Increasing demand from the automotive businesspromotes the Thermoplastic Elastom
Posted by rohan on December 9th, 2019
Thermoplastic elastomers (TPEs) are multi-user polymeric materials that are processed in the same way as plastic but have rubber properties. TPEs show high-performance characteristics like shock absorption, cleanliness, easy sterilization, dimensional stability, chemical, weather, and thermal resistance, and flexibility. TPEs can be quickly processed, molded, and recycled, and therefore production needs low energy costs and is eco-friendly. The global market was close to USD 23.25 billion by revenue, at the end of 2018 and is estimated to rise at a CAGR of 5.43% to reach around USD 30.29 billion in the foreseen period.
Market drivers and restraints:
The increasing demand for TPEs in the automotive business is estimated to propel market expansion during the forecast period. TPEs are employed in the manufacturing of different vehicle components to reduce weight hence rising the efficiency of vehicles. Owing to the growing global population, the automotive industry is expected to expand at a high rate, which is likely to fuel the demand for thermoplastic elastomers in the future. Moreover, the application of TPEs in the electrical and footwear businesses is expected to drive market expansion during the foreseen period.
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Report segmented as:
By end user:
Based on geography, the global thermoplastic elastomers market has been segmented into regions of Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2018, Asia-Pacific accounted for the highest share of the global market due to the high product demand in the automotive and footwear industries.
Important market players:
Some of the key players in the global thermoplastic elastomers market are Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and Elastron Kimya SAN. TİC. AŞ (Turkey).
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About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
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