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Market Overview:
The global
thermoplastic
elastomer 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. Thermoplastic elastomers (TPEs) are elastic materials and a
physical blend of polymers that includes plastic and elastomer materials with
thermoplastic and elastomeric properties. These materials have major
applications in the automotive industry, where they are used for tires of
vehicles and other auto parts.
Market Growth:
The
medical industry is one of the main contributors. The coronavirus outbreak is
to blame for the high demand from the medical sector, which in turn caused a
spike in the market for medical supplies. The aforementioned elements that are
expected to increase demand can also be linked to future market expansion.
Because
bio-based thermoplastic elastomers are environmentally friendly and promote
environmental protection, their use is becoming more widespread across a
variety of industries. These materials are highly sought after by end users
because of their ability to be reshaped and reformed, which helps reduce waste
and offers several benefits like resistance to chemicals, oxidation, UV
radiation, and more. Applications for bio-based TPEs include the production of
household appliances and medical equipment in the consumer goods and medical
industries.
Report Coverage:
The
research study on the global thermoplastic elastomer market offers a thorough
examination of the industry with a particular emphasis on important factors
including top players, suppliers, end users, and goods. It also highlights
significant advancements in the sector and provides insights into market trends.
The research includes a number of other variables that have contributed to the
market's recent rise in addition to the ones already stated.
Regional Analysis:
North
America holds a significant share in the global thermoplastic elastomer market,
driven by rapid technological advancements and the region's high disposable
incomes. The demand for automobiles and growth in construction spur
manufacturers towards innovation, further fueled by the high economic status of
North American countries. Additionally, growth in the medical industry
positively impacts the thermoplastic elastomer market.
Asia
Pacific dominated the Thermoplastic Elastomer Market and was estimated to
generate a value of USD 14,226.7 million in 2019, which can be attributed to
the increasing demand for these materials from various industries, including
automobile, construction, footwear, and others. The economic development in
countries such as China, India, and Japan would improve the lifestyle of
consumers, thereby creating a high demand for vehicles and luxury footwear.
Additionally, the growing middle-class population is further set to fuel the demand
for construction activities and automobiles in the region. The automobile
production in India grew by 2.36% in 2019 and replaced Germany in sales of
passenger and commercial vehicles by 3.99 units sold.
The
European market is poised for significant growth, driven by high demand for
automobiles, especially luxury vehicles, fueled by improving consumer
lifestyles. Germany, a major automotive manufacturing hub, benefits from
technological advancements facilitating lightweight vehicle solutions.
Latin
America and the Middle East & Africa anticipate substantial growth.
Brazil's rapid urbanization and economic developments drive demand, especially
in construction and consumer goods industries. The Middle East & Africa's
abundant raw materials enable low-cost production, supported by growing
economies and rising disposable incomes.
In
summary, North America, Asia Pacific, Europe, Latin America, and the Middle
East & Africa each contribute uniquely to the thermoplastic elastomer
market's growth, propelled by factors like technological advancements, economic
development, and consumer lifestyles.
Source: https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515
Key Development:
August 2020: Lubrizol invested in the
thermoplastic polyurethane business globally. The investments include the
increased production capabilities of surface paint protection film (PPF) and
protection. At the same time, it would provide additional benefits to PPF
manufacturers and supply chains.
November 2020: Evonik announced the cooperation
with HP for developing a new co-branded1 elastomer, a flexible high-performance
specialty powder based on a thermoplastic amide grade (TPA) for 3D printing.
The Report Lists the Key Companies in the Thermoplastic Elastomer 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)
Market Overview:
The global
thermoplastic
elastomer 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. Thermoplastic elastomers (TPEs) are elastic materials and a
physical blend of polymers that includes plastic and elastomer materials with
thermoplastic and elastomeric properties. These materials have major
applications in the automotive industry, where they are used for tires of
vehicles and other auto parts.
Market Growth:
The
medical industry is one of the main contributors. The coronavirus outbreak is
to blame for the high demand from the medical sector, which in turn caused a
spike in the market for medical supplies. The aforementioned elements that are
expected to increase demand can also be linked to future market expansion.
Because
bio-based thermoplastic elastomers are environmentally friendly and promote
environmental protection, their use is becoming more widespread across a
variety of industries. These materials are highly sought after by end users
because of their ability to be reshaped and reformed, which helps reduce waste
and offers several benefits like resistance to chemicals, oxidation, UV
radiation, and more. Applications for bio-based TPEs include the production of
household appliances and medical equipment in the consumer goods and medical
industries.
Report Coverage:
The
research study on the global thermoplastic elastomer market offers a thorough
examination of the industry with a particular emphasis on important factors
including top players, suppliers, end users, and goods. It also highlights
significant advancements in the sector and provides insights into market trends.
The research includes a number of other variables that have contributed to the
market's recent rise in addition to the ones already stated.
Regional Analysis:
North
America holds a significant share in the global thermoplastic elastomer market,
driven by rapid technological advancements and the region's high disposable
incomes. The demand for automobiles and growth in construction spur
manufacturers towards innovation, further fueled by the high economic status of
North American countries. Additionally, growth in the medical industry
positively impacts the thermoplastic elastomer market.
Asia
Pacific dominated the Thermoplastic Elastomer Market and was estimated to
generate a value of USD 14,226.7 million in 2019, which can be attributed to
the increasing demand for these materials from various industries, including
automobile, construction, footwear, and others. The economic development in
countries such as China, India, and Japan would improve the lifestyle of
consumers, thereby creating a high demand for vehicles and luxury footwear.
Additionally, the growing middle-class population is further set to fuel the demand
for construction activities and automobiles in the region. The automobile
production in India grew by 2.36% in 2019 and replaced Germany in sales of
passenger and commercial vehicles by 3.99 units sold.
The
European market is poised for significant growth, driven by high demand for
automobiles, especially luxury vehicles, fueled by improving consumer
lifestyles. Germany, a major automotive manufacturing hub, benefits from
technological advancements facilitating lightweight vehicle solutions.
Latin
America and the Middle East & Africa anticipate substantial growth.
Brazil's rapid urbanization and economic developments drive demand, especially
in construction and consumer goods industries. The Middle East & Africa's
abundant raw materials enable low-cost production, supported by growing
economies and rising disposable incomes.
In
summary, North America, Asia Pacific, Europe, Latin America, and the Middle
East & Africa each contribute uniquely to the thermoplastic elastomer
market's growth, propelled by factors like technological advancements, economic
development, and consumer lifestyles.
Source: https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515
Key Development:
August 2020: Lubrizol invested in the
thermoplastic polyurethane business globally. The investments include the
increased production capabilities of surface paint protection film (PPF) and
protection. At the same time, it would provide additional benefits to PPF
manufacturers and supply chains.
November 2020: Evonik announced the cooperation
with HP for developing a new co-branded1 elastomer, a flexible high-performance
specialty powder based on a thermoplastic amide grade (TPA) for 3D printing.
The Report Lists the Key Companies in the Thermoplastic Elastomer 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)
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