The global thermoplastic elastomers market size is expected to exceed around USD 27.8 billion by 2026, the market is estimated to grow at 6.7% CAGR during the forecast period. Rise in the usage of thermoplastic elastomers in medical devices is one of the factors that is expected to boost the growth of the global thermoplastic elastomers market.
Thermoplastic elastomers are mainly used in the automotive sector. Due to the multiple benefits of thermoplastic elastomers, the automobile sector is progressively replacing the conventional elastomers and standard plastics. This thermoplastic elastomer provides a mixture of both elastic and thermoplastic properties that has led to increased adoption in the automotive industry. The thermoplastic elastomers can be tailored as per the requirements in various medical application. The medical devices are often exposed to a range of fluids that helps in reducing the effectiveness of these devices. In order to avoid it, the medical devices companies are mostly using thermoplastic elastomer materials instead of over PVC, phthalate-based materials, latex, and other materials. The thermoplastic elastomers are not more affected by the chemicals, so they are expected to be used widely in medical devices in the upcoming years. Additionally, the thermoplastic elastomers are extensively used in seals, prosthetic cushions, closures, tubing, caps, training models, surgical positioners, anti-slip grip handles or surfaces, dental and medical hoods, and others. The demand for thermoplastic elastomers in medical devices is estimated to rise in the upcoming years, due to their elasticity and high barrier properties.
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Thermoplastic elastomers are broadly used by automotive manufacturers for various applications such as interior trim, skins, hoses, glazing seals, grommets, sleeves, airbag doors, over-molded films, slush molding, wires and cables, shift knobs and others. Stiff plastics or rubber that consist of PVCs are being slowly blocked out by many of the automakers, due to the environment-related concerns. Consequently, these hard plastics or PVCs have been replaced by soft-touch thermoplastic elastomers. The transformational shift from conventional elastomers to thermoplastic elastomers in terms of preference among automotive OEMs is expected to drive the demand for the global thermoplastic elastomers market over the coming years. Rise in the usage of thermoplastic elastomers in automotive components due to their exceptional properties is anticipated to increase the demand for thermoplastic elastomers during the forecast period.
The global thermoplastic elastomers market is segmented into two major segments named type, end-use industry, and region. On the basis of type, the global thermoplastic elastomers market is segmented into block copolymers, blends, and others. Further, the block copolymers are segmented into TPS (Styrenic Block Copolymers), TPU (Thermoplastic Polyurethane), TPE (Thermoplastic Copolyesters), and TPA (Thermoplastic Polyamides). Also, the blends sub-segment is further segmented into TPO (Thermoplastic Polyolefin), and TPV (Thermoplastic Vulcanizates). On the basis of end-use industry, the global thermoplastic elastomers market is segmented into automotive, building & construction, medical, consumer goods, and others. The automotive sub-segment is further divided into wires & cables, under-hood & bonnets, exteriors, and others. Also, the building & construction sub-segment is divided into seals & gaskets, expansion joints, and others. The medical sub-segment is further bifurcated into tubing, catheters, grips, and others. Furthermore, the consumer goods sub-segment is further divided into power tools handles, sporting goods & toys, and others. On the basis of region, the global thermoplastic elastomers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some of the key players operating in the global thermoplastic elastomers market are Covestro, BASF SE, PolyOne Corporation, Exxon Mobil Corporation, SABIC, Celenese Corporation, Huntsman Corporation, Arkema Group, E.I. du Pont de Nemours and Company, and KRATON Corporation etc. The key vendors in the thermoplastic elastomers market are strategically focusing on research and development in order to expand their product portfolio and increase their customer base in the emerging markets. Moreover, the players are expanding their business by forming partnership, and mergers & acquisition with other players in order to compete and gain a leading position in the thermoplastic elastomers market. Also, the changing consumer preferences aid manufacturers to offer innovative solutions that cater best as per requirements. These factors are anticipated to offer profitable growth opportunities for the prominent players in the global thermoplastic elastomers market.
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