OCEAN VIEW, Del., Sept. 13, 2017 /PRNewswire-iReach/ -- Global
Thermoplastic Elastomers Market was consolidated, with major
players accounting for more than 40% of the overall share.
Companies such as Nippon Polyurethane Industry, BASF, China
Petroleum & Chemicals, Kraton Polymers, Arkema S.A., Dow
Chemicals, Covestro, LyondellBasell, and EMS Group are chief
participants in thermoplastic elastomers industry. Firms have been
focusing on investing in R&D and enhancing the product offering
to sustain the market position. In addition, expansion of
production capacity and mergers & acquisitions are among the
key growth strategies adopted by these companies. For instance,
Arkema had introduced Pebax Rnew into its elastomer family in 2014,
which is a plastic derived from castor oil. Dupont has also
introduced Hytrel RS, a highly renewable elastomer. Recently, BASF
has heavily diversified its product portfolio by developing
multiple versions of TPEs to partner with HP for launching its new
3D Open Materials and Applications Lab. Similar efforts by other
companies will boost thermoplastic elastomers market outlook.
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TPUs are heavily deployed for tubing applications in the
automotive sector, subject to which thermoplastic polyurethanes
(TPU) industry, having had a valuation of USD 1.5 billion in 2015, will witness a growth of
more than 5% over 2016-2023. Additionally, this product is also
used to construct cables and wires for the construction sector,
subject to its properties of high thermal insulation and heat
resistance, which will propel thermoplastic elastomers market from
construction applications.
Thermoplastic vulcanizates (TPV) products are used in the
automotive sector for fluid handlings, bumpers, and other
applications. Its high heat and oil resistance properties have also
lead to its usage for engine components and car interiors, thereby
propelling TPV industry, set to grow at a CAGR of 5.5% over
2016-2023.
These products, subject to their superior thermal insulation and
acoustic properties are also used in the construction sector.
Pressure from regulatory bodies as regards to energy efficiency
codes mandated for buildings will drive TPV market from
construction applications. The rapid growth of the construction and
automotive sectors globally will also aid the expansion of the
product landscape of thermoplastic elastomers market.
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Speaking of the expansion of the automotive and construction
sectors, it would be prudent to mention the emerging economies of
the APAC region. Asia Pacific
thermoplastic elastomers industry, worth USD
4 billion 2015, will grow significantly over 2016-2023,
subject to the vast number of automotive manufacturing units and
the rising number of construction projects in the region. Subject
to their superior properties, TPU and TPV products are heavily
deployed across both these sectors, which will drive APAC TPE
market over the next few years. India and China are touted to be the key contributors,
with China having accounted for
more than 60% of the APAC thermoplastic elastomers industry in
2015.
Since TPU products are heavily used in the automotive sector,
China thermoplastic polyurethanes
market size is expected to cross USD 500
million by 2023, growing at a CAGR of more than 6% over
2016-2023. Of late, OEMs across the world have shifted their
manufacturing base to India and
China, subject to the presence of
a skilled labor workforce and an abundance of raw material
availability. This is a key factor contributing to China TPU
industry expansion.
Geographically, North America
contributed to more than 25% of the overall thermoplastic
elastomers industry share in 2015. U.S. is a major revenue
contributor, with a valuation of USD 1
billion in 2015. Subject to the growing usage of TPE
products for medical equipment, sports equipment, and paving &
roofing for construction, U.S. thermoplastic elastomers market will
grow at a substantial rate over 2016-2023. In addition, increased
EPA regulations to encourage the adoption of sustainable and
bio-based products will stimulate the regional demand, thereby
propelling North America
thermoplastic elastomers industry.
Browse key industry insights spread across 230 pages with 306
market data tables & 15 figures & charts from the
report, "(TPE) Thermoplastic Elastomers Market Forecast, 2016 –
2023" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/thermoplastic-elastomers-tpe-market-report
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