Thermoplastic elastomers market size is set to reach USD 20.65 billion by 2023: Global Market Insights, Inc.
Thermoplastic Elastomers (TPE) Market size was 4.19 million tons in 2015 as per the latest research report by Global Market Insights, Inc. Increasing application scope in medical, automotive, and consumer goods industry owing to favorable regulatory compliance are potential stimulating factors to drive industry growth.
Thermoplastic elastomers market size is set to reach USD 20.65 billion by 2023. Superior physical and chemical properties compared to thermosets in structural applications should positively influence TPE consumption in industrial applications.
TPE processing allows compounds to be reheated, reshaped or frozen repeatedly, eliminating waste and promoting recyclability. These diverse characteristics are promoting TPE to be utilized in numerous applications across several fields.
SBC Market size dominated the demand and was valued at 6.22 billion in 2015. Medical equipment, packaging and consumer goods were the major applications. Recyclability and enhanced product benefits are few major driving features.
TPV market is set to attain highest gains, growing at 5.8% CAGR up to 2023. Growing demand from industries including automotive, consumer goods, and medical owing to rising sustainable products demand and increased consumer per capita income.
Automotive industry expansion accompanied by rising trend to reduce vehicle weight to attain high fuel efficiency are expected factors to positively influence TPE market size.
Government efforts to control GHG and carbon emission is persuading government to reduce dependency on PVC and imposing stringent regulations which may fuel TPE market size growth.
High performance, soft feel, easy coloring, and aesthetic appeal are promising features to use TPE in electronic & electrical applications. They are also bad conductors of electricity and provide insulation against heat along with resistance to chemicals and UV, leading to rising applications in electrical connections while building residential or functional complexes. Mobile phone case covers and connectors are major products.
Packaging and covering electrical circuits in construction and infrastructure industries are other key applications. Growing flexible electronic components demand and global consumer electronics industry expansion should enhance industry growth.
Major raw materials including ionomers and styrenic copolymers are largely dependent on petrochemicals, volatility in petrochemical prices may affect thermoplastic elastomer market price trend.
Key insights from the report include:
Global TPE market size is estimated to reach 6 million tons by 2023, with estimated gains at 4.6% CAGR. Growing environmental consciousness accompanied by rise in middle class disposable income has led to end-use industry expansion, hence fuelling TPE demand.
APAC, led by Japan and China thermoplastic elastomers market size, was dominated the regional industry and generated USD 5 billion in 2015, favorable government policies and monetary framework encouraging private investments are expected factors influencing regional demand.
China TPU market size may observe 6.3% CAGR and register over USD 515 million by 2023. Automotive OEM’s preference to shift manufacturing base to China and India owing low capital investment, skilled labor, and economical raw material availability are potential reasons driving regional industry growth.
North America thermoplastic elastomers market size accounted for over 27% of the overall demand and is mainly driven by EPA regulations to promote eco friendly products and increasing consumption in vehicle manufacturing.
MEA, led by Saudi Arabia and UAE, may grow significantly, growing at 4.9% CAGR up to 2023. Increase in construction spending, rising electronic goods demand accompanied by raw material availability are potential factors to foster regional demand.
TPE market share is fairly consolidated, major industry players catered to around40% of the global demand in 2015. Dow, LyondellBasell, BASF, and Kraton Polymers are among notable industry participants.
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