CHICAGO , Aug. 19, 2022 /PRNewswire/ -- The global Thermoplastic Elastomers Market size is estimated to be USD 24.7 Billion in 2022 and is projected to reach USD 33.9 Billion by 2027, at a CAGR of 6.5%, according to a new report by MarketsandMarkets™. Factors such as Growing penetration of EV and expected recovery from the COVID 19 impact supports market growth. Restraints for the market is higher costs of TPE than that of conventional material and economic slowdown. Opportunities in Thermoplastic Elastomers Market is due to the emerging market for the Biobased TPE. Moreover, the emerging trend of simplifying the complexity in choosing a specific type of thermoplastic elastomer is challenging the growth of the other types of TPEs & intrathermoplastic elastomers segment replacement is the major challenge for Thermoplastic Elastomers Market.
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Browse in-depth TOC on "Thermoplastic Elastomers Market" 368 – Tables 56 – Figures 285 – Pages
By type, Thermoplastic polyolefin accounted for the largest share in 2021
Thermoplastic polyolefin are estimated to be the largest type in Thermoplastic Elastomers Market (in terms of value). These thermoplastic polyolefin is one of the most widely used materials in the automotive industry and is usually manufactured by blending polypropylene with elastic ethylene copolymers (polyolefin elastomers or POE) and adding other reinforcing fillers and additives. It can be processed using various techniques, including injection molding, profile extrusion, thermoforming, and blow molding. TPO is used in a variety of applications in the automotive industry.
By End use Industry, Automotive accounted for the largest share in 2021
Automotive is estimated to be the largest market for Thermoplastic Elastomers Market. TPEs are used for exterior body parts, such as exterior filler panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, and vibration damping pads. Recent developments in TPE have made it suitable for under-the-hood applications, such as belts & hoses, clamps, fuel lines, buffer blocks for bonnets & boots, bellows, and weather stripping, such as water and soundproofing. The applications of TPE in the automotive industry will increase as the electric vehicles (EVs) market is gaining traction.
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APAC is projected to account for the largest share in 2021
APAC is estimated to be the largest market for Thermoplastic Elastomers Market in 2021 and also during the forecast period. The increased demand for Thermoplastic Elastomers in Asia Pacific is led by rapid industrialization and growing demand from various automotive, building & construction, wire & cable, engineering, and medical industries in India , China , Japan & south korea.
The Thermoplastic Elastomers Market comprises major manufacturers such as Arkema S.A (France ), Asahi Kasei Corporation (Japan ), BASF SE(Germany ), Covestro Ag (Germany ) and Huntsman Corporation (US) are the key players operating in the Thermoplastic Elastomers. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Thermoplastic Elastomers.
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Browse Adjacent Markets: Resins and Polymers Market Research Reports & Consulting
Elastomers Market by Type (Thermoset (Natural Rubber, Synthetic Rubber (SBR, IIR, PBR, NBR, ACM, EPM)), and Thermoplastic (PEBA, SBC, TPO, TPU, TPV)), Application (Automotive, Consumer Goods, Medical, and Industrial) - Global Forecast to 2021
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