Thermoplastic Elastomers Market to Perceive Exponential Growth at CAGR 6.24% Driven By the KRATON PERFORMANCE POLYMERS, LCY GROUP, DYNASOL ELASTOMERS, BASF SE, LG CHEMICALS, A. SCHULMAN Players

Thermoplastic Elastomers Market Highlights:
The global thermoplastic elastomers (TPEs) market is expected to register a CAGR of 6.24% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market, with a share of around 47% of the global market share in 2017.

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Extensive Demand from the Automobile Industry
Thermoplastic elastomers (TPEs) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in myriad of applications, some of which include manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trim, door liners and handles, seat backs, and seat belt components, among others. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of automobiles has increased from 91 million units in 2015 to almost 95 million units in 2016, and the surge is expected to continue though the forecast period too. Increasing automotive production, coupled with the growing usage of TPE in the automotive industry is expected to drive the market through the forecast period.
In 2017, automotive and transportation application segment dominated the global market with a market share of 41%.

Key Developments in the Market
• January 2018: Mitsubishi Chemical Corporation started production of styrenic thermoplastic elastomer at Mitsubishi Chemical Performance Polymers (Thailand) Co., Ltd., its subsidiary in Thailand
• January 2018: Polymax Thermoplastic Elastomers L.L.C., a manufacturer and custom compounder of thermoplastic elastomers, is planning to increase the size of its production operation by adding about 8 million pounds of annual capacity

Major Players:
The major players are KRATON PERFORMANCE POLYMERS INC., LCY GROUP, DYNASOL ELASTOMERS, BASF SE, LG CHEMICALS; while other players include A. SCHULMAN, INC., APAR INDUSTRIES, LTD., ARKEMA, ASAHI KASEI CORPORATION, LANXESS, CHEVRON PHILIPS CHEMICALS CO., LTD., COVESTRO AG, ROYAL DSM, DOWDUPONT, ELASTRON KIMYA SAN. TIC. A.u015e, ENI VERSALIS, EVONIK INDUSTRIES AG, EXXONMOBIL CHEMICAL COMPANY INC., HEXPOL RUBBER COMPOUNDING, HUNTSMAN CORPORATION, KURARAY, LUBRIZOL CORPORATION, LYONDELLBASELL INDUSTRIES BV, MITSUBISHI CHEMICAL CORPORATION, MITSUI CHEMICALS, POLYMAXTPE, POLYONE CORPORATION, SABIC, SIBUR HOLDING, SINOPEC, TEKNOR APEX, TOTAL PETROCHEMICALS, TSRC CORPORATION, WANHUA CHEMICAL GROUP CO., LTD., ZEON CORPORATION, and SUMITOMO CHEMICALS CO., LTD.

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Thermoplastic olefins (TPE-o) the fastest growing segment
Styrene block copolymers (TPE-s) dominated the global TPE market by product type; however, thermoplastic olefins (TPE-o) is estimated to be the fastest growing market through the forecast period. Thermoplastic olefins are vital products for various industrial applications. They are designed to be tough and durable, and they are easily tailored to meet specific application requirements, such as being weather-resistant, paintable, scratch-resistant, low odor, or low carbon emissions, among others.

Asia-Pacific region to Dominate the Global Market
Asia-Pacific was the largest market in 2017, accounting for around 47% of the global market. It is also expected to be the fastest growing market through the forecast period. In Asia-Pacific, China dominated the TPE market, followed by Japan and India. The improved economic growth, resulting in increased disposable income of people; foreign investments by global leaders of various end-user markets, clubbed with local government initiatives for sustainable development have made the market conditions for countries, such as China and India, favorable for expansion, in terms of both technology and business development.

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