The thermoplastic elastomers market size is projected to reach US$27.8 bln by 2020 at a CAGR of 8%,as per MarketsandMarkets. It also identifies the driving and restraining factors of the Thermoplastic Elastomers Market with an analysis of trends, opportunities, and challenges. The market is segmented and has been forecast on the basis of key regions, such as North America, Asia-Pacific,Europe, and Rest of the World. The market is also segmented on the basis of type and application in major countries in each of these regions.
The thermoplastic elastomers market is segmented into seven applications, automotive, building & construction, footwear, engineering, wires & cables, medical, and others. Among these applications, automotive accounted for largest market share in 2014 in terms of value as well as volume. Thermoplastic elastomers have region specific demands that are differentiated by placement, cost, and efficiency. These demands are also governed by the prevailing environmental laws, as in Europe and North America the stringent environmental laws calls for more environmentally friendly products, such as those of thermoplastic elastomers, which can be easily recycled
In terms of value, the thermoplastic elastomers market size in automotive application is projected to reach US$11.9 bln by 2020, at a CAGR of 8.5% between 2015 and 2020. The market in Asia-Pacific accounted for the largest share of the Thermoplastic elastomers in 2014 and is projected to be the fastest-growing market in terms of value, between 2015 and 2020. The growth is attributed to the increasing automotive sales in developing countries, such as India, China, and Indonesia. India is projected to be the fastest-growing country in the Asia-pacific region followed by China.
Asia-Pacific was the major market of thermoplastic elastomers in 2014, which is projected to register the highest CAGR between 2015 and 2020, owing to the increasing demand of tire and other rubber products from end-user industries, such as automotive and building & construction. Asia-Pacific is expected to dominate the Thermoplastic elastomers market by 2020, with high investments from manufacturers in capacity expansion. North America was the second-largest market for Thermoplastic elastomers in 2014 and is expected to get support from increasing tire sales with the recovering automotive industry.