Global Thermoplastic Elastomers market expected to reach US$21.4 bln by 2019

16-Dec-15

The global Thermoplastic Elastomers Market revenue was estimated to be worth US$16 bln in 2014, which is expected to reach US$21.4 bln by 2019, growing at an above average CAGR of 6% from 2014 to 2019. Advances will be driven by ongoing product innovation on the part of TPE manufacturers, allowing these materials to further displace traditional elastomers and thermoplastics in a variety of applications. In addition, TPE demand will benefit from the ongoing push to reduce motor vehicle weight; particularly as automotive fuel economy standards worldwide become more stringent. Healthy growth will also be fueled by an improved economic outlook in developed regions such as North America and Western Europe, while gains in emerging markets will benefit from further adoption of TPEs over competing materials. The Asia Pacific region will continue to be the largest market for TPEs through 2019, rising at an above average pace to account for nearly half of global demand in 2019. China, the world's largest consumer of TPEs in volume terms, will continue to see strong annual growth in demand. Increasing R&D efforts will make TPE highly resourceful and the huge demand from the automotive sector which finds TPEs useful in a myriad of applications. Regulations from the automotive, food, medical, packaging sectors help the growth of TPEs as they leave minimal extractables. Growing segments such as bio TPEs are emerging commercially and would be very effective due to cleanliness of the bio material and harmless wastage that they may leave, in future.