Thermoplastic Elastomers Market touched USD 18865 million in 2020 and will grow at 5.2% CAGR till 2028 | Share, Growth & Report

Thermoplastic Elastomers Market

The Thermoplastic Elastomers Market was estimated around USD 18865 million in 2020 and is expected to grow at a CAGR of 5.2% over the forecast period (2021-2028).

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The factors driving the growth of Thermoplastic Elastomers Market includes increasing application of thermoplastic elastomers in medical and construction industries, growing demand for electric vehicles around the world and rising focus by manufacturers on developing environment friendly products. According to the report published by Statista, the revenue generated from the sales of electric vehicles was calculated around USD 384 billion for 2022 and the market volume is expected to reach USD 869.30 billion the end of 2027, growing at a CAGR of 17.75% over the forecast period (2022-2027), which will accelerate the Global Thermoplastic Elastomers Market in the approaching years. Moreover, growing emphasis on reducing carbon emissions, development of wearable and miniaturized electronic devices and rise in Government's spending on the healthcare sector, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.

However, growth of the Thermoplastic Elastomers Market is hindered attributed to high cost of thermoplastic elastomer materials.

The prominent players operating in the market are Teknor APEX Company, The Lubrizol Corporation, Tosh Corporation, Arkema, Asahi Kasei Corporation, BASF SE, DuPont, Dow, Covestro AG and Huntsman International LLC, among others.

Based on Type, the Thermoplastic Polyurethane segment is predicted to expand at a significant CAGR during the forecast period

Increasing application of Thermoplastic polyurethane in fascia systems and growing importance of energy efficiency in buildings, are propelling growth of the segment.

Based on End Use Industry, the Automotive segment is projected to grow at a robust CAGR over the forecast period

Growing demand for light weight plastics and rising application of Thermoplastic Elastomers in the automotive sector, are propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

Increasing Foreign Direct Investments (FDI) inflows in the Automotive sector, rapid economic growth across India, China and Indonesia in the last decade, rising per capita incomes, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

In 2020, Arkema completed the acquisition of LIP Bygningsartikler AS (Denmark), one of the Danish leading tile adhesives, waterproofing systems, and floor preparation solution providers. This acquisition will strengthen company's potion in the adhesives business.

Market Segmentation

Segmentation by Type

Styrenic Block Copolymer
Thermoplastic Polyurethane
Thermoplastic Polyolefins
Thermoplastic Vulcanizates
Copolyester Ether Elastomers
Polyether Block Amide Elastomers

Segmentation by End Use Industry

Automotive
Building & Construction
Footwear
Wires & Cables
Medical
Engineering
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.