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Thermoplastic Elastomers Market 2024 Key Players Covestro, China Petroleum & Chemical, Nippon Polyurethane Industry, Arkema S.A. and EMS group
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Increased investments and growth of medical, automotive, footwear and construction industries coupled with regulatory compliances set forth by agencies for manufacturing sustainable products should propel thermoplastic elastomer industry growth. Chemical and physical benefits of using TPE’s should further empower product demand.
Automotive industry has extensive application scope for TPE’s owing to policy and regulatory intervention by environment protection agencies to reduce carbon emission and increase fuel efficiency in vehicles. This has forced OEM’s to incorporate plastics substituting alloys and metals in automotive components propagating positive product demand.
Commonly used raw material in manufacturing TPE’s are styrene, polypropylene and propylene which are derived from crude oil. Volatility in prices and procurement risk of crude oil decides the price trend for TPE’s and may hinder industry growth.
TPE’s are eco-friendly, unique and recyclable which can be remolded & reshaped eliminating chances of wastage. Other characteristic attributes exhibited by TPE’s include resistance to UV, chemicals, oxidation and provide soft-touch to materials and hence extensively used in medical and electronics industry.
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Styrenic block copolymer based TPE is estimated to generate revenues over USD 11 billion by 2023. It is broadly used in automotive and footwear industry owing to its low cost, high process ability and easy mold ability. It is used mostly in form of mixture with oils, fillers and polymers. Superior performance by hydrogenated SBC in CASE application should stimulate industry growth.
Thermoplastic polyurethane based TPE should grow at a CAGR of over 5.5%, owing to its extensive use in wire & cable manufacturing for construction industry and tubing in automotive industry. Good thermal insulation & acoustic properties coupled with stringent codes for using energy efficient materials in construction should drive global TPE market.
Europe thermoplastic elastomer market led by Germany, UK and France should account growth of over 6% during forecast timeframe. Technology evolution for ethylene propylene diene monomer and ethylene propylene in various industries should propagate regional product demand.
Asia pacific TPE market is expected to over USD 8.5 billion by 2023, owing to rising automotive manufacturing plants due to availability in raw material and cheap labor should drive India and China TPE industry growth. China accounts to have over 60% of global thermoplastic elastomer demand in 2015.
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Global thermoplastic elastomer market is moderately consolidated with major players sharing over 40% of the global production. Big companies involve in mergers, acquisitions and partnerships with regional players to expand geographical presence. Some key participants include Kraton Polymers, Dow Chemicals, BASF and LyondellBasell
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