Press release
Thermoplastic elastomers Market forecast on regional growth, industry players
Thermoplastic Elastomers Market was worth USD 12 billion in 2015, and is anticipated to hit a revenue of USD 20 billion by 2023, growing at a CAGR of 6% over 2016-2023.Increasing preference for low weight, sustainable, bio-based alternatives for conventional raw material will impel Thermoplastic Elastomers Market size. Subject to the efficient thermoplastic and elastomeric properties and myriad other physical and chemical benefits provided by these products, they are used extensively as alternatives for metals, regular & engineered plastics, wood, and natural or synthetic rubber across the automotive, medical, electronics, construction, footwear, and industrial sectors.
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In 2015, global thermoplastic elastomers market was consolidated, with major players accounting for more than 40% of the overall share. Companies such as Nippon Polyurethane Industry, BASF, China Petroleum & Chemicals, Kraton Polymers, Arkema S.A., Dow Chemicals, Covestro, LyondellBasell, and EMS Group are chief participants in thermoplastic elastomers industry. Firms have been focusing on investing in R&D and enhancing the product offering to sustain the market position.
Thermoplastic vulcanizates (TPV) products are used in the automotive sector for fluid handlings, bumpers, and other applications. Its high heat and oil resistance properties have also lead to its usage for engine components and car interiors, thereby propelling TPV industry, set to grow at a CAGR of 5.5% over 2016-2023.
The high demand for inexpensive, reliable, sustainable, and light weight SUV and MUV models coupled with consumer preferences toward comfort and aesthetics will propel thermoplastic elastomers industry from automotive sector.
In addition, strict government norms to reduce carbon emissions have forced automakers to use TPE products such as thermoplastic polyurethanes (TPU) as an alternative to metals, which will further impel thermoplastic elastomers market from automotive applications.
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Recently, BASF has heavily diversified its product portfolio by developing multiple versions of TPEs to partner with HP for launching its new 3D Open Materials and Applications Lab. Similar efforts by other companies will boost thermoplastic elastomers market outlook.
Europe, driven by UK, France, and Germany thermoplastic elastomers market accounted for over 20% of the overall demand in 2015. Evolution as an alternative to ethylene propylene rubber (EPR) and ethylene propylene diene monomer (EPDM) in various industries has enhanced the regional demand. Aim to provide high fuel efficiency and low weight automobiles will enhance the regional industry growth.
APAC TPE market was valued over USD 4 billion in 2015. Rising number of automotive manufacturing plants due to large raw material and skilled labor availability, will drive the India and China thermoplastic elastomers market growth. China was one of the major contributors and accounted for over 60% of the regional demand in 2015.
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U.S. thermoplastic elastomers market was worth over 1 billion in 2015. Rising TPEs usage in paving & roofing, medical equipment, sports & leisure equipment and personal hygienic products will support the regional industry growth. Regulatory policies on specific polymers and disposal consumption will impact positively impact the industry size.
Construction and automotive industry expansion in Brazil, Cuba, Colombia and Peru along with easy petrochemical trading with Middle East countries will facilitate the thermoplastic elastomers market growth. Central & South America is set to witness 4.5% growth up to 2023.
Major industry players include Kraton Polymers, Dow Chemicals, LyondellBasell and BASF. The companies are focusing on the new product development, capacity expansions and mergers & acquisition. Shifting manufacturing based to China, Brazil, and India in order to increase economies of scale is among the key strategies.
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