The global thermoplastic elastomers market was valued at US$ 22.57 Bn in 2017, according to Thermoplastic Elastomers Market Report, by Product Type (Styrenic Block Co-polymers, Co-polyester, Polyurethane, Polyamide, Thermoplastic/Elastomers Blend & Alloy, Polyolefin, Vulcanizates, Reactor-made Thermoplastic Polyolefin Elastomers (R-TPO), Polyolefin Plastomers (POP’s), and Polyolefin Elastomers (POE’s)), by Application (Automotive Parts, Wires & Cables, Coating, Adhesive & Sealant, Paving & Roofing, Housewares & Appliances, and Others), by End-use Industry (Building & Construction, Automotive, Packaging, Footwear, Consumer Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global thermoplastic elastomers market is projected to reach US$ 37.03 Bn by 2026, exhibiting a CAGR of 6.1% during the forecast period. Due to increasing demand for lighter vehicles, TPE is expected to find increasing applications in the automotive sector. Furthermore, growing demand for bio-based thermoplastic elastomers is driving growth of this market. Hence, players in the market are manufacturing bio-based thermoplastic elastomer (TPE) compounds that contain raw materials from renewable resources such as plant and vegetable crops. This is expected to be a major growth opportunity for key players in the market. For instance, in 2016, Hexpol developed Dryflex Green, a new series of thermoplastic elastomer composed of around 90% renewable contents such as plants, sugarcane, and agricultural wastes.
However, TPE materials have lower chemical and environmental resistance, as it melts or becomes soft at high temperature and loses its elasticity, which is expected to restrain growth of the thermoplastic elastomers market.
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Key Trends and Analysis of the Thermoplastic Elastomers Market:
Key Takeaways of the Market:
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