Seattle, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The global thermoplastic elastomers market was valued at US$ 22.57 billion in 2017 and is projected to exhibit a CAGR of 6.1% over the forecast period (2018–2026).

Key Trends and Analysis of the Thermoplastic Elastomers Market:

Recyclability, waste reduction, and adaptability to modification are some of the properties of thermoplastic elastomers, which has applications in electronic and electrical industry. Rising demand for safe, light weight, and inexpensive products are some of the drivers for growth of the thermoplastic elastomers market.

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Furthermore, increasing demand for thermoplastic elastomers in the automotive industry especially in the emerging economies, is expected to drive growth of the thermoplastic elastomers during the forecast period. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China stood at 28.03 million units in 2016 and 3 million units in India. The CAAM also projected automobile sales in China to grow by 5% to 29.4 million units in 2017. According to the U.S. International Trade Administration (ITA), China was the largest vehicle producer between 2012 and 2014, and the average number of vehicles produced between 2012 and 2014 was 17.8 million.

However, expensive raw materials and the high cost of crude oil are restraints affecting growth of the thermoplastic elastomer market

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Key Market Takeaways:

• North America held significant market share in the global thermoplastic elastomers market in 2017, owing to the applications of thermoplastic elastomers in manufacturing of automobile parts
• Moreover, initiatives by major players to enhance their business in thermoplastic elastomers market have driven growth of the market in North America. For instance, in May 2018, Elastron planned to open headquarters in Gainesville, Georgia with a local manufacturing facility, which will produce thermoplastic elastomers such as thermoplastic vulcanizate (TPV), polyolefin (TPO), styrene-butadiene-styrene (SBS), and styrene ethylene butylene styrene (SEBS) and is expected to meet the rising demand for thermoplastic elastomers in the U.S.
• Some of the major players operating in the global thermoplastic elastomers market include DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, and Covestro AG