Olefinic thermoplastic elastomers are emerging as one of the fastest growing class of synthetic polymers substituting a number of traditional polymeric compounds such as ethylene propylene polymers, ethylene vinyl acetate and Poly Vinyl Chloride (PVC) in numerous applications including automotive, medical, etc. The Olefinic thermoplastic elastomers are widely being used as an alternative to rubber. Olefinic thermoplastic elastomers offer good impact resistance and can be recycled (unlike rubber). These polymers are also known by alternative names such as alkene based thermoplastic elastomers. The olefinic thermoplastic elastomers are made of two components mainly, one being an elastomer, which is dispersed in thermoplastic polyolefin such as propylene. The olefinic thermoplastic elastomers possess excellent impact resistance and are lightweight and light density materials, hence used in a number of industries. Moreover, olefinic thermoplastic elastomers can be moulded into any shape such as cast, wire or film. Olefinic thermoplastic elastomers also provide chemical resistance and electrical insulation. Olefinic thermoplastic elastomers are tough and resilient and at the same time offer flexibility.
Global Olefinic Thermoplastic Elastomers Market Dynamics
Global Olefinic Thermoplastic Elastomers Market Drivers
The global olefinic thermoplastic elastomers market is driven by the increasing demand from various end use industries, especially from the automotive industry. There has been an increasing demand for the use of lightweight materials in the automotive manufacturing in order to improve the fuel economy, thus driving the global olefinic thermoplastic elastomers market. Olefinic thermoplastic elastomers has also been utilized for the manufacture of bumpers, interior and exterior trims and floor mats and also for grips and seals.
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Moreover, the global olefinic thermoplastic elastomers market is driven by increasing usage as films in the packaging industry due to the versatility of compound to get moulded into different forms.
Global Olefinic Thermoplastic Elastomers Market Restraints
In some extreme temperature and environmental conditions, olefinic thermoplastic elastomers undergo deformation and are not easily recovered. Hence, under such conditions, conventional materials are preferred over olefinic thermoplastic elastomers, which act as a restraint for the market growth.
One of the major factors restraining the growth of the olefinic thermoplastic elastomers market is the volatility in the raw material prices that in turn creating price pressure on manufacturers.
Global Olefinic Thermoplastic Elastomers Market Trends
The trend driving the global olefinic thermoplastic elastomers industry is product innovation by the major market participants. The chemical market is mainly consolidated with a few of the major players dominating the market. There has been constant investment on research and development activities by the manufacturers, for the development of materials such as advanced olefinic thermoplastic elastomers to substitute traditional elastomers such as rubber and thermoplastics in a wide variety of applications.
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Global Olefinic Thermoplastic Elastomers Market Segmentation
The global olefinic thermoplastic elastomers market can be segmented on the basis of application, product type and region.
On the basis of application, the global olefinic thermoplastic elastomers market can be segmented into the following categories:
Building and construction
Electrical and electronics
Food and beverage
On the basis of product type, the global olefinic thermoplastic elastomers can be segmented as:
Global Olefinic Thermoplastic Elastomers Market Regional Outlook
North America is projected to hold dominant share in the global olefinic thermoplastic elastomers market. This is attributed to the large automotive OEM base in the region. The U.S. is expected to dominate the North America olefinic thermoplastic elastomers market. Asia Pacific and Latin America are identified to be the high growth regions in the global olefinic thermoplastic elastomers market and are expected to exhibit increasing adoption of olefinic thermoplastic elastomers over the conventional materials, thus expanding at a relatively high CAGR over the forecast period, 2017-2027. Asia Pacific has also exhibited a substantial increase in automotive production over the past few years, which in turn is driving the Asian olefinic thermoplastic elastomers market. Europe is estimated to remain as a lucrative region in the global olefinic thermoplastic elastomers market throughout the forecast period. The olefinic thermoplastic elastomers market in Japan is also projected to exhibit positive growth over the forecast period. However, Middle East and Africa is estimated to register sluggish growth.
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Global Olefinic Thermoplastic Elastomers Market Participants
Examples of some of the market participants identified across the value chain of the global olefinic thermoplastic elastomers market are: The Dow Chemical Company, BASF SE, DuPont, Evonik Industries AG, Exxon Mobil Corporation, Mitsui Chemicals Inc., Preferred Plastics, Inc. and Hallstar among others.