Wilmington, Delaware, United States, June 23, 2022 (GLOBE NEWSWIRE) -- The value of the global thermoplastic elastomers market stood over US$ 20.6 Bn in 2021. The market is likely to rise at a CAGR of 6.3% during the forecast period, from 2022 to 2031. The future market outlook for thermoplastic elastomers predicts the market to attain value of US$ 38 Bn by 2031. The use of new forms of thermoplastic elastomers, including blends and block copolymers, is a priority for firms in the global thermoplastic elastomers market. Different industries are concentrating on bio-based as well as environmentally friendly thermoplastic elastomers with outstanding physical features and qualities including oxidation resistance, UV radiation resistance, and chemical resistance. In addition, they give fabrics a velvety touch.
Use of Innovative plastics products in automobile production has been fuelled by a surge in popularity for lightweight yet high-performance passenger cars. The use of thermoplastics in the automobile industry has increased as a result of this and is expected to provide largest opportunity for thermoplastic elastomers market. Most thermoplastic elastomer producers with an international reach have interconnected operations. Due to considerable expenditure on machinery and technology, the industry has high exit barriers.
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Key Findings of Market Report
- The need for thermoplastic elastomers in construction and building applications is increasing, which is likely to drive revenue of thermoplastic elastomers market. Railings, gratings, glass, windows, Plumbing fixers, doors, flooring, siding, panels, insulation, bathroom units, and a range of ornamental and structural applications all employ thermoplastic elastomers. In the building and construction industry, thermoplastic elastomers are effective and cost-effective alternatives to rival substances such as latex, natural rubber, silicone, and PVC composites.
- In 2021, the global thermoplastic elastomers market was dominated by the automotive end-use industry, which is one of the key market segments in thermoplastic elastomers. Thermoplastic elastomers are used in automobiles because of their advantageous qualities, including vibration damping, abrasion resistance, oil and grease resistance, and weather resistance. Air duct components, control elements, seals, air bags, window trims, anti-slip mats, spoilers, airbags, and cowl panels, are all instances of thermoplastic elastomer usage in cars.
- The automobile sector is being driven by a rise in the middle-class populace and rising disposable income in developing markets. The Asia Pacific is a major manufacturer of automotive vehicle. The existence of well-known automakers like Nissan, Mitsubishi, and Toyota, as well as rising sales of fuel-efficient automobiles in countries like India and China and India, are expected to drive product demand in Asia Pacific.
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Global Thermoplastic Elastomers Market: Growth Drivers
- Blends, block copolymers, and others make up the global thermoplastic elastomers market. In 2021, the block copolymers sector represented 52.9% of the global market. The category is expected to grow at a rate of 6.8% CAGR during the forecasted period.
- Based on volume, the global market is likely to be dominated by Europe and North America. In the near future, the use of thermoplastic elastomers in the automotive and HVAC industries is likely to grow in Europe and North America. Several end-use industries, including medical, are expected to fuel growth of these regional markets at a moderate rate. The building and construction business in North America also has a tremendous need for long-lasting and transparent thermoplastic elastomers.
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Global Thermoplastic Elastomers Market: Key Players
Some of the key market players are
- Asahi Kasei Corporation
- Exxon Mobil Corporation
- Kuraray America, Inc.
- Huizhou LCY Elastomers Corporation
- DuPont de Nemours, Inc.
- RTP Company, Inc.
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Global Thermoplastic Elastomers Market: Segmentation
Type
- Block Copolymers
- Blends
- Others
End-User
- Automotive
- Building & Construction
- Medical
- Consumer Goods
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- China
- India
- Japan
- Australia & New Zealand
- Brazil
- Mexico
- South Africa
- GCC Countries
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