Global Thermoplastic Elastomers Market Overview
Styrenic block copolymers (SBC) are a type of high-performance thermoplastic elastomer designed to improve the performance of a wide range of finished products in a number of industries. The styrenic block copolymers (SBC) have the ability to be refined as thermoplastic materials while having the mechanical and physical characteristics of the vulcanized filled elastomers. These styrenic block copolymers are used in a wide range of applications of pressure sensitive adhesives, such as labels, adhesive tapes and construction adhesives. The footwear segment is also an important application of styrenic block copolymers. These SBCs are used to manufacture shoe soles because of their low cost and the softness of their materials. In addition to these uses, SBCs are also used in a variety of other applications, such as elastic bands, toys and bituminous products for roofs and roads. The automotive industry is also a leader in the global TPE market through the extensive use of thermoplastic elastomers in various components related to the automotive industry.
Global Thermoplastic Elastomers Market Drivers and Restraints:
It is expected that the global market for thermoplastic elastomers (TPE) will grow significantly in the coming years. The main reason for this development in the market is the growing demand for first class performance and lighter materials from the growing automotive segment. The widespread adoption of thermoplastic elastomers instead of PVC by many end-user segments is another key determinant of the growth of the TPE market. Thermoplastic elastomers have several important characteristics, such as good resistance to chemicals and UV rays, excellent processing capacity, and good adhesion capacity. These properties have led to extensive use of thermoplastic elastomers in sealants, automotive industry, gaskets, medical and health articles, sporting goods and automotive interior components. This has led to a considerable growth of the global VSE market. However, the strict regulatory framework and the prices of often fluctuating commodities are holding back the market growth.
According to the region, the market is segmented into five main geographical areas, namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America is the largest market in terms of revenue. Factors such as high disposable income, the presence of important players in the region and a well-developed pharmaceutical and biotechnology industry are attributed to the growth of the market in the region. Asia Pacific region is expected to be the leading segment for the thermoplastic elastomers in the coming years. Emerging economies such as China and India are projected to exhibit largest market for thermoplastic elastomers in the Asia Pacific regions. This growth is mainly because of the booming automotive industry in these countries. It is estimated that Asia Pacific will exhibit a growth CAGR of 5.4% over the forecast period.
Key Players In Global Thermoplastic Elastomers Market
The key players profiled in the report include BASF, Dow Chemical Company, Bayer, LCY Chemical, Huntsman Corporation, Nippon, TSRC, LG Chemicals, and Dynasol.
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