Further key findings are: Asia-Pacific will be the growth driver during the period of study. China has the largest market share and is the second fastest growing market in Asia-Pacific. The full title of this 167 pages report is „Thermoplastic Elastomers Market by Type, Application – Global Trends & Forecast to 2020“. It categorizes the global market for TPEs on the basis of type, application, and region along with forecasting volume, value, and trends in each of the markets.
Automotive, building & construction, footwear, engineering, wires & cables, medical, and others are the key applications of thermoplastic elastomers (TPEs). Among these automotive is expected to remain the dominant application of TPEs with its steady growth. The TPEs market is expected to grow at a healthy growth rate in next five years driven by the growing sales of tire and other rubber products from automotive industry. TPEs are being used in various applications in the last few years and the demand is expected to increase in emerging applications, such as wires & cables and medical.
Market shares by region
Globally, Asia-Pacific accounted for the largest share of the TPEs market in 2014, followed by North America and Europe. China was the single largest market globally which accounted for more than 24% of the global demand in 2014 whereas India is expected to register a higher growth rate. The U.S. and other Asia-Pacific countries, such as India and Japan have also accounted for a significant share of TPEs market.
New product launch and mergers & acquisitions are the key strategies on which market players are concentrating on. Companies operating in the TPEs market are also focusing on capacity expansions and agreements to tap the opportunities in applications, such as footwear, engineering, building & construction, and medical.
Key players of TPEs in North America include The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), Lubrizol Corporation (U.S.), Teknor Apex Company (U.S.). In Europe, BASF SE (Germany), Arkema SA (France), Bayer AG (Germany), Evonik Industries (Germany) are renowned players. China Petroleum and Chemical Corporation (China) and Nippon Polyurethane Industry Company Limited (Japan) are the key participants in the TPEs market in Asia-Pacific.
The TPEs market will be driven by replacement of EPDM and EPR by thermoplastic elastomers. Growing automobiles sales is also expected to drive the TPEs demand in the forecast period. However, volatility in the prices of TPEs and technological challenges are the key restraining factors for this market. Medical is the fastest growing application for the thermoplastic elastomers during the forecast period. Styrenic Block Copolymers have the largest market share as of 2014 and is projected to retain its market position.
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