According to ChemAnalyst report, “Global Thermoplastic Elastomers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Thermoplastic Elastomers market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period owing to its high demand in automotive industry coupled with its eco-friendly and easy to recycle nature. Thermoplastic elastomers are the superior polymers that has properties of both thermoplastic and elastomers, also known as Thermoplastic rubbers because of their rubbery property. The rubbery property is present due to one of the components of the copolymer. There are various types of thermoplastic elastomers including styrene block copolymers, thermoplastic olefin, elastomeric alloy, thermoplastic polyurethane, thermoplastic co-polyester, thermoplastic polyamide. Among all styrene block copolymers holds the major share for the total volume consumed. Thermoplastic Elastomers offer high performance attributes in compared to thermoset rubbers, metals, and other conventional materials.
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Due to their versatile properties like high strength, flexibility and light weight, Thermoplastic Elastomers find application in automotive and transportation, building and construction, footwear, electrical and electronics, medical, household appliances, adhesive, sealant and coating. Growing demand from the automotive industry coupled with the rising demand from other application areas such as building and construction, footwear etc. is expected to drive the demand of thermoplastic elastomers during the forecast period. Moreover, growing demand for bio based Thermoplastic Elastomers is going to push the demand further during the forecast period. It is expected that Thermoplastic Elastomers are going to replace the market for PVC in the upcoming years.
In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a numerous industry. Automotive and construction were among the most affected industries during the pandemic. This had an impact on the demand of thermoplastic elastomers for the first half of 2020. However, a rise in the demand for Thermoplastic Elastomers has been witnessed since there is relaxation in the lockdown due to its high demand from various end use industries. Additionally, the government policies to support electric vehicles for the clean environment consequently endorses the growth of the thermoplastic elastomers market.
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Region wise, Asia pacific region holds the major share of global demand for thermoplastic elastomers due to the expansion of Automobile industry in the region, rapid industrialization as well as the increasing construction activities specially in China and India. Moreover, there is heavy demand for Thermoplastic Elastomers from various other end use industries like electronics, consumer goods, Packaging etc. which further will drive its market in the forecast period.
North America and Europe are also expected to show a prominent growth in the demand for Thermoplastic Elastomers during the forecasted period owing to the presence of various end use Industries and their focus in using environment friendly and biodegradable materials.
According to ChemAnalyst report, Global Thermoplastic Elastomers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030.
Key Players:
Major players for thermoplastic elastomers globally include BASF SE, Dow industries, A. Schulman Inc., Huntsman International LLC, Arkema Group, DSM Corporation, DuPont Inc., Evonik Industries AG, SABIC Co., Exxon Mobil Corporation, LG Chem, LANXESS Industries, Sinopec Group, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Sumitomo Chemicals Co. Ltd,
“Being linked to the automotive and construction sectors, the global Thermoplastic Elastomers industry has shown a robust growth. China and India are the hub of Automobile industries and in Asia Pacific which fuels the demand for Thermoplastic Elastomers in the region. Additionally, Government regulations concerning the use of Biodegradable, recyclable and ecofriendly material are driving the market for Thermoplastic Elastomers across the globe. Additionally, it is also safe to use in sectors like Medical and Food Packaging that will create lucrative market growth opportunities for Thermoplastic Elastomers in the forecasted period. With new competitors emerging across the Asia Pacific Thermoplastic Elastomers market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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