Thermoplastic elastomers come with physical properties that belong to both rubber and thermoplastics, thereby making them flexible and soft. Thermoplastic elastomers are treated with the techniques of general thermoplastic, for instance blow molding, injection molding, and extrusion. Thermoplastic elastomers are converted into plastics when it is exposed to heat and becomes elastic when it cools down.
The key end use industries for thermoplastic elastomers are consumer electronics, medical and food, consumer goods, construction, and automotive. One of the key factors working in favor of the global thermoplastic elastomers market is its increased use in the automotive industry.
E.I. du Pont de Nemours and Company, KRATON Corporation, Exxon Mobil Corporation, Celenese Corporation, BASF SE, and Arkema Group are some names to reckon with in the global thermoplastic elastomers market.
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Asia Pacific to Gain Prominence Due to High Demand from End Use Industries
Considering the segmentation based on regions, the global thermoplastic elastomers market is split into the key regions of Asia Pacific, Middle East and Africa, Europe, Latin America, and North America. These regional classifications are likely to provide a glimpse of the local market at a micro level.
Asia Pacific is estimated to be one of the leading regions in the global thermoplastic elastomers market over the assessment tenure. High demands from various end use industries like footwear industries, building and construction, and automotive is likely to encourage growth of the global thermoplastic elastomers market. India and China are two significant regions for the Asia Pacific thermoplastic elastomers market that contribute substantially for the growth of the market in forthcoming years.
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Increased Demand for Automotive Industry to Propel Growth of the Market
The global thermoplastic elastomers market is estimated to ride high on the ability of the product to be customized as per the specific needs of each medical application. Medical devices are often exposed to a wide range of fluids and liquids that lessen effectiveness of this type of devices. In an effort to avert this, manufacturers of medical equipment opt for use of thermoplastic elastomer materials over other materials such as phthalate, PVC, and latex-based materials. Thermoplastic elastomers are highly resistant to various chemicals, which escalates their increased uptake. Such preferences open up new opportunities of growth for the global thermoplastic elastomers market during the period of review, 2018 to 2026.
In addition, thermoplastic elastomers find use in prosthetic cushions, caps, seals, tubing, closures, anti-slip surfaces or handles, dental and medical hoods, caps, and many more. Such wide application of thermoplastic elastomers is likely to offer copious growth opportunities for the global thermoplastic elastomers market in forthcoming years.
In addition, automotive industry is estimated to generate considerable opportunity for the expansion of the global thermoplastic elastomers market in years to come. Owing to its versatility, ease of processing, and lightweight properties make it suitable for use in the automotive industry.
The information shared in this review is based on a TMR report, bearing the title, “Thermoplastic elastomers market (Type - Block Copolymers and Blends; End use - Automotive, Building and Construction, Medical, Consumer Goods, Sporting Goods and Toys) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 to 2026”
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