Northrook, IL -- (SBWIRE) -- 12/22/2019 -- The Thermoplastic Elastomers Market is estimated to grow from USD 21.9 billion in 2016 to reach USD 28.3 billion by 2022, at a CAGR of 5.4% during the forecast period. Thermoplastic elastomers have outstanding properties such as heat stability, smoothness, and resistance to wear and scratch, which are increasing their use in various industries.

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The SBC segment was the largest type of thermoplastic elastomers in 2016.

Among the major types of thermoplastic elastomers, the styrenic block copolymers (SBC) segment is the most widely used. Styrenic block copolymers are high-performance thermoplastic elastomers that are used in various pressure-sensitive adhesive applications, including tapes, labels, and construction adhesives. Apart from the footwear industry, where they are used for making shoe soles owing to their softness and low cost, styrenic block copolymers are used in gasket materials and sealants used for road paving and roofing applications.

Automotive is likely to be the largest end-use industry of thermoplastic elastomers during the forecast period.

The automotive end-use industry is expected to lead the thermoplastic elastomers market. In the automotive industry, exterior filler panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, vibration damping pads, and other exterior body parts of automobiles are manufactured using thermoplastic elastomers. Thermoplastic elastomers are also used for under-the-hood applications that include belts & hoses, clamps, fuel lines, and buffer blocks for bonnets & boots.

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Asia Pacific is the largest market for thermoplastic elastomers.

Asia Pacific is the largest thermoplastic elastomers market. The automotive, building & construction, and footwear industries, which are among the main end-use segments of thermoplastic elastomers, are generating high demand in the Asia Pacific region. China and India are important markets for thermoplastic elastomers in the region and expected to be significant contributors to the regional market growth during the forecast period.

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

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