Thermoplastic Elastomers Market by Region – Global Opportunities & Forecast, 2021-2028

Thermoplastic Elastomers Market

According to the GMI Research, the Thermoplastic Elastomers Market will grow at a CAGR of 5.2% over the forecast period. The increasing demand for lightweight vehicles from consumers has resulted in innovations in the automotive sector, which has driven the market growth.

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Thermoplastic Elastomers Market Dynamics

The increasing inclination towards high performance and lightweight passenger cars has encouraged innovations in plastics. This has encouraged the deployment of thermoplastics owing to their exclusive and chemical properties over thermoset plastics. In addition, the rising trend of TPU & TPO as an alternative for ethylene diene monomer (EPDM) in the construction material will bolster the market size. Government across various nations are emphasising on decreasing carbon emissions by automobiles. The U.S. Environment Protection Agency (EPA) mentioned the control techniques and norms concerned with the carbon emission for automotive vehicles as stated in the Clean Air Act. Therefore, the augmenting demand for fuel-effective cars and industrial thermoplastic elastomers that can be recycled, re moulded, and re-shaped and helps in decreasing wastage to a great extent have elevated the thermoplastic elastomers market size.

Thermoplastic elastomers are increasingly used in different applications, such as construction, electronics, consumer goods, and footwear. This increasing application of thermoplastic elastomers has driven the market growth.  On the other hand, as per the Thermoplastic Elastomers Market report, the huge cost of TPE in comparison to traditional materials is a major restraining the market’s growth. The manufacturing process of TPE demands huge investment and is a complicted process.

The Asia-Pacific region is expected to witness a faster growth over the forecast period. China accounts for the highest GDP in the APAC region. The Chinese automotive industry has captured the increasing demand for vehicles in domestic and foreign markets. In addition, the surging demand for SUVs, lightweight and fuel-efficient vehicles and the increasing popularity of electric vehicles is encouraging the global Thermoplastic Elastomers Market growth.

Market Segmentation

Thermoplastic Elastomers Market by Type

• Styrenic Block Copolymer
• Thermoplastic Polyurethane
• Thermoplastic Polyolefins
• Thermoplastic Vulcanizates
• Copolyester Ether Elastomers
• Polyether Block Amide Elastomers

Thermoplastic Elastomer Market by End Use Industry

• Automotive
• Building & Construction
• Footwear
• Wires & Cables
• Medical
• Engineering
• Others

Thermoplastic Elastomer Market by Region:

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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