Thermoplastic Elastomers market is set to grow at a high CAGR owing to the increasing demand in the automotive industry

Pune, India, August 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Thermoplastic Elastomers Market Research Report.

Thermoplastic Elastomers Market Highlights

TPEs are a special group of polymers that are flexible like vulcanized rubber and processible like thermoplastics. Shock absorption, easy sterilization, dimensional stability, chemical, and thermal resistance, and flexibility are some of the important performance characteristics of TPEs. These elastomers can be processed by extrusion, injection molding, blow molding, and heat welding. TPE processing is rapid and highly economical as it does not require compounding or the addition of any reinforcing agents or stabilizers. The global thermoplastic elastomers market has been segmented, by product, into vulcanizate thermoplastic, styrene block copolymer thermoplastic, polyurethane thermoplastic, polyamide thermoplastic, olefin thermoplastic, and others. The vulcanizate thermoplastic segment is expected to lead the market during the forecast period. This product exhibits properties such as high fatigue resistance, elastic recovery within a wide temperature range, abrasion resistance, thermal and electric insulation, and flame resistance. Due to these properties, the product finds application in the automotive, building and construction, and household appliances industries. The increasing product demand in the automotive industry and rapid industrialization in developing economies are likely to boost market growth during the forecast period.

Based on end-use industry, the global thermoplastic elastomers market has been divided into automotive, building and construction, footwear, home appliances, healthcare, and others. The automotive industry segment is expected to account for the largest share of the global thermoplastic elastomers market during the forecast period. TPE is applicable in the manufacturing of various vehicle components such as fuel line coverings, side bumpers, mudguard components, air vents, door handles, door weather strips, and others. Rapid industrialization and urbanization are fueling the demand for passenger and transportation vehicles, which is expected to drive the growth of the thermoplastic elastomers market during the assessment period.

Market Segmentation

The global thermoplastic elastomers market has been segmented on the basis of product, end-use industry, and region.

By product, the global thermoplastic elastomers market has been classified as vulcanizate, styrenic block copolymer, polyurethane, polyamide, olefin, and others.

Automotive, building and construction, footwear, home appliances, healthcare, and others are the major end-use industry segments of the global thermoplastic elastomers market.Regional Analysis

The global thermoplastic elastomers market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Owing to the high product demand in the automotive and footwear industries, Asia-Pacific accounted for the largest share of the global thermoplastic elastomers market in 2017. Asia-Pacific is the most populated region and requires a large number of transportation and passenger vehicles. With the increase in automotive production, the demand for TPEs is likely to increase during the forecast period. In addition, the use of TPEs in the footwear industry for the production of various types of soles, shoe platforms, wooden soles, and rubber boots is expected to further propel the growth of the thermoplastic elastomers market in the coming years. The major economies contributing to the growth of the regional market are China, India, Japan, and Indonesia. North America and Europe are the other substantial markets for TPEs. North America accounted for the second-highest automobile production in 2017 due to the established automotive industry in the US. This is expected to boost product demand in the region during the review period. The advancements in the European automotive industry to increase the sustainability and efficiency of vehicles are expected to fuel product demand during the forecast period.

Competitive Analysis

The leading players in the global thermoplastic elastomers market are Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and Elastron Kimya SAN. TİC. AŞ (Turkey).

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