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The thermoplastic elastomers industry share is consolidated with major industry players including
Companies are trying to diversify product portfolio and widen geographical presence by investing in new technology under stringent regulations. Also, industry participants will have to overcome significant barriers and replace rubber materials thoroughly by TPE in order to achieve higher profit margins.
North America thermoplastic elastomers market will observe a CAGR of over 4% through 2023 with the increasing demand for automobiles driven by growing inclination towards owing personal vehicles.
Thermoplastic elastomers are largely used in automotive, construction, and electrical & electronics industries.
Thermoplastic polyurethane market size had surpassed USD 1.6 billion in 2015 owing to rising product demand due to its high resilience, abrasion, tear resistance, and cool temperature resistance properties.
Major companies producing thermoplastic elastomers are Sinopec, Dow Chemical, LyondellBasell, and Kraton Polymers.
Thermoplastic elastomers market size had exceeded USD 12.5 billion in 2015 and will witness record consumption at over 6 million tons up to 2023.