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Thermoplastic Elastomers Market | Top Key Players - LyondellBasell Industries, Nippon Polyurethane Industry Company Ltd., PolyOne Corporatio
Thermoplastic Elastomers Market
Owing to characteristics like low weight and high durability, thermoplastic elastomers are majorly used in manufacturing automobiles where they substitute the metal parts. It further helps in decreasing cumulative vehicles weight which enhances fuel efficiency.
Furthermore, shifting trends in automobile industry regarding minimalistic aesthetics & design, coupled with changing consumer perceptions towards fuel efficient vehicles is likely to stimulate the market share for thermoplastic elastomers. In fact, the growing demand for copolymers elastomers in Germany to meet the product demand from its automotive industry is likely to lead to the market growth.
Growing use of styrenic block copolymer in footwear industry
The market demand for styrenic block copolymers in footwear application is likely to consume nearly 650 kilo tons by 2023. The styrenic block polymers are used as vulcanized rubber which is economical and is reusable as well.
It is also majorly used in making the shoe soles that are made up of waterproof material because of the low cost and biocompatibility, thus driving the market demand.
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Growing demand of TPO in construction sector
The market demand for thermoplastic polyolefins (TPO) from the construction sector is likely to register substantial growth at over 3.5% during the forecast timeframe owing to its application use in residential & commercial roofing.
The TPO based roofing systems delivers vital energy efficiency and reflectivity along with a significantly strong resistance from UV radiations, thereby reducing the building heat gains.
Booming U.S. TPU market
The thermoplastic polyurethanes (TPU) market demand in the U.S. is likely to register a significant growth of more than 4% in the projected timeframe. Factors like growing demand for fuel efficient engines with high performance characteristics, and aesthetically pleasing luxury vehicles are expected to lead to expansion of the market share.
Additionally, strict regulations on limiting the toxicity levels of automobile emissions as well as growing fuel efficiency will drive the market share over the analysis time period. Shifting consumer perceptions regarding green environment efforts will further boost the market demand for thermoplastic elastomers.
Growing demand for copolymers elastomers from the German automotive industry
The market demand for copolymers elastomers from the German automotive sector is expected to exceed $560 million by 2023. The growth can be ascribed to the use of low weight material in vehicles and growing demand for high performance.
Moreover, manufacturers are also shifting their focus more towards COPE for manufacturing new as well as advanced air ducts that are resistant to high-temperatures.
Growing demand for styrenic block polymers in China
The market size for styrenic block polymers in China is slated to record substantial gains of around 5% by the end of the projected timeframe. Increasing renovation and construction activities due to rapid urbanization in the region is expected to drive the market share.
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Moreover, supportive government efforts to renovate and liberalize the infrastructure, and growing disposable income levels may enhance the product growth. Furthermore, shifting consumer perceptions regarding the use of top quality construction material and minimalistic aesthetics looks would further fuel the industry share.
Overall, the above-mentioned factors, are expected to offer a diverse array of growth opportunities for the thermoplastic elastomers market players. Key players operating in the thermoplastic elastomers market include LG chemicals, Evonik Industries, BASF, Dow Chemical Company, LyondellBasell Industries, Lubrizol Corporation, Kraton Polymers, and PolyOne Corporation among others.
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