According to a new research report by Global Market Insights, Inc. (TPE) Thermoplastic Elastomers Market size is estimated to be worth over USD 20 billion by 2023. Increasing preference for low weight, sustainable, bio-based alternatives for conventional raw material will impel Thermoplastic Elastomers Market size. —
Subject to the efficient thermoplastic and elastomeric properties and myriad other physical and chemical benefits provided by these products, they are used extensively as alternatives for metals, regular & engineered plastics, wood, and natural or synthetic rubber across the automotive, medical, electronics, construction, footwear, and industrial sectors. Thermoplastic elastomers (TPE) industry was worth USD 12 billion in 2015, and is anticipated to hit a revenue of USD 20 billion by 2023, growing at a CAGR of 6% over 2016-2023.
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The high demand for inexpensive, reliable, sustainable, and light weight SUV and MUV models coupled with consumer preferences toward comfort and aesthetics will propel thermoplastic elastomers industry from automotive sector. In addition, strict government norms to reduce carbon emissions have forced automakers to use TPE products such as thermoplastic polyurethanes (TPU) as an alternative to metals, which will further impel thermoplastic elastomers market from automotive applications.
The high demand for TPU, SBC, COPE, and TPV products across numerous application domains will consequently impel global thermoplastic elastomers industry size. These products are viable alternatives to thermosets, lids, gaskets, and medical stoppers, subject to which thermoplastic elastomers market from the medical sector will witness a significant growth.
Geographically, North America contributed to more than 25% of the overall thermoplastic elastomers industry share in 2015. U.S. is a major revenue contributor, with a valuation of USD 1 billion in 2015. Subject to the growing usage of TPE products for medical equipment, sports equipment, and paving & roofing for construction, U.S. thermoplastic elastomers market will grow at a substantial rate over 2016-2023. In addition, increased EPA regulations to encourage the adoption of sustainable and bio-based products will stimulate the regional demand, thereby propelling North America thermoplastic elastomers industry.
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TPE products have evolved as viable alternatives for ethylene propylene diene monomer (EPDM) and ethylene propylene rubber (EPR) in various industries, which will drive Europe thermoplastic elastomers market over the years to come. Subject to manufacturing low weight vehicles and achieving high fuel efficiency, Europe TPE market will witness significant gains over 2016-2023, with Germany, UK, and France being the key contributors.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Thermoplastic elastomers (TPE) industry 3600 synopsis, 2012 - 2023
2.1.1 Current business environment
2.1.2 Regional trends
2.1.3 Product trends
Chapter 3 Thermoplastic Elastomers Industry Insights
3.1 Industry segmentation
3.2 Industry Size and forecast, 2012 - 2023
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Regulatory landscape
3.5 Technological landscape
3.6 Industry Impact forces
3.6.1 Growth drivers
188.8.131.52 End-use industries growth
184.108.40.206 Alternative to thermosets
3.6.2 Industry pitfalls & challenges
220.127.116.11 Fluctuation in raw material prices
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 Development of bio-based thermoplastic elastomers market
3.10 Company market share analysis, 2015
3.11 PESTEL analysis
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Thermoplastic Elastomers Market are highly recyclable, and possess exceptional thermal insulation, molding, and heat resistance properties. They do not require compounding, and require no addition of stabilizers or reinforcing agents. Subject to these superior characteristics, these products find massive applications across numerous application sectors, thereby propelling global thermoplastic elastomers industry size.
Name: Arun Hedge
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Organization: Global Market Insights, Inc.
Release ID: 88902321