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Thermoplastic Elastomer Market Segmentation, Development, Price, Size, Outlook, Forecast by 2027

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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.



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



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.



Drivers & Restraints-



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.



Segment-



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.



Regional Insights-



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.



Competitive Landscape-



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.



Information Source:



https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515



About

Us:



Fortune Business Insights™ offers expert

corporate analysis and accurate data, helping organizations of all sizes make

timely decisions. We tailor innovative solutions for our clients, assisting

them to address challenges distinct to their businesses. Our goal is to empower

our clients with holistic market intelligence, giving a granular overview of

the market they are operating in.



Contact Us:



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Business Insights™ Pvt. Ltd.



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Headquarters,



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