12-May-17 Olefinic thermoplastic elastomers are emerging as one of the fastest growing class of synthetic polymers substituting a number of traditional polymeric compounds such as ethylene propylene polymers, ethylene vinyl acetate and Poly Vinyl Chloride (PVC) in numerous applications including automotive, medical, etc. They are widely being used as an alternative to rubber. Thye are made of two components mainly, one being an elastomer, which is dispersed in thermoplastic polyolefin such as propylene, and possess excellent impact resistance and are lightweight and light density materials, hence used in a number of industries. The global olefinic thermoplastic elastomers market is driven by the increasing demand from various end use industries, especially from the automotive industry, as per Future Market Insights. There has been an increasing demand for the use of lightweight materials in the automotive manufacturing in order to improve the fuel economy, thus driving the global olefinic thermoplastic elastomers market. Olefinic thermoplastic elastomers has also been utilized for the manufacture of bumpers, interior and exterior trims and floor mats and also for grips and seals. Moreover, the global olefinic thermoplastic elastomers market is driven by increasing usage as films in the packaging industry due to the versatility of compound to get moulded into different forms.
In some extreme temperature and environmental conditions, olefinic thermoplastic elastomers undergo deformation and are not easily recovered. Hence, under such conditions, conventional materials are preferred over olefinic thermoplastic elastomers, which act as a restraint for the market growth. One of the major factors restraining the growth of the olefinic thermoplastic elastomers market is the volatility in the raw material prices that in turn creating price pressure on manufacturers. The trend driving the global olefinic thermoplastic elastomers industry is product innovation by the major market participants. The chemical market is mainly consolidated with a few of the major players dominating the market. There has been constant investment on research and development activities by the manufacturers, for the development of materials such as advanced olefinic thermoplastic elastomers to substitute traditional elastomers such as rubber and thermoplastics in a wide variety of applications.
North America is projected to hold dominant share in the global olefinic thermoplastic elastomers market. This is attributed to the large automotive OEM base in the region. The U.S. is expected to dominate the North America olefinic thermoplastic elastomers market. Asia Pacific and Latin America are identified to be the high growth regions in the global olefinic thermoplastic elastomers market and are expected to exhibit increasing adoption of olefinic thermoplastic elastomers over the conventional materials, thus expanding at a relatively high CAGR over the forecast period, 2017-2027. Asia Pacific has also exhibited a substantial increase in automotive production over the past few years, which in turn is driving the Asian olefinic thermoplastic elastomers market. Europe is estimated to remain as a lucrative region in the global olefinic thermoplastic elastomers market throughout the forecast period. The olefinic thermoplastic elastomers market in Japan is also projected to exhibit positive growth over the forecast period. However, Middle East and Africa is estimated to register sluggish growth.
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