Market Overview:
The global thermoplastic elastomer market size was USD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by 2027, exhibiting a CAGR of 5.7% during the forecast period. Thermoplastic elastomers (TPEs) are elastic materials and a physical blend of polymers that includes plastic and elastomer materials with thermoplastic and elastomeric properties. These materials have major applications in the automotive industry, where they are used for tires of vehicles and other auto parts.
Market Growth:
The medical industry is one of the main contributors. The coronavirus outbreak is to blame for the high demand from the medical sector, which in turn caused a spike in the market for medical supplies. The aforementioned elements that are expected to increase demand can also be linked to future market expansion.
Because bio-based thermoplastic elastomers are environmentally friendly and promote environmental protection, their use is becoming more widespread across a variety of industries. These materials are highly sought after by end users because of their ability to be reshaped and reformed, which helps reduce waste and offers several benefits like resistance to chemicals, oxidation, UV radiation, and more. Applications for bio-based TPEs include the production of household appliances and medical equipment in the consumer goods and medical industries.
Report Coverage:
The research study on the global thermoplastic elastomer market offers a thorough examination of the industry with a particular emphasis on important factors including top players, suppliers, end users, and goods. It also highlights significant advancements in the sector and provides insights into market trends. The research includes a number of other variables that have contributed to the market's recent rise in addition to the ones already stated.
Regional Analysis:
North America holds a significant share in the global thermoplastic elastomer market, driven by rapid technological advancements and the region's high disposable incomes. The demand for automobiles and growth in construction spur manufacturers towards innovation, further fueled by the high economic status of North American countries. Additionally, growth in the medical industry positively impacts the thermoplastic elastomer market.
Asia Pacific dominated the Thermoplastic Elastomer Market and was estimated to generate a value of USD 14,226.7 million in 2019, which can be attributed to the increasing demand for these materials from various industries, including automobile, construction, footwear, and others. The economic development in countries such as China, India, and Japan would improve the lifestyle of consumers, thereby creating a high demand for vehicles and luxury footwear. Additionally, the growing middle-class population is further set to fuel the demand for construction activities and automobiles in the region. The automobile production in India grew by 2.36% in 2019 and replaced Germany in sales of passenger and commercial vehicles by 3.99 units sold.
The European market is poised for significant growth, driven by high demand for automobiles, especially luxury vehicles, fueled by improving consumer lifestyles. Germany, a major automotive manufacturing hub, benefits from technological advancements facilitating lightweight vehicle solutions.
Latin America and the Middle East & Africa anticipate substantial growth. Brazil's rapid urbanization and economic developments drive demand, especially in construction and consumer goods industries. The Middle East & Africa's abundant raw materials enable low-cost production, supported by growing economies and rising disposable incomes.
In summary, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa each contribute uniquely to the thermoplastic elastomer market's growth, propelled by factors like technological advancements, economic development, and consumer lifestyles.
Source: https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515
Key Development:
August 2020: Lubrizol invested in the thermoplastic polyurethane business globally. The investments include the increased production capabilities of surface paint protection film (PPF) and protection. At the same time, it would provide additional benefits to PPF manufacturers and supply chains.
November 2020: Evonik announced the cooperation with HP for developing a new co-branded1 elastomer, a flexible high-performance specialty powder based on a thermoplastic amide grade (TPA) for 3D printing.
The Report Lists the Key Companies in the Thermoplastic Elastomer Market:
• Arkema SA (Colombes, France)
• Covestro AG (Leverkusen, Germany)
• Evonik Industries AG (Essen, Germany)
• Teknor APEX Company (Rhode Island, U.S.)
• BASF SE (Ludwigshafen, Germany)
• Huntsman Corporation (Texas, U.S.)
• Sinopec Group (Beijing, China)
• Lubrizol Corporation (Ohio, U.S.)
• Kraton Corporation (Texas, U.S.)
• Tosoh Corporation (Tokyo, Japan)