Thermoplastic Elastomers Market 2018-2026
The global thermoplastic elastomers market was valued at around US$
16,000.0 Mn in 2017 and is anticipated to expand at a CAGR of more than
6.0% from 2018 to 2026, according to a new research report published
‘Thermoplastic Elastomers Market – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2018–2026.’ The global
thermoplastic elastomers market is driven by rise in the demand for
thermoplastic elastomers in automotive applications such as car
exteriors, bumpers, wires and cables, and door trims. The thermoplastic
elastomers market in Asia Pacific is expected to expand at a CAGR of
around 7.0% during the forecast period. Characteristics of thermoplastic
elastomers such as high dimensional stability, chemical inertness,
vapor and gas transmission properties, and flexibility are estimated to
boost the demand for these elastomers in automotive, medical, and
building & construction industries during the forecast period.
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Rise in Utilization of Thermoplastic Elastomers in Medical Devices
Thermoplastic elastomers can be customized as per the specific needs
of each medical application. Medical devices are frequently exposed to a
variety of liquids and fluids that reduce effectiveness of these
devices. In order to avoid this, medical equipment manufacturers prefer
using thermoplastic elastomer materials over latex, PVC, and
phthalate-based materials. As thermoplastic elastomers are resistant to
chemicals, they are expected to be used on a large scale in medical
devices during the forecast period. Thermoplastic elastomers are widely
used in seals, closures, caps, prosthetic cushions, tubing (drainage and
peristaltic pumps), surgical positioners, anti-slip grip handles or
surfaces, training models, tourniquets, dental and medical hoods, and
masks. Demand for thermoplastic elastomers for use in medical devices is
projected to increase in the next few years, owing to their excellent
recyclability, elasticity, flexibility, and high barrier properties.
Increase in Demand for Thermoplastic Elastomers in Automotive Applications
Thermoplastic elastomers are largely used in the automotive industry.
They are increasingly replacing conventional elastomers and standard
plastics in the automobile sector, owing to their dynamic properties.
Thermoplastic elastomers offer a combination of elastic and
thermoplastic properties, which has led to rise in their popularity and
usage in the automotive industry.
Thermoplastic elastomers are widely used in bumper fascia, interior
trim, skins, boots/bellows, hoses, short air ducts, body/glazing seals,
airbag doors, grommets, sleeves, door sills, over-molded films, shift
knobs, lamp seals, slush molding, wires and cables, and soft-touch trim
panels. Hard plastics or rubber-containing PVCs are being gradually
phased out by a few automakers, owing to environment-related and
legislative concerns. Consequently, these hard plastics or
rubber-containing PVCs are being replaced by soft-touch thermoplastic
elastomers. The paradigm shift in terms of preference for thermoplastic
elastomers over conventional elastomers and standard plastics among
automotive OEMs is likely to drive the global thermoplastic elastomers
market during the forecast period. Rise in usage of thermoplastic
elastomers in automotive components led by their exceptional attributes
is projected to boost the demand for thermoplastic elastomers during the
forecast period.
Asia Pacific Dominates Global Thermoplastic Elastomers Market
Based on region, the global thermoplastic elastomers market has been
segmented into North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa. In terms of value, Asia Pacific led the global
thermoplastic elastomers market in 2017. China accounted for a major
share of the market in the region in 2017, owing to high rate of
adoption of thermoplastic elastomers in automotive OEMs. Increase in the
production of automotive components in emerging markets such as China,
India, Thailand, and Vietnam is driving the thermoplastic elastomers
market in Asia Pacific. Increase in production capacities by existing
manufacturers of medical devices in China and Japan is anticipated to
boost the demand for extruded thermoplastic elastomers in the near
future. Asia Pacific is a manufacturing hub of thermoplastic elastomers,
accounting for more than 50% of the global production. Availability of
raw materials such as thermoplastic resins at relatively low prices is
expected to drive the market in the region in the near future.
Furthermore, prominent players are focusing on expanding their
production facilities in the Asia Pacific region to meet the surging
demand for thermoplastic elastomers from the automotive industry in the
region. The thermoplastic elastomers market in North America and Europe
is likely to expand at a moderate pace during the forecast period. In
terms of production of thermoplastic elastomers, the U.S. is expected to
gradually increase its production compared to that of China in the next
few years, on account of the rising demand for thermoplastic elastomers
in automotive and medical applications in the country.
Key players operating in the global thermoplastic elastomers market
are Exxon Mobil Corporation, Covestro, Huntsman Corporation, BASF SE,
E.I. du Pont de Nemours and Company, Celenese Corporation, PolyOne
Corporation, Arkema Group, SABIC, and KRATON Corporation. These players
are focusing on acquisitions and strategic collaborations in order to
gain market share.
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The global thermoplastic elastomers market has been segmented as follows:
Global Thermoplastic Elastomers Market, by Type
Block Copolymers
– TPS (Styrenic Block Copolymers)
– TPU (Thermoplastic Polyurethane)
– TPE (Thermoplastic Copolyesters)
– TPA (Thermoplastic Polyamides)
Blends
– TPO (Thermoplastic Polyolefin)
– TPV (Thermoplastic Vulcanizates)
Others
Global Thermoplastic Elastomers Market, by End-use Industry
Automotive
– Wires & Cables
– Under-hoods & Bonnets
– Exteriors (Door Trims and Seals)
– Others
Building & Construction
– Seals & Gaskets
– Expansion Joints
– Others
Medical
– Tubing
– Catheters
– Grips
– Others
Consumer Goods
– Power Tools Handles
– Sporting Goods & Toys
– Others
Others
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