The global thermoplastic elastomer market size is set to gain traction from the rising demand for bio-based products to increase sustainability and support environmental protection. 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, Thermoplastic Vulcanizates, Thermoplastic Polyolefins, Copolyester Elastomers, and Others), By Application (Automotive, Building Construction, Footwear, Electrical Electronics, Medical, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the thermoplastic elastomers (TPEs) market size was USD 26,856.8 million in 2019 and is projected to reach USD 39,424.6 million by 2027, exhibiting a CAGR of 5.7% during the forecast period.
COVID-19 Pandemic to Impact Growth Stoked by Reduced Prices of Raw Materials
The outbreak of the COVID-19 pandemic has affected the market severely by halting numerous manufacturing and trade activities globally. Supply chains were disrupted because of the declining demand from end-users and consumers. At the same time, it has impacted the prices of finished goods and raw materials. We are providing in-depth research reports to help you regain your business confidence and surge sales of thermoplastic elastomers.
How is This Report Developed?
We refer to secondary data sources, such as press releases of end-user facilities, investor presentations, annual reports, and industry journals to gather authentic information of the market. Our unique bottom-up approach helps in generating crucial data about the competitive landscape and recent industry developments, such as new product launches, collaborations, agreements, joint ventures, partnerships, contracts, and acquisitions. We also conduct extensive primary research to collect information about the current market trends.
Increasing Need to Manufacture Automotive Gaskets to Aid Growth
People nowadays are demanding for lightweight vehicles worldwide. Hence, the automotive industry is conducting research and development activities to bring innovations. Thermoplastic elastomers are extensively used in automotive gaskets, exterior filler panels, and door window handles. However, the fluctuating prices of crude oil may hamper the thermoplastic elastomers market growth in the near future.
Automotive Segment to Grow Rapidly Backed by High Demand for Lightweight Vehicles
Based on application, the automotive segment dominated in 2019 by generating the largest thermoplastic elastomers market share. This growth is attributable to the rising demand for lightweight vehicles from the rapidly increasing population in numerous countries. TPEs are mainly used to manufacture boots, bonnets, exterior panels, and wipers of vehicles.
Surging Demand for Luxury Vehicles to Accelerate Growth in Europe
In 2019, Asia Pacific held USD 14,226.7 million in terms of revenue. It was in the leading position because of the high demand for TPEs from the footwear, construction, and automobile industries. Also, improvements in lifestyles of people are set to augment the economic development in Japan, India, and China. These would surge the middle-class population, thereby driving growth.
In North America, high disposable incomes of the masses, coupled with the rising technological advancements in the field of thermoplastic elastomers would propel growth. Europe, on the other hand, is expected to grow considerably backed by the increasing demand for luxury vehicles.
A list of all the renowned thermoplastic elastomers producers operating in the market:
- Arkema SA (Colombes, France)
- Covestro AG (Leverkusen, Germany)
- Evonik Industries AG (Essen, Germany)
- Teknor APEX Company (Rhode Island, U.S.)
- BASF SE (Ludwigshafen, Germany)
- Huntsman Corporation (Texas, U.S.)
- Sinopec Group (Beijing, China)
- Lubrizol Corporation (Ohio, U.S.)
- Kraton Corporation (Texas, U.S.)
- Tosoh Corporation (Tokyo, Japan)
- Other Key Players
Key Players Focus on Expanding Production Capacity to Fulfill Needs amid COVID-19
The market for thermoplastic elastomers contains various prominent manufacturers that are mainly focusing on extending their production capacities to help manufacturers of medical equipment for catering to the high demand amid COVID-19. Below are the two latest industry developments:
- August 2020: Lubrizol invested in its thermoplastic polyurethane business worldwide to support the high growth insurface protection applications. It would help the company to broaden its capacity in paint protection film (PPF) and surface protection, thereby delivering additional benefits to PPF supply chains, brand owners, and manufacturers.
- May2020: Huntsman started producing thermoplastic polyurethane (TPU) elastomersfor company manufacturing PPE globally. These are nowadays being extensively used to produce cable jackets, face masks, valves, hospital gowns, and tubes amid the COVID-19 pandemic.