Press release
Thermoplastic Elastomers Market Emerging Trends, Size, Share, Growth and Forecast 2024
Global Market Insights
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Styrenic block copolymer (SBC) was among the key contributors, and generated over USD 6 billion revenue in 2015. Consumer goods, medical equipment and packaging were major applications. Superior performance properties along with technological advancement in hydrogenated SBC are the major driving factors.
TPV market will register growth above 5% up to 2023. High heat resistance properties coupled with growing demand for sustainable products has enhanced TPV consumption. TPU market size generated over USD 1.5 billion in 2015. High thermal insulation properties have influenced its uses in wires & cables and tires. Construction and automobile industry expansion will enhance industry growth in this segment.
Rising demand for high fuel efficiency and low weight cars are key automotive industry trends encouraging thermoplastic elastomers market growth. Stringent government regulations against carbon emissions & greenhouse gases and PVC usage are other key encouraging factors.
Thermoplastic elastomers being alternative to thermosets have substituted medical stoppers, lids and gaskets due to its high insulation and molding properties. High adaptability to modification, recyclability and waste reduction are the notable features supporting electronics application scope.
Rapid industrialization, rising disposable income and growing environment consciousness will drive the thermoplastic elastomers market growth.
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APAC thermoplastic elastomers market revenue was over USD 4 billion in 2015. Regulatory support and innovations in automotive and medical applications in the emerging economies will drive the regional demand in coming years. China thermoplastic polyurethanes market size will surpass USD 500 million valuation with over 6% CAGR. Shifting automotive OEM’s preference for manufacturing bases in China and India due to large raw material and skilled labor availability, has made the region more lucrative.
North America thermoplastic elastomers market catered for over 25% of the global demand in 2015. EPA regulations to promote eco-friendly products coupled with rising product uses in medical equipment, sports & leisure equipment, automotive and construction industry are driving factors for the industry trends. MEA, driven by UAE and Saudi Arabia will witness gains over 4.5% up to 2023. Large crude oil reserves, growing demand for electronic goods and increased household spending are the factors to fuel the regional demand.
Global thermoplastic elastomers market share is moderately consolidated, with the major industry participants accounting for around 40% of the overall demand in 2015. Kraton Polymers, Dow Chemicals, LyondellBasell and BASF are the major industry players. Bayer MaterialScience (Covestro), Nippon Polyurethane Industry, China Petroleum & Chemical and Arkema S.A. are some of the other industry participants.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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