Thermoplastic Elastomers Market Share, Overview, Trends and COVID-19 Analysis, Forecast to 2023
Thermoplastic Elastomers Market Overview
Thermoplastic elastomers (TPEs) are multifunctional polymeric
materials that are processed in the same way as plastic but possess rubber
properties. TPEs exhibit excellent performance characteristics such as shock
absorption, cleanliness, easy sterilization, dimensional stability, chemical,
weather, and thermal resistance, and flexibility. TPEs can be easily processed,
molded, and recycled, and hence production requires low energy costs and is
eco-friendly. They are mainly used in the automotive industry for fuel line
coverings, side bumpers, mudguard components, air vents, door handles, and door
weather strips, among others. In addition, TPEs find application in the
building and construction, home appliances, and healthcare industries.
The rising demand for TPEs in the automotive industry is expected
to propel market growth during the forecast period. TPEs are used in the
manufacturing of various vehicle components to reduce weight, thus increasing
the efficiency of vehicles. Due to the expanding global population, the
automotive industry is projected to grow at a significant rate and is likely to
boost the demand for thermoplastic elastomers in the coming years. Moreover,
TPEs are used in the manufacturing of anti-vibration mounts, inlet pipes
and exhaust manifolds, filter housings seals, drum suspensions bushes, and door
seals of washing machines and dishwashers. Furthermore, the application of TPEs
in the electrical and footwear industries is likely to drive market growth
during the review period.
Thermoplastic Elastomers Market Segmentation Analysis
The COVID-19 analysis on thermoplastic
elastomers market has been classified based
on product, end-use industry, and region. Based on product, the global
thermoplastic elastomers market has been divided into vulcanizate, styrenic
block copolymer, polyurethane, polyamide, olefin, and others. By end-use
industry, the global thermoplastic elastomers market has been segregated into
automotive, building and construction, footwear, home appliances, healthcare,
and others. Asia-Pacific, North America, Europe, Latin America, and the Middle
East & Africa are the five regions studied for the global thermoplastic
elastomers market.
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Thermoplastic Elastomers Market Regional Analysis
The global thermoplastic elastomers industry share has been studied with respect to five regions—Asia-Pacific,
North America, Europe, Latin America, and the Middle East & Africa. In
2017, Asia-Pacific accounted for the largest share of the global thermoplastic
elastomers market owing to the high product demand in the automotive and footwear
industries. The expanding global population and rapid industrialization are
expected to be the key factors powering product demand in this region.
Furthermore, the robust growth of the building and construction industry is
expected to propel the regional market growth during the forecast period.
The US is projected to be the leading market for TPEs in North
America. This can be attributed to the large number of automotive production
plants, use of biodegradable products, and advancements in the healthcare sector.
The need for sustainability and efficiency of vehicles and the increasing
product demand in electrical applications are likely to drive the growth of the
regional market in Europe. Lastly, the markets in Latin America and the Middle
East & Africa are projected to witness significant growth during the
forecast period.
Key Players and Competition Analysis
Some of the prominent players in the global thermoplastic
elastomers market are Timco Rubber (US), Arkema (France), Huntsman
International LLC (US), the Dow Chemical Company (US), RTP Company (US),
Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh
Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent
Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and
Elastron Kimya SAN. TİC. AŞ (Turkey).
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Great article about thermoplastic elastomers is a diverse family of rubber-like materials.
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