Thermoplastic elastomers market estimated to be worth US$28.27 bln by 2022


The thermoplastic elastomers market, that stood at US$20.88 bln in 2016 and is estimated to reach US$28.27 bln by 2022, at a CAGR of 5.2% amid the estimate time frame from 2017 to 2022, as per RNR Market Research. Styrenic block copolymers (SBC) are high-performance thermoplastic elastomers that are engineered to improve the performance of a wide range of end products in a number of industries. Styrenic block copolymers (SBC) have the ability to be processed as thermoplastic materials while possessing the physical and mechanical properties of filled vulcanized elastomers. Styrenic block copolymers (SBC) are used in a wide variety of pressure-sensitive adhesive applications, such as tapes, labels, and construction adhesives. The footwear industry is an important end user of styrenic block copolymers (SBC). These styrenic block copolymers are used to make shoe soles, owing to their softness and low costs. Apart from these, styrenic block copolymers (SBC) are also used in sealants, gasket materials, rubber bands, toys, and bitumen products that are used for road paving and roofing applications.

The thermoplastic vulcanizates (TPV) type segment of the thermoplastic elastomers market is projected grow at the highest CAGR between 2017 and 2022. TPVs are prepared by the dynamic vulcanization of non-miscible blends of rubber and a semi-crystalline thermoplastic. The most common type of TPV is ethylene propylene diene monomer (EPDM)/polypropylene thermoplastic vulcanizate (PP TPV). The most important advantage of TPV is their ability to reuse and recycle production scrap and waste. Thermoplastic vulcanizates (TPV) offer excellent colorability.

As such, they are used for developing interiors of automobiles. The growing demand for TPVs as a replacement for polyvinyl chloride (PVC) in the healthcare industry is one of the major drivers for the growth of the TPV segment of the thermoplastic elastomers market. TPVs have low drug absorption and are environment-friendly. They offer optical clarity and toughness. TPVs are used in the manufacturing of catheters, blood bags, and disposable gloves.

They can be molded easily at room temperature by heating them. Thermoplastic elastomers are increasingly used in various end-use industries, owing to the properties offered by them, which include heat stability, smoothness, wear resistance, and scratch resistance. The growing demand for thermoplastic elastomers from the automotive industry of the Asia-Pacific region is expected to fuel the growth of the thermoplastic elastomers market across the globe. Moreover, the environment-friendly nature of thermoplastic elastomers, along with advancements being carried out in the thermoplastic elastomer processing industry is also expected to fuel the growth of the thermoplastic elastomers market during the forecast period. Volatile prices of raw materials and technical difficulties involved in the development of low cost and economical thermoplastic elastomer products are the factors expected to restrain the growth of the thermoplastic elastomers market during the forecast period.

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