Thermoplastic Elastomers (TPE) Market Report

Thermoplastic Elastomers (TPE) Market Analysis By Product (Styrenic Block Copolymers (SBC, SBS, SIS, HSBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV), Copolyester Elastomers (COPE)), By Application (Automotive, Footwear, Construction, Medical, Electronics, Industrial, Advanced Materials) And Segment Forecasts To 2022

  • Published Date: Jan, 2016
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-478-9
  • Format: Electronic (PDF)
  • Historical Data: 2013-2015
  • Number of Pages: 240

Industry Insights

Global thermoplastic elastomers market was valued at 3.82 million tons in 2014. Increasing consumption across various applications such as footwear, consumer goods, electronics, and construction has been instrumental in the global market growth over the last few years. Increasing demand in automotive component manufacturing is expected to be a major factor driving the global industry growth over the forecast period. Regulatory intervention by environmental agencies aimed at carbon emission reduction through an increase in fuel efficiency has forced major automotive OEMs to incorporate plastics as a substitute to metals and alloys in automotive components.

Increasing consumer preference for high performance and lightweight passenger cars has been driving plastics innovation in automotive manufacturing. These factors have led to increased thermoplastics consumption in the aforementioned application. Thermoplastic elastomers exhibit superior physical and chemical properties compared to thermoset plastics, thus gaining preference in terms of application. High substitution rate of TPU & TPO as an alternative to ethylene propylene diene monomer (EPDM) in construction materials is expected to complement global industry demand over the forecast period.

U.S. thermoplastic elastomers market

TPEs are unique, eco-friendly thermoplastics that are not only recyclable but can also be re-molded and re-shaped, thereby eliminating wastage quite extensively. These offer various other advantages in terms of physical attributes & characteristics such as resistance to chemicals, UV, oxidation, and providing soft-touch to materials. These properties are increasingly driving rubber and conventional plastic material replacement by TPEs in their respective applications. Several federal bodies such as FDA, US Pharmacopeia regulate product applications in numerous end-use industries to ensure utmost consumer health and safety. These regulations affirm TPE utilization for commercial applications by providing guidelines for prudent product usage.

The U.S. Environment Protection Agency (EPA) has also determined control techniques and guidelines regarding carbon emissions from various automotive vehicles, mentioned in the Clean Air Act, effective from October 2008. Thus, corresponding demand for fuel-efficient cars and industrial machinery created from thermoplastic elastomers components has also increased. Rapidly developing automobile markets are also projected to boost thermoplastic elastomers demand in interiors, exteriors, sealing systems, and under hood components.

Product insights

Key products analyzed for global TPE market includes SBC, TPV, and COPES and others such as thermoplastic polyamides & melt processable rubber. Additionally, each product has been segmented based on their respective applications. SBC was the largest consumed product with its demand estimated at 1,889.2 kilo tons in 2014. SBS is a major SBC product consumed which accounted for over 70% of the product volume in 2014. Increasing demand for SIS particularly in China and India is expected to drive the product segment growth over the next seven years.

Increasing consumption in automotive under the hood applications and fascia systems is expected to be a major factor driving the global TPV consumption. TPU is gaining prominence in construction applications owing to its thermal and acoustic insulation properties. Growing importance of energy efficiency in buildings and subsequent regulatory policies aimed at zero energy buildings are expected to drive TPU demand in construction over the next seven years.

Moreover growing demand for TPE in other major end-use industries such as consumer goods and medical is expected to be beneficial for the market. Surge in industrialization across various regions are further anticipated to benefit the market development. Rapid industrialization and subsequent demand from plastics, synthetic lubricants and other industrial applications have been major drivers for the market growth over the recent past. Rapid industrialization in U.S. had been beneficial for the market development.

Application insights

Automotive was the largest application sector while accounting for over 60% of the global thermoplastic elastomers market share in 2015. Favorable regulations pertaining to thermoplastics consumption in automotive applications as substitutes for metals and alloys along with growing passenger car production in the U.S. and Mexico is expected to further complement the North American market and eventually global market over the forecast period.

Global Thermoplastic Elastomers Market

Increasing awareness regarding consumer safety and protection in electronics & electrical industries is also expected to drive the global TPE market throughout the forecast period. TPEs are well suited to electronic and electrical applications owing to high performance, easy coloring, soft feel, and aesthetic appeal. They are also bad conductors of electricity and provide insulation against heat along with resistance to chemicals and UV, leading to rising applications in electrical connections while building residential or functional complexes. TPU is widely used in mobile phone manufacturing as phone case cover and in connectors.

Regional insights

Asia Pacific thermoplastic elastomers market emerged as the largest consumer and accounted for over 40% of the overall volume in 2014. China, India, and Japan are major consumers in APAC and accounted for over 85% of the regional volume in 2014. High construction and automotive industry growth in China & India along with increasing footwear and electronic goods production in Southeast Asia is expected to drive further TPE demand in APAC over the forecast period.

North America is characterized by heavy R&D by domestic companies aimed at product innovation and increased application scope. Structured regulatory policies pertaining to application specific plastics consumption and disposal is expected to have a significant impact on the regional market growth. Increasing automotive production in the U.S. and Mexico along with construction and consumer industries’ growth in Mexico is expected to drive North America TPE demand over the forecast period..

Thermoplastic elastomers market share insights

Global thermoplastic elastomers market share is moderately concentrated with top four companies, namely, Dow Chemical Co., Kraton Polymers, Sinopec, and LyondellBasell accounting for just over 47% of total demand collectively. Major companies are shifting their manufacturing capabilities to high growth potential markets such as China, India, Brazil, and Southeast Asia. The shift in production can be attributed to high TPE demand in aforementioned regions coupled with favorable manufacturing conditions such as easy raw material procurement and low labor & operational costs.

Key manufacturers such as Muller Kunststoffe and Zeon have started capacity expansions in China and Japan respectively. The presence of a huge number of small-scale domestic manufacturers in these regions is expected to strengthen competition among companies. Mitsubishi is actively investing in R&D to improve production processes by eliminating toxic ingredients (phosgene) and developing plant-based bio-based thermoplastic elastomers.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013-2015

Forecast period

2018 - 2025

Market representation                                    

Volume, Kilo Tons; Revenue, USD Million and CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, MEA and Central & South America

Country scope

U.S., Germany, France UK, Italy, India, China, Japan, Brazil

Report coverage        

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analysts working days)

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Segments covered in the report

This report forecasts revenue and revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global thermoplastic elastomers market on the basis of product, and region.

  • Product Outlook (Revenue, USD Million; 2014 - 2025)

    • Styrene Block CopolymeThermoplastic Polyurethanes (TPU)

      • Styrene Butadiene Styrene (SBS)

      • Styrene Isoprene Styrene (SIS)

      • Hydrogenated Styrene Block Copolymers (HSBC)

    • Thermoplastic Polyolefins (TPO)

    • Thermoplastic Vulcanizates (TPV)

    • Copolymer Esters (COPE)

  • Regional Outlook (Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S

    •  Europe

      • Germany

      • France

      • UK

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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