Market Overview

Market Research Future (MRFR) announces the publication of its research report Global Thermoplastic Elastomers Market, 2023.

Thermoplastic elastomers (TPEs) are multifunctional polymeric materials that are processed in the same way as plastic but possess rubber properties. TPEs can be easily processed, molded, and recycled, and hence production requires low energy costs and is eco-friendly. In addition, TPEs find application in the building and construction, home appliances, and healthcare industries. The rising demand for TPEs in the automotive industry is expected to propel market growth during the forecast period. TPEs exhibit excellent performance characteristics such as shock absorption, cleanliness, easy sterilization, dimensional stability, chemical, weather, and thermal resistance, and flexibility.

TPEs are used in the manufacturing of various vehicle components to reduce weight, thus increasing the efficiency of vehicles. Moreover, TPEs are used in the manufacturing of anti-vibration mounts, inlet pipes and exhaust manifolds, filter housings seals, drum suspensions bushes, and door seals of washing machines and dishwashers. Furthermore, the application of TPEs in the electrical and footwear industries is likely to drive market growth during the review period.

Leading Players

Some of the prominent players in the global thermoplastic elastomers market are Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US).

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Regional Analysis

The global thermoplastic elastomers market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2017, Asia-Pacific accounted for the largest share of the global thermoplastic elastomers market owing to the high product demand in the automotive and footwear industries. The expanding global population and rapid industrialization are expected to be the key factors powering product demand in this region. The US is projected to be the leading market for TPEs in North America. This can be attributed to the large number of automotive production plants, use of biodegradable products, and advancements in the healthcare sector.

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