Theglobal thermoplastic elastomers market is set to gain traction from the rising demandfor bio-based products to increase sustainability and support environmentalprotection.Fortune Business Insights™published this information in a new study,titled, “Thermoplastic Elastomers Market Size, Share & Industry Analysis,By Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, ThermoplasticVulcanizates, Thermoplastic Polyolefins, Copolyester Elastomers, and Others),By Application (Automotive, Building & Construction, Footwear, Electrical& Electronics, Medical, and Others), and Regional Forecast, 2020-2027.” Thestudy further mentions that the thermoplastic elastomers (TPEs) market size wasUSD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by2027, exhibiting a CAGR of 5.7% during the forecast period.
COVID-19 Pandemic toImpact Growth Stoked by Reduced Prices of Raw Materials
Theoutbreak of the COVID-19 pandemic has affected the market severely by haltingnumerousmanufacturing and trade activitiesglobally. Supply chains weredisrupted because of the declining demand from end-users and consumers. At thesame time, it has impacted the prices of finished goods and raw materials. Weare providing in-depth research reports to help you regain your businessconfidence and surge sales of thermoplastic elastomers.
How is This ReportDeveloped?
Werefer to secondary data sources, such as press releases of end-user facilities,investor presentations, annual reports, and industry journals to gatherauthentic information of the market. Our unique bottom-up approach helps ingenerating crucial data about the competitive landscape and recent industrydevelopments, such as new product launches, collaborations, agreements, jointventures, partnerships, contracts, and acquisitions. We also conduct extensiveprimary research to collect information about the current market trends.
Drivers &Restraints-
IncreasingNeed toManufacture Automotive Gaskets to Aid Growth
Peoplenowadays are demanding for lightweight vehicles worldwide. Hence, theautomotive industry is conducting research and development activities to bringinnovations. Thermoplastic elastomers are extensively used in automotivegaskets, exterior filler panels, and door & window handles. However, thefluctuating prices of crude oil may hamper the thermoplastic elastomers marketgrowth in the near future.
Segment-
Automotive Segment toGrow Rapidly Backed by High Demand for Lightweight Vehicles
Basedon application, the automotive segment dominated in 2019 by generating thelargest thermoplastic elastomers market share. This growth is attributable tothe rising demand for lightweight vehicles from the rapidly increasingpopulation in numerous countries. TPEs are mainly used tomanufacture boots, bonnets, exterior panels, and wipers of vehicles.
Regional Insights-
Surging Demand forLuxury Vehicles to Accelerate Growth in Europe
In2019, Asia Pacific held USD 14,226.7 million in terms of revenue. It was in theleading position because of the high demand for TPEs from the footwear,construction, and automobile industries. Also, improvements in lifestyles ofpeople are set to augment the economic development in Japan, India, and China.These would surge the middle-class population, thereby driving growth.
InNorth America, high disposable incomes of the masses, coupled with the risingtechnological advancements in the field of thermoplastic elastomers wouldpropel growth. Europe, on the other hand, is expected to grow considerablybacked by the increasing demand for luxury vehicles.
CompetitiveLandscape-
Key Players Focus onExpanding Production Capacity to Fulfill Needs amid COVID-19
Themarket for thermoplastic elastomers contains various prominent manufacturersthat are mainly focusing on extending their production capacities to helpmanufacturers of medical equipment for catering to the high demand amidCOVID-19. Below are the two latest industry developments:
· August 2020:Lubrizol invested in itsthermoplastic polyurethane business worldwide to support the high growthinsurface protection applications. It would help the company to broaden itscapacity in paint protection film (PPF) and surface protection, therebydelivering additional benefits to PPF supply chains, brand owners, andmanufacturers.
· May 2020:Huntsman started producingthermoplastic polyurethane (TPU) elastomersfor company manufacturing PPEglobally. These are nowadays being extensively used to produce cable jackets,face masks, valves, hospital gowns, and tubes amid the COVID-19 pandemic.
A list of all therenowned thermoplastic elastomers producers operating in the market:
· ArkemaSA (Colombes, France)
· CovestroAG (Leverkusen, Germany)
· EvonikIndustries AG (Essen, Germany)
· TeknorAPEX Company (Rhode Island, U.S.)
· BASFSE (Ludwigshafen, Germany)
· HuntsmanCorporation (Texas, U.S.)
· SinopecGroup (Beijing, China)
· LubrizolCorporation (Ohio, U.S.)
· KratonCorporation (Texas, U.S.)
· TosohCorporation (Tokyo, Japan)
· OtherKey Players
Information Source:
https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515
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