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,
Evonik Industries AG (Essen,
Teknor APEX Company (Rhode
BASF SE (Ludwigshafen,
Huntsman Corporation (Texas,
Sinopec Group (Beijing,
Lubrizol Corporation (Ohio,
Kraton Corporation (Texas,
Tosoh Corporation (Tokyo,
Other Key Players
COVID-19 Pandemic to Impact Growth Stoked by Reduced
Prices of Raw Materials
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?
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
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
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
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.
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.
Key Players Focus on Expanding Production Capacity to
Fulfill Needs amid COVID-19
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:
: 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.
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.
Fortune Business Insights™ offers expert
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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.
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