Thermoplastic Elastomers Market Potential Growth, Share, Demand, COVID-19 Overview and Industry Analysis of Key Players- Research Forecasts by 2023
Research Reports
Jan 07, 2021
Thermoplastic elastomers (TPEs) are polymeric materials which are processed in the same manner as plastic but possess rubber-like properties. They possess properties of flexibility, thermal resistance, shock absorption, and dimensional stability. The global thermoplastic elastomers market report by Market Research Future (MRFR) contains predictions combined with factors and challenges for the period between 2018 and 2023 (forecast period).
Market Scope
The global thermoplastic elastomers market is poised to touch a skyrocketing valuation by 2023 due to easy production methods of TPEs and its recyclable nature. The increasing demand for TPEs in the automotive industry can drive its market demand exponentially. TPEs are used in mudguard components, side bumpers, fuel line coverings, door handles, door weather strips, and vents. They are used to reduce the weight of vehicles to lower carbon emissions. Environmental regulations on carbon emissions can also influence the global market demand. The electrical and electronics industry is expected to prosper due to the flexible properties of TPE. For instance, KRAIBURG has launched a series of TPE compounds for white goods with different adhesion properties. It has rubber-like elasticity without the limitations of rubber.
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Competitive Outlook
Huntsman International LLC, JSR Corporation, RTP Company, Kent Elastomer Products, Teknor Apex, Covestro AG, Elastron Kimya SAN. T?C. A?, the Lubrizol Corporation, Arkema, Tosoh Corporation, Altana AG, the Dow Chemical Company, Timco Rubber, and Kraiburg TPE GmbH & Co. KG are prominent players of the global thermoplastic elastomers market.
Industry News
Kraiburg TPE has developed a technology for producing thermoplastic elastomers with low density. It has created 3 production lines dedicated to companies in power tools, construction, and other end-use industries.
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Segmentation
The global thermoplastic elastomers market has been segmented by product and end-use industry.
By product, the global thermoplastic elastomers market has been segmented into polyamide, vulcanizate, polyurethane, styrenic block copolymer, olefin, and others. Styrenic block copolymer are the lowest priced polymers used in India and China due to their ability to blend with various polymers with the assistance of oils and fillers. Polyurethane TPEs are transparent and adheres easily to metals and other substrates. It has properties of energy absorption, tear resistance, and abrasion resistance.
By end-use industry, the global thermoplastic elastomers market has been segregated into home appliances, automotive, footwear, building and construction, healthcare, and others. The automotive industry is expected to drive the global market demand due to the use of TPE in the manufacture of components such as fuel line coverings, side bumpers, and other components. Rapid industrialization and urbanization which calls for the need for passenger and commercial cars can drive the global thermoplastic elastomers market demand in the coming years.
Regional Analysis
North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA) are regions the center of interest in the global thermoplastic elastomers market.
APAC accounted for the largest market share in 2017 due to the high demand for the product in footwear and automotive industries. The large population and rapid industrialization are factors expected to drive the regional market demand. The burgeoning construction industry which requires plastic components for interiors in homes and complexes can drive the global thermoplastic elastomers market demand.
North America can also command a heavy share of the global TPE market. The U.S. is expected to contribute heavily to the market due to advances in the healthcare sector, use of recyclable products, and large number of automotive production plants.
Latin America and MEA regions can exhibit positive growth rates for the global TPE market owing to investments in industries which require thermoplastic elastomers.
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