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Automotive Thermoplastic Elastomers Market 2024 Global Key Players Bayer, The Dow Chemical Company, BASF, Arkema, Huntsman, Asahi Kasei, TSRC and Sinopec.
Automotive Thermoplastic Elastomers Market
Automotive Thermoplastic Elastomers Market size may have positive outlook in manufacturing bumper, internal lining, foot mats and external styling car body. North America, driven by Canada and the U.S automotive thermoplastic elastomers market may witness significant growth owing to developed automotive sector and strict regulations regarding plastic use. Increase in environmental awareness in consumer has propel fuel efficient car demand. Rise in population along with increasing automobile products innovation.
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Europe driven by UK, France and Germany automotive thermoplastic elastomers market may grow significantly. Positive outlook towards automobile sector accompanied with high standard of living increase in spending on luxury & sports car is likely to drive industry growth in this region.
Asia Pacific led by Japan, China and India, automotive thermoplastic elastomers market size may witness significant growth due to rapid industrialisation and, increase in population Government initiatives along with foreign investments and availability of skilled & cheap labour has led OEM to shift their manufacturing base mainly in India and China thereby contributing towards regional growth. Japanese automobile company Toyota, Mazda, Mitsubishi and Honda are trendsetters in quality improvement & management in automotive sector. Expanding automotive sector may propel automotive thermoplastic elastomers demand.
TPE can be extruded, moulded and re- used like plastic whereas it also has elastic properties of elastomer. It returns to original form due to cross linking bond in thermoplastic imparting high elastic property. Commercial grade thermoplastic elastomers are styrene block copolymers (TPE-s), Vulcanised Elastomeric alloys (TPE-V or TPV), Thermoplastic olefins (TPE-o), Thermoplastic polyester (TPE-e), Thermoplastic polyamide and Thermoplastic Polyurethane (TPU).
TPE products are manufactured by three methods which includes extrusion & injection compression and blow moulding. Injection moulding is used to produce solid complex shape products. It also finds application in accurate precision and high-volume products ranging from medium to low sizes.
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Automotive thermoplastic elastomers are easily moulded and used in radiator hose, wire cable, bumper guard, under hood, seat covers, window encapsulation and internal automotive parts production. They are light in weight and improves automotive fuel efficient. Global automotive industry is poised to surpass 110 million units by 2024. Increasing consumers spending on luxury cars with aesthetic features and high quality automotive parts is likely to stimulate product demand. Expanding automotive sector mainly in India and China should fuel automotive thermoplastic elastomers demand thereby propelling industry growth.
Styrene block copolymers (TPE-s) are light in weight, cheap and recyclable & reusable thereby replacing Ethylene Propylene Diene Monomer (EPDM) in automotive sector. Initially TPE-s was used in fixed seals and fixed glass encapsulation whereas later scope widened to glass run channels, belt lines and door seals. They exhibit high fire & flame resistance and are used as covering for electrical cable insulation in car.
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Styrene copolymers, polyurethane, polyester and olefins availability is dependent on petroleum industry. Fluctuating raw materials price may hamper industry profitability thereby affecting automotive thermoplastic elastomers price trends. Global automotive thermoplastic elastomers market share is consolidated. Major players operating in this market are Bayer, Dow, BASF, Arkema, Huntsman, Asahi Kasei, TSRC and Sinopec.
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