Dublin, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Thermoplastic Elastomers (TPE) Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering) and Region (North America, APAC, Europe, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global thermoplastic elastomers market is estimated to be USD 24.7 billion in 2022 and is projected to reach USD 33.9 billion by 2027, at a CAGR of 6.5%. Thermoplastic elastomers provide the characteristics of both plastics and elastomers.
There are several type of thermoplastic elastomers are available in the market such as styrenic block copolymer (SBC), thermoplastic polyurethane (TPU), thermoplastic vulcanizates (TPV), thermoplastic polyolefin (TPO), polyester ether elastomer (COPE), and polyether block amide elastomer (PEBA), which are differentiated on the basis of price and performance. The properties such as easy moldability, heat stability, smoothness, wear resistance, and scratch resistance are widely used to provide the several properties in end-use industries.
Owing to the recovery of several end-use industries such as automotive and construction, from COVID-19 pandemic, and the increasing penetration of electric vehicles (EVs) worldwide is projected to increase the demand for thermoplastic elastomers in forecast period. The eco-friendly property of thermoplastic elastomers, increasing demand from automotive industry, and the advance development in the thermoplastic elastomer processing industry to boost the demand of thermoplastic elastomers in forecast period.
By Type, the Polyether Block Amide segment accounted for the highest CAGR during the forecast period
Polyether Block Amide (PEBA ) elastomer is estimated to be the fastest growing market during the forecast period. The Polyether Block Amide elastomer is used to provide good resistance to heat, chemicals, and solvents in several industries included automotive, footwear, wires & cables. There are several ways to processed Polyether Block Amide elastomers, such as injection molding, extrusion, and thermoforming. Properties such as easy processing, high performance, and cost-effectiveness will drive the demand of Polyether Block Amide in several application in the forecast period.
By End-use Industry, the Footwear industry accounted for the highest CAGR during the forecast period
Footwear industry is estimated to be the fastest growing market for thermoplastic elastomers market owing to the increase in the usage of thermoplastic elastomers in shoe soles, footwear foams, midsoles, inserts, heel cups, logos, plates & studs, shank toe caps, and heels. The changing consumer pattern and the worldwide rising demand for lightweight and flexible shoes are the key factors increasing the demand for thermoplastic elastomers in footwear industry.
Asia-Pacific is projected to account for the highest CAGR in the thermoplastic elastomer market during the forecast period
Asia-Pacific is estimated to be the fastest growing thermoplastic elastomers market in the forecast period. Thermoplastic elastomers market is projected to grow in China, Japan, and India due to its rising demand from end-use industries such as automotive, building & construction, footwear, and others in the region. The rising trend of electric vehicles and economic growth of in countries such as China and India are the key factors driving the growth of the thermoplastic elastomers market in Asia-Pacific region.
Market Dynamics
Drivers
- Recovery of Automotive Industry and Growing Penetration of EVs
- Stringent Emission Regulations and Standards in Developed Countries
- Increasing Demand for Medical Elastomers
Restraints
- Higher Cost of Thermoplastic Elastomers and Increasing Raw Material Prices
Opportunities
- Emerging Market for Bio-based Thermoplastic Elastomers
Challenges
- Intra-Thermoplastic Elastomer Segment Replacement
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Thermoplastic Elastomers Market, by Type
7 Thermoplastic Elastomers Market, by End-use Industry
8 Thermoplastic Elastomers Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Mentioned
- Alphagary Limited
- Arkema SA
- Asahi Kasei Corporation
- BASF SE
- Celanese Corporation
- Covestro AG
- DuPont de Nemours, Inc.
- Dynasol Elastomers
- Elastron
- ExxonMobil Corporation
- GAF
- HEXPOL AB
- Huntsman Corporation
- Lubrizol Corporation
- LyondellBasell Industries N.V.
- Mitsubishi Chemical Holdings Corporation
- Noble Polymers
- SIBUR
- Teknor Apex Company
- The Dow Chemical Company
- Washington Penn
- Zeon Corporation
For more information about this report visit https://www.researchandmarkets.com/r/lhckad
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