The global thermoplastic elastomers market is projected to be US$ 27.8 billion by 2026 and the market is projected to showcase 6.7% CAGR during the forecast period. The thermoplastic elastomers market is driven by innovation in plastics as they are progressively being used in the automotive industry.
Governments across the globe are gradually spending on material research and development activities to expand their product offerings. The rising innovation of thermoplastic elastomers by manufacturers on plastics in the automotive industry is one of the major factor driving the demand in the global thermoplastic elastomers market. The thermoplastic elastomers are most widely used in the automotive sector as most of the automotive components are manufactured using thermoplastic elastomers that consist of airbags, anti-slip mats, window trims, control elements, seals, air duct, and other components. The demand for thermoplastic elastomers is highly in demand in the building & construction sector as well and is expected to grow at a rapid pace in the near future. The thermoplastic elastomers need shorter processing time and offer higher design flexibility as compared to conventional elastomers.
Thermoplastic elastomers consist of various properties such as high dimensional stability, chemical inertness, vapor and gas transmission properties, and flexibility are estimated to boost the demand for these elastomers in automotive, medical, and building & construction industries.
The global thermoplastic elastomers market is segmented into two major segment 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 is segmented into TPS (Styrenic Block Copolymers), TPU (Thermoplastic Polyurethane), TPE (Thermoplastic Copolysters), 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 intoautomotive, 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.
Based on type, the global thermoplastic elastomers market can majorly be segmented into twosub-segment, which areblock copolymers, and blends. Block copolymers further include thermoplastic polystyrene, thermoplastic copolyesters,thermoplastic polyurethane and thermoplastic polyamides. Thermoplastic polystyrenes is the most used type of thermoplastic elastomers. Also, the blends segmentinclude thermoplastic polyolefins and thermoplastic vulcanizates.
The rise in usage of thermoplastic elastomers in the consumer goods industry is one of the growth enablers driving the demand for the global thermoplastic elastomers market. The increasing sales of automobiles in developing countries such as China and India as well as the huge presence of auto-manufacturers such as Toyota, Nissan, and others in Japan are expected to drive the demand for thermoplastic elastomers in Asia Pacific region during the forecast period. Thermoplastic elastomers improve the fuel efficiency of automobiles so it is widely used across the globe.
The major players associated with the 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.
Key players in the global thermoplastic elastomers market are investing heavily on research and development activities in order to manufacture low weighting, scalable, and innovative thermoplastic elastomers. Additionally, the prominent players operating in the global thermoplastic elastomers market are also expanding their business by merger and acquisition and developing strategic partnerships with other players in the market in order to expand their product portfolio and to increase the market share.
Market By Type
Market By End-use Industry
Market By Geography