CHICAGO, Nov. 6, 2023 /PRNewswire/ -- The report "Thermoplastic Elastomers Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-Use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028", size is estimated to be USD 26.9 billion in 2023 and is projected to reach USD 35.4 billion by 2028, at a CAGR of 5.6% between 2023 and 2028.
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351 – Tables
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Automotive is the major application segment for TPE. The automotive industry grapples with increasing pressure to adopt eco-friendly practices and materials, TPEs align well with sustainability objectives. They are recyclable and have a reduced environmental impact compared to some alternatives, contributing to the industry's drive for greener, more sustainable transportation solutions.
Automotive application holds the largest share in the TPE market
Automotive is the largest application in the TPE market. TPEs are widely employed in various automotive applications, including seals, gaskets, weather stripping, interior components, under-the-hood parts, and even in tire manufacturing. This extensive use is due to TPEs' ability to provide a balance of characteristics such as flexibility, durability, and resistance to temperature extremes, making them crucial in improving vehicle performance, reducing weight, and enhancing overall comfort and safety in the automotive sector.
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APAC is estimated to be the fastest-growing market for TPE.
APAC accounted for the largest share in terms of volume and value of the TPE market in 2022. TPEs are favored in the region for their cost-effective manufacturing processes. Methods like injection molding and extrusion are efficient and economical, aligning with the cost-conscious approach of many businesses in the APAC region. Moreover, Ongoing infrastructure development, including construction, urbanization, and transportation projects, necessitates materials that offer durability, weather resistance, and ease of installation. TPEs are well-suited for applications like roofing materials, gaskets, and seals in the construction and infrastructure sectors.
The companies profiled in this market research report include are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (US), Covestro AG (Germany), Huntsman Corporation (US), Teknor Apex Company (US), Lubrizol Corporation (US), Tosh Corporation (Japan), Kraton Corporation (US), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (US), SIBUR (Russia), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).
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