(TPE) Thermoplastic Elastomers Market Size By Product (Thermoplastic Polyurethanes [TPU], Styrenic Block Copolymers [SIS, SBS, SBC, HSBC], Thermoplastic Vulcanizates [TPV], Copolyester Elastomers [COPE], Thermoplastic Polyolefins [TPO]), By Application (Footwear, Automotive, Medical, Construction, Industrial, Advanced Materials, Electronics), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Italy, China, India, Japan, Brazil), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023
Published Date: Jun 2016 | Report ID: GMI472 | Authors: Kunal Ahuja, Shreya Deb Report Format: PDF
(TPE) Thermoplastic Elastomers Market size was over USD 12 billion in 2015, with an estimated CAGR over 6%.
Germany Thermoplastic Elastomers Market size, by product, 2013-2024 (USD Million)
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Increasing consumer spending in automotive, medical, footwear and construction industry, along with regulatory compliances for sustainable products will drive the thermoplastic elastomers market growth. Efficient chemical and physical benefits including thermoplastic and elastomeric properties in structural applications will enhance the thermoplastic elastomers industry.
Thermoplastic elastomers market has witnessed significant gains as it evolved as an alternative for natural or synthetic rubber, metal, wood, glass or conventional engineered plastic including PVC. Rise in demand for light weight, inexpensive and safe MUV/SUV models and importance on aesthetics and comfort has enhanced the product penetration in automotive sector.
Automotive industry will witness significant growth in the forecast period. Stringent regulations by environmental agencies in carbon reduction with the plastic usage as a substitute to metal alloys in vehicle industry will positively influence industry growth.
High adaptability to modification, waste reduction and recyclability are some of the prominent TPE properties that has enhanced the application scope in electronics and electrical industry. Rising consumer awareness pertaining to protection and safety in electronic and electrical applications will drive product demand. Increasing disposable income due to rapid urbanization particularly in China and India will open new avenues for the industrial electronics.
Emergence as an alternative to the thermosets has fueled thermoplastic elastomers demand in medical sector. The product has widely replaced medical stoppers, lids and gaskets due to their high molding and insulation properties. Different raw material costs and availability and dependency on crude oil prices may affect thermoplastic elastomers market price trend.
Thermoplastic Elastomers Market, by Product
Styrenic block copolymer (SBC) market revenue was valued over USD 6 billion in 2015. High tensile strength along with elastomeric properties makes the product highly demanding. Superior performance properties metrics offered by hydrogenated SBC especially in CASE applications has stimulated thermoplastic elastomers market growth in this segment.
Thermoplastic polyurethanes (TPU) market size will witness a growth over 5% during the forecast period. The product is widely used for wire & cables in construction and for tubing in automotive industry. Superior acoustic and thermal insulation properties compared to thermosets have encouraged uses in construction industry. Increasing emphasis on energy efficiency in buildings along with stringent codes for energy efficient buildings will drive the TPU market growth in construction industry.
Copolyester elastomers (COPE) market size will generate more than 1 billion valuation by 2024, Electronics and electrical was the key revenue generating application. High durability, resilience and versatility are some of positively influencing factors for thermoplastic elastomers demand from COPE.
Increasing application scope in automotive industry for bumpers, fluid handlings and other applications will enhance the Thermoplastic Vulcanizates (TPV) product development. High oil and heat resistance properties has also encouraged TPV uses vehicle interior and engine components. The product will witness over 5.5% growth up to 2024.
Thermoplastic Elastomers Market, by Region
Europe, driven by UK, France, and Germany thermoplastic elastomers market accounted for over 20% of the overall demand in 2015. Evolution as an alternative to ethylene propylene rubber (EPR) and ethylene propylene diene monomer (EPDM) in various industries has enhanced the regional demand. Aim to provide high fuel efficiency and low weight automobiles will enhance the regional industry growth.
APAC TPE market was valued over USD 4 billion in 2015. Rising number of automotive manufacturing plants due to large raw material and skilled labor availability, will drive the India and China thermoplastic elastomers market growth. China was one of the major contributors and accounted for over 60% of the regional demand in 2015.
U.S. thermoplastic elastomers market was worth over 1 billion in 2015. Rising TPEs usage in paving & roofing, medical equipment, sports & leisure equipment and personal hygienic products will support the regional industry growth. Regulatory policies on specific polymers and disposal consumption will impact positively impact the industry size.
Construction and automotive industry expansion in Brazil, Cuba, Colombia and Peru along with easy petrochemical trading with Middle East countries will facilitate the thermoplastic elastomers market growth. Central & South America is set to witness 4.5% growth up to 2023.
Competitive Market Share
Global thermoplastic elastomers market share is moderately consolidated with the chief industry participants accounted for over 40% of the total demand in 2015. Major industry players include Kraton Polymers, Dow Chemicals, LyondellBasell and BASF. The companies are focusing on the new product development, capacity expansions and mergers & acquisition. Shifting manufacturing based to China, Brazil, and India in order to increase economies of scale is among the key strategies.
Covestro, China Petroleum & Chemical, Nippon Polyurethane Industry, Arkema S.A. and EMS group are some of the other industry participants. Depleting crude oil reserves along with rising concerns associated with petrochemicals oxidation has facilitated innovations for alternatives including bio based thermoplastic elastomers. Various industry participants including Arkema that launched Pebax Rnew. Dupont also launched Hytrel RS a renewable elastomer has successfully produced bio based TPEs based on polyols.
TPE Industry Background
Thermoplastic elastomers are the material that harden when cooled and soften upon heating. Thermoplastic elastomer materials possess both plastic as well as rubber properties. Styrenic and ionomer copolymers are two manufacturing approaches. Conventional materials include natural and synthetic rubber, wood, metals and engineered plastics are being replaced by the TPEs in construction, automotive, consumer goods and electronic industries. Global industry players are involved in acquisitions, mergers and partnerships with regional manufacturers to expand the geographical coverage. Intensive R&D, performance innovations and technological advancement will enhance product scope in more innovative applications. Rising emphasis on low weight, waste reduction and recyclability will enhance replacement over conventional raw material in other potential industries.
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