic elastomers consist of various properties such as high dimensional stability, chemical inertness, vapor and gas transmission properties, and flexibility are estimated to boost the demand for these elastomers in the automotive, medical, and building & construction industries during the forecast period. Regulations and policies by governments to improve road connectivity and infrastructure are expected to drive the thermoplastic elastomers market during the forecast period. Owing to which the demand for thermoplastic elastomers market is projected to grow in the upcoming years.
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The global thermoplastic elastomers market is segmented into two major segments named type, end-use industry, and region. On the basis of type, the global thermoplastic elastomers market is segmented into block copolymers, blends, and others. Further, the block copolymers are segmented into TPS (Styrenic Block Copolymers), TPU (Thermoplastic Polyurethane), TPE (Thermoplastic Copolysters), and TPA (Thermoplastic Polyamides). Also, the blends sub-segment is further segmented into TPO (Thermoplastic Polyolefin), and TPV (Thermoplastic Vulcanizates). On the basis of end-use industry, the global thermoplastic elastomers market is segmented into automotive, building & construction, medical, consumer goods, and others. The automotive sub-segment is further divided into wires & cables, under-hood & bonnets, exteriors, and others. Also, the building & construction sub-segment is divided into seals & gaskets, expansion joints, and others. The medical sub-segment is further bifurcated into tubing, catheters, grips, and others. Furthermore, the consumer goods sub-segment is further divided into power tools handles, sporting goods & toys, and others. On the basis of region, the global thermoplastic elastomers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific region is anticipated to dominate the global thermoplastic elastomers market followed by North America and Europe region. The dominance in the Asia Pacific is due to the extensive adoption of thermoplastic elastomers in automotive OEMs in the automobile sector. The emerging countries in the Asia Pacific such as China, Vietnam, and Thailand are expected to create growth opportunities owing to the increased production of automotive components in developing markets of Asia Pacific region. Also, the increase in production capacities by medical devices manufacturers in China and Japan is projected to bolster the growth of thermoplastic elastomers in the near future. Moreover, the availability of raw materials such as thermoplastic resins at moderately low prices is likely to drive the thermoplastic elastomers market in the region in the coming years. The market in North America and Europe is likely to expand at a moderate pace during the forecast period. In terms of production of thermoplastic elastomers, the U.S. is expected to gradually increase its production due to the growing demand for thermoplastic elastomers in the automotive and medical sector in this region.
The prominent players in the global thermoplastic elastomers market are Covestro, BASF SE, PolyOne Corporation, Exxon Mobil Corporation, SABIC, Celenese Corporation, Huntsman Corporation, Arkema Group, E.I. du Pont de Nemours and Company, and KRATON Corporation etc. The key players are focusing on acquisitions and strategic collaborations in order to gain market share. Also, the key vendors are determined to manufacture thermoplastic elastomers with good sealing performance, lower cost, highly resistive, and less weight. The R&D investments by manufacturers are coupled with advanced technologies are anticipated to offer lucrative opportunities for industry players in the global thermoplastic elastomers market.
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