Thermoplastic Elastomers Market worth 28.27 Billion USD by 2022 | Key Players Include Arkema, Asahi Kasei Corporation, Covestro, Evonik, Kraton Corporation, Lubrizol, LyondellBasell, PolyOne, Sinopec Group, ow Chemical Company and Tosoh Corporation

The report "Thermoplastic Elastomers Market by Type (SBC, TPO, TPV, COPE, PEBA), End-use Industry (Automotive, Building & Construction, Footwear, Engineering, Medical, Wires & Cables), Region - Global Forecast to 2022", The thermoplastic elastomers market was valued at USD 20.88 Billion in 2016 and is projected to reach USD 28.27 Billion by 2022, at a CAGR of 5.2% during the forecast period from 2017 to 2022.

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Thermoplastic elastomers can be molded easily at room temperature by heating them. Thermoplastic elastomers are being increasingly used in various end-use industries, owing to various properties offered by them which include heat stability, smoothness, wear resistance, and scratch resistance.

The styrenic block copolymers type segment is estimated to lead the thermoplastic elastomers market during the forecast period.

Styrenic block copolymers (SBC) are high-performance thermoplastic elastomers that are engineered to improve the performance of a wide range of end products in a number of industries. Styrenic block copolymers (SBC) have the ability to be processed as thermoplastic materials while possessing the physical and mechanical properties of filled vulcanized elastomers. Styrenic block copolymers (SBC) are used in a wide variety of pressure-sensitive adhesive applications, such as tapes, labels, and construction adhesives. The footwear industry is an important end user of styrenic block copolymers (SBC). These styrenic block copolymers are used to make shoe soles, owing to their softness and low costs. Apart from these, styrenic block copolymers (SBC) are also used in sealants, gasket materials, rubber bands, toys, and bitumen products that are used for road paving and roofing applications.

The automotive end-use industry segment led the thermoplastic elastomers market in 2016.

The automotive end-use industry segment is projected to lead the thermoplastic elastomers market between 2017 and 2022. Thermoplastic elastomers are used for manufacturing exterior body parts, such as exterior filler panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, and vibration damping pads of automobiles. Recent advancements in thermoplastic elastomers have made them suitable for under-the-hood applications, such as belts & hoses, clamps, fuel lines, and buffer blocks for bonnets & boots.

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The rising demand for thermoplastic elastomers from the Asia-Pacific region is expected to be the key factor driving the growth of Asia-Pacific thermoplastic elastomers market between 2017 and 2022.

The Asia-Pacific region is projected to be the leading market for thermoplastic elastomers, globally. China is estimated to be the largest market for thermoplastic elastomers in the Asia-Pacific region. The India thermoplastic elastomers market is projected to grow at the highest CAGR during the forecast period. The increasing demand for thermoplastic elastomers from various end-use industries, such as automotive, building & construction, and footwear is expected to drive the growth of the Asia-Pacific thermoplastic elastomers market during the forecast period.

The key companies profiled in this report on the thermoplastic elastomers market are Arkema SA (France), Asahi Kasei Corporation (China), Covestro AG (Germany), Evonik Industries AG (Germany), Kraton Corporation (U.S.), Lubrizol Corporation (U.S.), LyondellBasell Industries N.V. (Netherlands), PolyOne Corporation (U.S.), Sinopec Group (China), Teknor Apex Company (U.S.), The Dow Chemical Company (U.S.), and Tosoh Corporation (Japan).

Market Dynamics:
Drivers-
Advancement in the thermoplastic elastomer processing industry
Replacement of thermoset rubber
Growing demand from the automotive industry

Restraints-
Price volatility of thermoplastic elastomers
Technical limitationsfor use in heavy duty tires

Opportunities-
Bio-based thermoplastic elastomer
Increasing demand from emerging applications

Challenges-
Intra thermoplastic elastomer segment replacement

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