Global Thermoplastic Elastomer Market Growth
Research Nester published a report titled “Thermoplastic Elastomer Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global thermoplastic elastomer market in terms of market segmentation by type, end-user industry, material, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global thermoplastic elastomer market is anticipated to grow with a CAGR of ~6% over the forecast period, i.e., 2023 - 2033. The market is segmented by type into SBC, TPU, TPO, TPV, COPE, and PEBA. Amongst these, the TPV segment is estimated to hold the largest share of the market on the back of the rising adoption of easy-to-recycle and eco-friendly products by the people. It is observed that 60% of consumers[m1] are more likely to use eco-friendly products out of them only 25% are implementing it.
The global thermoplastic elastomer market is projected to significantly grow on the account of rising automobile industries. The number of automobile manufacturing vehicles increased from 961 in 2021 to 992.3 in 2022. The market is further estimated to garner a revenue of USD 34 Billion by the end of 2033, up from a revenue of USD 25 Billion in the year 2022.
Geographically, the global thermoplastic elastomer market is segmented into five major regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific region is estimated to witness significant growth over the forecast period owing to the rising replacement of thermoset rubber with thermoplastic elastomers across the region. This leads to an increase in the use of thermoplastic elastomers. As per the estimations, the rubber industry has seen a rapid decrease during COVID-19 with a reduction of 25 million tons[m2] per year.
Escalating Preference for Lightweight Vehicles to Drive the Market Growth
By reducing 10% of weight in vehicles it is expected to improve fuel economy by 6-8%.[m3]
The weight of vehicles will improve the fuel consumption and efficiency of the engine. Thus, cast iron is replaced by thermoplastic across the world. The reduction in fuel cost achieved by the use of thermoplastic materials is the major factor consumers are more interested which is estimated to boost the market growth.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. has also been covered and displayed in the research report.
However, the high cost of investment and lack of experts are expected to operate as a key restraint to the growth of the global thermoplastic elastomer market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global thermoplastic elastomer market which includes company profiling of Arkema, Huntsman International LLC, Covestro AG, KRAIBURG TPE GmbH & Co. KG, Kent Elastomer Products, ALTANA AG, Tosoh America, Inc., The Lubrizol Corporation, Teknor Apex Company, Inc., and JSR Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global thermoplastic elastomer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
Get Full Reports@ https://www.researchnester.com/reports/thermoplastic-elastomer-market/4529