Thermoplastic Elastomers Market – Opportunities And Challenges

PUNE, India, 2019-Dec-30 — /EPR Network/ — The thermoplastic elastomers market is projected to reach USD 28.27 billion by 2022, at a CAGR of 5.2% from 2017 to 2022. Thermoplastic elastomers possess properties of both, plastics and elastomers. They can be molded easily at room temperature by heating them. Due to a number of properties offered by them, which include heat stability, smoothness, wear resistance, chemical resistance, and scratch resistance, they are used in different end-use industries.

Browse 156 market data Tables and 46 Figures spread through 192 Pages and in-depth TOC on “Thermoplastic Elastomers Market”

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Bio-based thermoplastics are the upcoming trend in the thermoplastic elastomers market. The majority of thermoplastic elastomers are conventionally compounded and manufactured from raw materials based on fossil fuels. However, increase in the environmental awareness across the globe and fluctuations in the prices of petroleum drive the thermoplastic elastomers market towards the adoption of sustainable and green programs. As such, various guidelines have been formulated and implemented in the European and North American regions for the development of environment-friendly products. These guidelines accord preferential treatment to bio-based products procured by public institutions that meet the minimum renewable raw material content standards. The bio-based thermoplastic elastomers are made using several bio-based raw materials. Some of the predominantly used raw materials for manufacturing thermoplastic elastomers include starch ranging from 30% to 50%, castor & canola oils, polyols from vegetable oils & fatty acids, and corn & soybean oils. The increased cost of petro-chemically derived monomeric raw materials has made bio-based thermoplastic elastomers economically competitive. Thus, the thermoplastic elastomers based on bio-renewable resources are expected to become popular during the forecast period, owing to increased awareness across the globe for environment sustainability. Moreover, the use of bio-based content for the development of thermoplastic elastomers is expected to provide enormous opportunities to the manufacturers of thermoplastic elastomers in the material selection process to cater to the requirements of different industries.

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Among types, the thermoplastic vulcanizates (TPV) segment of the thermoplastic elastomers market is projected to grow at the highest CAGR during the forecast period. Thermoplastic vulcanizates (TPV) have excellent colorability, leading to their increased demand in developing interiors of automobiles. The growing demand for thermoplastic vulcanizates (TPV) as a replacement for polyvinyl chloride (PVC) in the healthcare industry is one of the major drivers for the growth of the thermoplastic vulcanizates (TPV) segment of the thermoplastic elastomers market. Thermoplastic vulcanizates (TPV) ensure low drug absorption. They are environment-friendly and offer optical clarity and toughness. Thermoplastic vulcanizates (TPV) are used in the manufacturing of catheters, blood bags, and disposable gloves. The growth of the thermoplastic vulcanizates (TPV) segment of the thermoplastic elastomers market can be attributed to rapidly growing automotive and medical industries in countries such as China and India of the Asia-Pacific region.

The medical end-use industry segment of the thermoplastic elastomers market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. Thermoplastic elastomers are used in medical applications for making adhesives and sealants. Thermoplastic elastomers are used for manufacturing syringes, materials with high barrier resistance or gel-soft cushioning, seals, stoppers, vial caps, bags, bottles, films, and soft touch cushions for glucose measuring devices. They are also used for ergonomic enhancement of various medical devices and medical textile products. The increasing awareness among masses for improved quality healthcare in the Asia-Pacific region has led the growth of medical end-use industry segment of the thermoplastic elastomers market during the forecast period.

The manufacturers of thermoplastic elastomers are focusing on the sustainability through the development of environment-friendly products to cater to the requirements of the automotive and medical industries to increase their market shares.

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