Thermoplastic Elastomers are the flexible materials, which can be stretched without permanently deforming the shape. Thermoplastic elastomers are a physical mix of polymers, which is usually plastic and rubber. Thermoplastic elastomers are manufactured by injection molding and extrusion.
Various automobile parts, such as window handles, gaskets, body seals, wipers, filler panels, rocker panels, and damping pads are manufactured from thermoplastic elastomers. The rise in demand for automobiles and increase in consumer spending on automobiles is expected to drive the growth of 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. The rise in demand for safe, light weight, and inexpensive products are some of the drivers for the growth of thermoplastic elastomers market. Expensive raw materials and the high cost of crude oil are the restraint for the thermoplastic elastomer market.
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Thermoplastic Elastomer Market outlook
North America is the major thermoplastic elastomer market. The U.S, Canada, and Mexico are the major economies contributing to the large revenue shares in the thermoplastic elastomer market. Rise in demand for automobiles is expected to drive the growth of this market, owing to the applications of the thermoplastic elastomers in manufacturing of automobile parts. According to International Trade Administration (ITA), an agency in the United States Department of Commerce that promotes United States exports of nonagricultural U.S. services and goods. Canada holds a dominant position in the exportation of automotive parts followed by Mexico. Advances in automobile and technology are the major factors boosting the growth of the thermoplastic elastomer market in North America over the forecast period.
Asia Pacific is the fastest growing region in the thermoplastic elastomers market. China, Japan, and India are the leading economies in this region. China holds a dominant position in thermoplastic elastomers market. According to the China Association of Automobile Manufacturers (CAAM), China sales around 28 million units in 2016, making China the largest vehicle market globally. Automotive parts market of China is valued over US$ 21 billion with 30% annual growth rate. Increasing demand for automobile parts is expected to propel the growth of the thermoplastic elastomer market over the forecast period.
Europe has the largest thermoplastic elastomer market. Germany, Italy, and France are the major economies in the production of thermoplastic elastomers in this region. The thermoplastic elastomer is an alternative for ethylene propylene rubber (EPR) and ethylene propylene diene monomer (EPDM), which has applications in end-use industries. Increasing demand for light weight and hybrid vehicles in Europe are fueling the growth of the thermoplastic elastomer market.
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In September 2017, SK Global Chemicals acquire Dows Chemical Company’s ethylene acrylic acid (EAA) ionomers and copolymers business. By this acquisition, SK Global Chemical is expected to acquire Dow Chemical Company’s facilities of production located in Texas, Freeport, and Tarragona. Also, it acquires trademark rights, production technology, and intellectual property.
Key players in the Thermoplastic Elastomers Market
Key players operating the thermoplastic elastomer market include Covestro AG (Germany), Evonik Industries AG (Germany), Arkema SA (France), LyondellBasell Industries N.V. (Netherlands), Sinopec Group (China), Asahi Kasei Corporation (China), PolyOne Corporation (The U.S.), Teknor Apex Company (The U.S.), Lubrizol Corporation (The U.S.), Tosoh Corporation (Japan), Kraton Corporation (The U.S.) and The Dow Chemical Company (The U.S.).
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