Thermoplastic Elastomers (TPE) Market Analysis

Thermoplastic Elastomers Market Analysis

Thermoplastic polyurethane market size was valued at over USD 1.6 billion in 2015. It is widely used in automotive, aerospace, and railway industries due to its high resilience, abrasion, tear resistance, cool temperature resistance, and waterproofness properties. Expansion in healthcare sector with increase in consumer awareness for quality healthcare products accompanied with strict policies may augment thermoplastic elastomers market share. They are widely used in manufacturing medical grade hospital equipment such as tubing, catheters, surgical tools, vial closures, grips, and monitoring patches owing to economic feasibility, flexibility, slip resistance, and shock absorption nature characteristic which may encourage product demand.

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Global thermoplastic polyolefins may witness significant gains at over 3.5% during the foreseeable timeframe. Changing consumer perception towards high quality footwear and rising inclination towards snow sports may trigger thermoplastic elastomers market share. They are widely used to manufacture ski boots, shoes, and sporting equipment owing to its characteristics such as ductility, high impact resistance, and chemical resistance. They are also compatible with fillers & provide good balance of impact resistance, high heat deflection, dimensional stability, and stiffness.

Thermoplastic vulcanizates market size from automotive application is expected to exceed USD 210 million up to 2023. Growing lightweight materials demand to increase fuel efficiency in vehicles shall foster market growth. Government regulations and policies to increase fuel efficiency mainly in the U.S., Canada, Germany, UK, and France may further bolster industry share.

North America, driven by the U.S. may grow significantly at over 4% up to 2023. Rising demand for automobiles owing to increasing inclination in millennials to own personal vehicles and easy availability of low interest loans may trigger market share. Stringent environment regulations, changing consumer outlook on environmental susceptibilities and rising interest in purchasing fuel efficient automobiles may stimulate thermoplastic elastomers market revenue.

Europe led by Germany, UK, and France may surpass USD 5 billion by 2023. Changing consumer perception on high quality health products and services and stringent healthcare regulations to maintain high standards in government & private hospitals and rising awareness on biocompatibility of synthetic materials may augment the market growth. Rising demand for styrenic block copolymer  in automotive and building & construction industries should upsurge regional thermoplastic elastomers market growth.

Asia Pacific led by India, Japan, and China is poised to exceed USD 8 billion during the foreseeable timeframe. Rising inclination to purchase high performance & durable electronic gadgets may accelerate market share. Government initiatives favouring the TPU market demand along with expansion in automotive, construction, electronics, and footwear sectors may boost industry growth in the region. Rapid industrialization accompanied with infrastructure spending is likely to boost the TPE market share.