Thermoplastic Elastomers Market worth $33.9 billion by 2027 | Key players Arkema S.A., Asahi Kasei Corporation, BASF SE, Covestro Ag, Huntsman Corporation.

According to recent market research the "Thermoplastic Elastomers 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) - Global Forecast to 2027", size 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%. Factors such as Growing penetration of EV and expected recovery from the COVID 19 impact supports market growth. Restraints for the market is higher costs of TPE than that of conventional material and economic slowdown. Opportunities in Thermoplastic Elastomers Market is due Emerging market for the Biobased TPE. Moreover, the emerging trend of simplifying the complexity in choosing a specific type of thermoplastic elastomer is challenging the growth of the other types of TPEs & intrathermoplastic elastomers segment replacement is the major challenge for Thermoplastic Elastomers Market.

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Thermoplastic polyolefin are estimated to be the largest type in Thermoplastic Elastomers Market (in terms of value). This thermoplastic polyolefin is one of the most widely used materials in the automotive industry and is usually manufactured by blending polypropylene with elastic ethylene copolymers (polyolefin elastomers or POE) and adding other reinforcing fillers and additives. It can be processed using various techniques, including injection molding, profile extrusion, thermoforming, and blow molding. TPO is used in a variety of applications in the automotive industry.

Automotive is estimated to be the largest market for Thermoplastic Elastomers Market. TPEs are used for exterior body parts, such as exterior filler panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, and vibration damping pads. Recent developments in TPE have made it suitable for under-the-hood applications, such as belts & hoses, clamps, fuel lines, buffer blocks for bonnets & boots, bellows, and weather stripping, such as water and soundproofing. The applications of TPE in the automotive industry will increase as the electric vehicles (EVs) market is gaining traction.

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APAC is estimated to be the largest market for Thermoplastic Elastomers Market in 2021 and during the forecast period. The increased demand for Thermoplastic Elastomers in Asia Pacific is led by rapid industrialization and growing demand from various automotive, building & construction, wire & cable, engineering, and medical industries in India, China, Japan & south Korea.

The Thermoplastic Elastomers Market comprises major manufacturers such as Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE(Germany), Covestro Ag (Germany) and Huntsman Corporation (US) are the key players operating in the Thermoplastic Elastomers. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Thermoplastic Elastomers.

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Arkema S.A (France) operates its business through four segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates. Company is involved in the manufacturing and sales of various chemical products that find applications in consumer goods, paints & coatings, building & construction, automotive & transportation, electronics, energy, and other industries. Company has 144 production facilities and presence across 55 countries. The company has five research & development centres globally.

BASF SE(Germany) is a chemical conglomerate and has a strong presence across the globe. The company supplies its products through 11 divisions, which are grouped into seven segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agriculture Solutions, and others. The company has a broad portfolio comprising 75 strategic business units. It produces thermoplastic elastomers under the performance materials division in the Materials segment. The company 241 production sites across 90 countries.

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