Thermoplastic Elastomers Market will grow at 6% CAGR to exceed $20bn by 2023: Global Market Insights, Inc
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:
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