Thermoplastic Elastomers Market | Key players operating in the market include Arkema SA, Covestro AG, Asahi Kasei Corporation, Evonik Industries AG, Lubrizol Corporation, Kraton Corporation

According to recent market research "Thermoplastic Elastomers Market" is estimated to grow from USD 21.9 billion in 2016 to reach USD 28.3 billion by 2022, at a CAGR of 5.4% during the forecast period. Thermoplastic elastomers have outstanding properties such as heat stability, smoothness, and resistance to wear and scratch, which are increasing their use in various industries.

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The thermoplastic elastomers market is projected to reach USD 28.27 billion by 2022, at a CAGR of 5.2% from 2017 to 2022. Thermoplastic elastomers possess properties of both, plastics and elastomers. They can be molded easily at room temperature by heating them. Due to a number of properties offered by them, which include heat stability, smoothness, wear resistance, chemical resistance, and scratch resistance, they are used in different end-use industries.

Bio-based thermoplastics are the upcoming trend in the thermoplastic elastomers market. The majority of thermoplastic elastomers are conventionally compounded and manufactured from raw materials based on fossil fuels. However, increase in the environmental awareness across the globe and fluctuations in the prices of petroleum drive the thermoplastic elastomers market towards the adoption of sustainable and green programs. As such, various guidelines have been formulated and implemented in the European and North American regions for the development of environment-friendly products. These guidelines accord preferential treatment to bio-based products procured by public institutions that meet the minimum renewable raw material content standards. The bio-based thermoplastic elastomers are made using several bio-based raw materials. Some of the predominantly used raw materials for manufacturing thermoplastic elastomers include starch ranging from 30% to 50%, castor & canola oils, polyols from vegetable oils & fatty acids, and corn & soybean oils. The increased cost of petro-chemically derived monomeric raw materials has made bio-based thermoplastic elastomers economically competitive. Thus, the thermoplastic elastomers based on bio-renewable resources are expected to become popular during the forecast period, owing to increased awareness across the globe for environment sustainability. Moreover, the use of bio-based content for the development of thermoplastic elastomers is expected to provide enormous opportunities to the manufacturers of thermoplastic elastomers in the material selection process to cater to the requirements of different industries.

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The thermoplastic elastomers market is projected to reach USD 28.27 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022. Thermoplastic elastomers have properties of both, plastics as well as elastomers. They can be molded easily at room temperature by heating them.

The strategy of new product developments was the key strategy adopted by the leading players in the thermoplastic elastomers market between 2014 and 2016 to strengthen their position in the market. It was followed by the strategy of mergers & acquisitions. Some of the leading players operating in the thermoplastic elastomers market are Arkema SA (France), Asahi Kasei Corporation (China), Covestro AG (Germany), Evonik Industries AG (Germany), Kraton Corporation (U.S.), Lubrizol Corporation (U.S.), LyondellBasell Industries N.V. (Netherlands), PolyOne Corporation (U.S.), Sinopec Group (China), Teknor Apex Company (U.S.), The Dow Chemical Company (U.S.), and Tosoh Corporation (Japan). Besides new product developments, the companies operating in the thermoplastic elastomers market also adopted the strategies of mergers & acquisitions, expansions, joint ventures, and agreements to expand their product portfolios, strengthen their distribution networks, and extend their reach to their customers.

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Teknor Apex Company has adopted various organic and inorganic growth strategies, which include new product developments, acquisitions, collaborations, and partnerships to enhance its position in the thermoplastic elastomers market. Teknor Apex has developed and launched thirteen new products in the thermoplastic elastomers market from February 2014 to February 2017. In September 2016, Teknor Apex collaborated with FGH Systems Inc. to develop material, equipment, tool, and mold technologies for high-volume extrusion blow molding of thermoplastic elastomers. In April 2016, Teknor Apex acquired Plastic-Technologie-Service (PTS), which is a thermoplastic elastomer manufacturer, and expanded its presence in the European region. Teknor Apex entered into a partnership with Gumdrop Ltd. in October 2016 to start a sustainability program for converting chewing gum wastes into raw materials used for manufacturing thermoplastic elastomers named as Gum-Tec.

Lubrizol Corporation developed and launched eight new products into the market between January 2015 and January 2016. It also adopted the strategies of acquisitions, agreements, and partnerships to strengthen its position in the thermoplastic elastomers market. The new products launched by the company cater to the requirements of various end-use industries such as footwear, automotive, filtration, apparel interlinings, textiles, sports goods, and packaging. In 2014, it acquired Vesta, which is a leading contract manufacturer of thermoplastic products used in the medical devices industry. This acquisition enabled Lubrizol to broaden its material and application portfolio.

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