Global Industry Analysts Predicts the World Thermoplastic Elastomers Market to Reach $24.3 Billion by 2026'

(MENAFN- PR Newswire)

SAN FRANCISCO , April 18, 2022 /PRNewswire/ -- A new market study published by Global industry Analysts Inc., (GIA) the premier market research company, today released its report titled 'Thermoplastic Elastomers - Global Market Trajectory & Analytics' . The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 18; Released: February 2022 Executive Pool: 14334 Companies: 64 - Players covered include Arkema Group; Asahi Kasei Advance Corporation; BASF SE; Celanese Corporation; China Petroleum & Chemical Corporation (SINOPEC); Covestro AG; E. I. du Pont De Nemours and Company; Exxon Mobil Corporation; Huntsman Corporation; Kolon Plastic, Inc.; KRAIBURG TPE GmbH & Co. KG; Kraton Corporation; Kuraray America, Inc.; LCY Chemical Corporation (LCY Group); LG Chem; Mitsubishi Chemical Corporation; PolyOne Corporation; Royal DSM NV; RTP Company; SABIC (Saudi Basic Industries Corporation); Sibur Holding PJSC; TARO PLAST S.p.a.; Teknor Apex Company; The Lubrizol Corporation; Zylog Plastalloys Pvt. Ltd. and Others. Coverage: All major geographies and key segments Segments: Type (Block Copolymers, Blends, and Other Types); End-Use (Automotive, Building & Construction, Medical, Consumer Goods, and Other End-Uses) Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa. Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Thermoplastic Elastomers Market to Reach $24.3 Billion by 2026

Thermoplastic elastomers (TPE) are a combination of polymers comprising both elastomeric and thermoplastic components. TPEs are products with features and performance attributes similar to that of rubber. Similar to plastic, thermoplastic elastomers can be recycled. Due to the incorporation of an elastomeric component, TPEs are known to exhibit flexible and soft characteristics enabling the material to be stretched to twice its original length and returned to its original state under room temperature conditions. Due to the soft attributes, TPEs are considered finding favor in a wide range of end use markets including consumer goods. Over the years, thermoplastic elastomers have emerged as alternatives to rubber, glass, metal, wood and traditional engineered plastics in several end use markets. Growth in the global market is set to be fueled by growing demand from automotive, construction, medical, and electrical & electronics industries among others. The eco-friendly attribute of TPEs and its enhanced performance features are driving market growth. Growing demand for light weight and high performance passenger cars, and increasing use of TPU (Thermoplastic Polyurethane) and TPO (Thermoplastic Olefins) as substitutes for EPDM (ethylene propylene diene monomer) in construction materials are fueling demand for TPEs. Rising demand for bio-based TPEs and the growing use of TPEs in medical industry is also poised to favor market growth. Focus on new product development and innovation continues to fuel market growth, as companies continue to focus on addressing the rising demand for high performance and low cost materials from various industries.

Amid the COVID-19 crisis, the global market for Thermoplastic Elastomers estimated at US$20.1 Billion in the year 2022, is projected to reach a revised size of US$24.3 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Block Copolymers, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$11.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Blends segment is readjusted to a revised 4.7% CAGR for the next 7-year period. Styrenic block copolymers (SBC) represent a major type of TPE in use, as it is among the most inexpensive forms of TPEs available in the market. As high performance TPEs, SBCs find use in a number of pressure sensitive adhesive applications such as labels, tapes and construction adhesives. Further, due to their soft and low cost features, TPEs are used in footwear applications for making shoe soles. The material also finds use in gasket materials and sealants for roofing and road paving applications. SBCs are widely used in medical industry in applications such as infusion bags, medical device components, disposables for tubing and syringes, and in implants.

The U.S. Market is Estimated at $5.4 Billion in 2022, While China is Forecast to Reach $4.9 Billion by 2026

The Thermoplastic Elastomers market in the U.S. is estimated at US$5.4 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2026 trailing a CAGR of 7.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR. The United States is among the leading markets for TPEs, with growth attributed to the presence of leading automobile production facilities in the region. The growing emphasis on fuel efficient vehicles is leading to increasing use of TPEs in automotive industry. Sustained advances in the medical field and growing demand for biodegradable and eco-friendly materials is also leading to high demand for TPEs. Asia-Pacific market for thermoplastic elastomers is poised to record strong growth. Rapid growth of the automotive industry in the region, growing use of copolyester ether elastomers (COPE) and restrictions placed on using PVC (polyvinyl chloride) are fueling growth in Asia-Pacific's TPE market. Expanding population and rapid pace of industrialization are leading to intense focus on building & construction activity, thus offering growth potential for TPEs market. The presence of several leading manufacturers of TPEs including Tosoh, Asahi Kasei, and Sinopec in Asia also favors market growth.

Automotive (End-Use) Segment to Reach $7.7 Billion by 2026

Automotive industry remains one of the leading markets for TPEs, with the elastomer being used increasingly as a replacement for wooden and metal components in an automobile. The increasing use of TPEs in the manufacture of a wide range of high quality automotive components is likely to fuel segment growth. TPEs are being used in exterior body parts like wipers, automotive gaskets, rocker panels, body seals, door & window handles, vibration damping pads, and exterior filler panels. Also, driven by advancements in the recent years, the use of TPEs has extended to under the hood applications like fuel lines, belts & hoses, clamps, and buffer blocks for boots & bonnets along with weather stripping such as water and soundproofing. The growing need to reduce automobile weight in order to comply with fuel efficiency mandates and strict emission regulations is leading to high demand for lightweight materials for the auto industry, driving demand for TPE use in vehicles. In the global Automotive (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.1 Billion will reach a projected size of US$5.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2026, while Latin America will expand at a 6.6% CAGR through the analysis period.

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