Albany, NY -- (SBWIRE) -- 12/07/2018 -- The global market for thermoplastic elastomers (TPE) is projected to witness a significant surge in the growth rate in the coming years. The primary reason for driving this development in the market is the growing demand for top class performance and lower weighted material by the ever-growing automobile segment. Another vital driving factor responsible for the growth of the TPE market is the large scale adoption of thermoplastic elastomers in place of PVC by numerous end user segments. Thermoplastic elastomers have several prominent features such as good chemical and UV resistance, excellent process ability, recyclable, has a good bonding ability and adhesion. These properties have led to extensive use of thermoplastics elastomers in sealants, automobile industry, gaskets, healthcare and medical items, sporting goods, and automotive interior components among numerous other places. This has led to considerably drive the growth of the global TPE market. However, strict framework of rules and frequently fluctuating prices of raw materials are slowing down the growth of the market.
The global thermoplastic elastomers plastic market is expected to witness growth at a CAGR of 6.4% with respect to revenue over the forecast period of 2012 to 2018. The global TPE market is expected to reach an overall valuation of US$15.3 bn by the end 2018. In addition to this, the market is expected to reach a figure of 4,879.7 kilo tons by the end of 2018. This volume related growth is expected to be achieved at a CAGR of 5.0% during the course of given forecast period.
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Sytrenic Block Copolymers to Remain Key Product Type Thanks to Multi-purpose Applications
Styrenic block copolymers (SBC) are a type of high performing thermoplastic elastomers designed to enhance the working of a broad range of end products in several industries. Styrenic block copolymers (SBC) have the capacity to be refined as thermoplastic materials while having the mechanical and physical features of vulcanized filled elastomers. These styrenic block copolymers are utilized in a wide range of pressure-sensitive adherent applications such as labels, 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 costs and softness in material. Apart from these uses, SBCs are also used in various other applications such as rubber bands, toys and roofing and road paving bitumen products. Automotive industry is also leading the global TPE market owing to extensive use of thermoplastic elastomers in various automotive related components.
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Asia Pacific to Show High Growth in Coming Years Owing to Huge Boom in Automotive Industry
Asia Pacific regions is expected to be the leading regional market 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 of 2012 to 2018.
Some of the prominent market players in the global thermoplastic elastomers include names such as BASF, Dow Chemical Company, Bayer, LCY Chemical, Huntsman Corporation, Nippon, TSRC, LG Chemicals, and Dynasol among others.