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Thermoplastic Elastomers Market size worth over $20 billion by 2023

  • Published Date: September 20, 2019

According to a new research report by Global Market Insights Inc., the Thermoplastic Elastomers (TPE) Market size is set to surpass USD 20 billion by 2023 owing to the increasing inclination to own person vehicles, rising consumer awareness towards environmental susceptibilities and pollution concerns.

TPE’s are widely used in manufacturing automobiles by replacing metal parts owing to its high durability and low weight characteristics. It helps in reducing cumulative vehicles weight which improves fuel efficiency. Changing consumer perceptions towards fuel efficient vehicles and shifting trends in automobile industry towards minimalistic aesthetics & design may foster the thermoplastic elastomers market growth.

Styrenic block copolymer market demand from footwear application may expect consumption at around 650 kilo tons up to 2023. They are used as vulcanized rubber which is reusable and economical. SBC is widely used in making shoe soles which is made of waterproof material owing to biocompatibility and low cost thereby fueling the thermoplastic elastomers market share.

TPE market demand from construction may register significant growth at over 3.5% during the predicted timeframe on account of its application usage in commercial & residential roofing. TPO roofing systems provide vital reflectivity and energy efficiency as well as strong resistance to ultraviolet radiations, thus reduces the building heat gains.

Browse key industry insights spread across 260 pages with 308 market data tables and 31 figures & charts from the report, “Thermoplastic Elastomers Market By Product (Thermoplastic Polyurethanes [Application {Automotive, Construction, Electronics & Appliances, Hose & Tubing, Footwear, Wire & Cable}], Styrenic Block Copolymers [By Product {SIS, SBS, SBC, HSBC}, By Application {Automotive, Paving & Roofing, Footwear, Advanced Materials, Adhesives, Sealants & Coatings}], Thermoplastic Vulcanizates [By Application {Automotive, Fluid Handling, Consumer Goods, Medical}], Copolyester Elastomers [By Application {Automotive, Electrical & Electronics, Industrial, Medical}], Thermoplastic Polyolefins [By Application {Automotive, Industrial/Construction}]), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:

U.S. thermoplastic polyurethane (TPU) market demand may witness significant gains at over 4% during the forecast period. Increasing demand for aesthetically pleasing luxury cars, high performance characteristics and fuel-efficient engines may trigger market share. Stringent regulations on curbing toxicity levels from automobile emissions and increasing fuel efficiency may trigger the market share. Changing consumer perception towards green environment initiatives may propel the thermoplastic elastomers market.

Germany copolyester elastomers market demand from automotive application is anticipated to surpass USD 560 million up to 2023. Increasing demand for high performance and low weight material for use in vehicles shall trigger market growth. Most of the automotive manufacturers are shifting focus towards COPE for producing new & advanced high-temperature resistant air ducts.

China styrenic block copolymers market size may register significant gains at over 5% by the end of forecast period. Increasing construction & renovation activities owing to rapid urbanization may trigger thermoplastic elastomers market share. Rising disposable income and supportive government initiatives to renovate & liberalize infrastructure may augment product growth. Changing consumer perceptions towards high quality construction material and minimalistic aesthetics looks may accelerate market share.

Dow Chemical Company, PolyOne Corporation, Evonik Industries, LyondellBasell Industries, BASF, Kraton Polymers, LG Chemicals, and Lubrizol Corporation are market players operating in the industry. Companies are trying to manufacture & synthesize new products and manufacturing techniques to comply within stringent regulatory norms. Manufactures are trying to diversify product portfolio by investing in new technology and widening geographical presence.

Authors: Kunal Ahuja, Kritika Mamtani