Thermoplastic elastomers (TPE) market analysis was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2019 to 2025.
Market Outline: Thermoplastic Elastomers (TPE) Market Analysis
Thermoplastic elastomers (TPE) are plastic that exhibit the properties of vulcanized elastomers (rubber) at room temperature, but can be processed like thermoplastic plastics when heated. TPEs are unique, eco-friendly thermoplastics that are not only recyclable but can also be re-molded and re-shaped, thereby eliminating wastage quite extensively. These offer various other advantages in terms of physical attributes & characteristics such as resistance to chemicals, UV, oxidation, and providing soft-touch to materials. These properties are increasingly driving rubber and conventional plastic material replacement by TPEs in their respective applications. Several federal bodies such as FDA, US Pharmacopeia regulate product applications in numerous end-use industries to ensure utmost consumer health and safety. These regulations affirm TPE utilization for commercial applications by providing guidelines for prudent product usage.
Market Dynamics: Thermoplastic Elastomers (TPE) Market Analysis
Increasing consumer preference for high performance and lightweight passenger cars has been driving plastics innovation in automotive manufacturing. These factors have led to increased thermoplastics consumption in the aforementioned application. Thermoplastic elastomers exhibit superior physical and chemical properties compared to thermoset plastics, thus gaining preference in terms of application. High substitution rate of TPU & TPO as an alternative to ethylene propylene diene monomer (EPDM) in construction materials is expected to complement global industry demand over the forecast period. However, high cost of TPE materials over conventional plastics, rubbers, and thermoset materials will restrict the use of TPE in case of fillers for products where large volume of materials are required at a low cost.
Market Scope: Thermoplastic Elastomers (TPE) Market Analysis
Thermoplastic elastomers (TPE) market analysis is segmented based on product type, application, and end user
Based on product type, market is segmented into the following:
- Styrenic Block Copolymers (SBC, SBS, SIS, HSBC)
- Thermoplastic Polyurethanes (TPU)
- Thermoplastic Polyolefins (TPO)
- Thermoplastic Vulcanizates (TPV)
- Copolyester Elastomers (COPE)
Based on the application, market is segmented into the following:
- Advanced Materials
Regional Analysis: Thermoplastic Elastomers (TPE) Market Analysis
Geographically, thermoplastic elastomers (TPE) market analysis is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific thermoplastic elastomers market emerged as the largest consumer and accounted for over XX% of the overall volume in 2017. China, India, and Japan are major consumers in APAC and accounted for over XX% of the regional volume in 2017. High construction and automotive industry growth in China & India along with increasing footwear and electronic goods production in South East Asia is expected to drive further TPE demand in APAC over the forecast period. North America is characterized by heavy R&D by domestic companies aimed at product innovation and increased application scope. Structured regulatory policies pertaining to application specific plastics consumption and disposal is expected to have a significant impact on the regional market growth. Increasing automotive production in the U.S. and Mexico along with construction and consumer industries’ growth in Mexico is expected to drive North America TPE demand over the forecast period.
Competition Assessment: Thermoplastic Elastomers (TPE) Market Analysis
Some of the players in the Thermoplastic elastomers (TPE) market analysis include:
- DowDuPont Inc.
- Arkema Group
- Asahi Kasei Corporation
- PolyOne Corporation
- Elastron Kimya SA
- Kraton Corporation
- Evonik Industries
- Covestro AG.
Notable Market Developments: Thermoplastic Elastomers (TPE) Market Analysis
- In January 2018: Polymax Thermoplastic Elastomers LLC, a manufacturer and custom compounder of thermoplastic elastomers, is planning to increase the size of its production operation, by adding about eight million pounds of annual capacity.