Albany, NY -- (SBWIRE) -- 03/07/2017 -- The new report added to MarketResearchReports.biz evaluates the present scenario and growth prospects of the global thermoplastic elastomers market. The report provides an outline of the market landscape and key vendors and discusses the chief drivers and restraints in the market. The report, titled 'Global Thermoplastic Elastomers Market 2017-2021', predicts the market to grow at a CAGR of 7.78% during the forecast period.

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Thermoplastic elastomers (TPEs) hold both elastomeric and thermoplastic characteristics. TPE can be reshaped, remolded, and recycled. Therefore, they are extensively used to replace conventional materials, such as natural rubber, nitrile rubber (NBR), polyvinylchloride (PVC), and ethylene propylene diene monomer (EPDM) in major industries.

Several manufacturers demand for thermoplastic elastomers (TPE) due to their increased design flexibility, reduced cost, and enhanced long-term weather-resistance advantages in comparison with natural rubber and EPDM. Moreover, TPEs are eco-friendly and unique thermoplastics that are not only recyclable but can also be reshaped and remolded, thereby considerably reducing wastage. Renowned federal bodies, such as US Pharmacopeia and the FDA, regulate product applications in numerous end-use industries to ensure maximum consumer health and safety, thus positively impacting the market. On the other hand, volatile prices of raw material is a major factor limiting the growth of the global thermoplastic elastomers market.

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The global thermoplastic elastomers market is segmented on the basis of applications into automotive, footwear, engineering, building and construction, wires and cables, medical, and others. In terms of value and volume, the automotive segment held a significant share in the market. The growth of the segment can be attributed to various environmental agencies that are rigorously working towards the reduction of carbon emission through an increase in fuel efficiency. Major automotive manufacturing giants are hence using plastics as a substitute to metals and alloys in automotive components. Also, growing consumer preference for high performance and lightweight passenger cars has been driving plastics innovation in automotive manufacturing.

Based on geography, the global market for thermoplastic elastomers is categorized into Europe, Asia Pacific, North America, and Rest of the World. Among the mentioned regions, Asia Pacific contributed majorly to the market. It is expected to score a high CAGR during the forecast period due to rising demand for tire and other rubber products from end-use industries such as automotive and building and construction. In addition, this region will be a preferred market for thermoplastic elastomers owing to increased investments from manufacturers. North America is said to be another lucrative market for thermoplastic elastomers as it is anticipated to get support from growing tire sales with the recovering automotive industry.

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The prominent companies functioning in the global thermoplastic elastomers market include Dynasol, LyondellBasell Industries, Covestro, LCY Chemical, PolyOne, DuPont, Arkema, BASF, Huntsman, Evonik, and TSRC.

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