UV Stabilized Thermoplastic Elastomer For Automotive Market Size, Share & Trends Analysis Report By Application (Exterior Filler, Wipers, Body Seals, Door & Window Handles), By Region, And Segment Forecasts, 2021 To 2028

The global UV stabilized thermoplastic elastomer for automotive market is anticipated to grow at a significant rate in the projected time owing to the rise in demand from the electric vehicle segment. Thermoplastic elastomers (TPEs) are widely used in the automobile industry for their impact resistance and enhanced strength, especially in high-end vehicle manufacturing.

Increased sales of automotive both in the conventional and the electric vehicle segment is expected to boost the demand for the product. Plastics are a major component in the automotive sector, both car manufacturers and OEM’s are consuming huge quantities of thermoplastic elastomers among other plastic resins. Lighter weight, higher fuel efficiency, strength, and durability of the plastics are the factors driving the market demand specifically in the automotive sector.

UV Stabilized Thermoplastic Elastomer For Automotive Market Segmentation

Thermoplastic elastomers are a polymer class substance that has properties of elastomers and thermoplastics, thus providing an advantage of both plastic and rubber. Moreover, environment-friendly characteristics and the recyclable nature of TPEs are expected to flourish its popularity in the automobile manufacturing industry.

UV stabilized thermoplastic elastomers are widely used in automotive components such as wipers, exterior filler for panels, body seals, rocker panels, door & window handles, automotive gaskets, and others. Advancements in the refinement of elastomers are expected to increase TPE’s applications in the interior structure of the vehicle. Thus, is likely to benefit the market over the forecast period.

The global automotive industry is growing at a rapid pace on account of the accelerating technological transformations such as the introduction of no-petroleum-based fuel or hybrid vehicles, autonomous driving, and new mobility services. The industry is expected to witness significant growth owing to the increasing sales and demand in the emerging economies of India, China, and Brazil. The Asia Pacific accounted for the largest market for automobile manufacturing owing to the presence of multinational manufacturers in China, India, Japan, and South Korea. The acceptance of

UV stabilized TPE is developed by modifying the composition of the resin by adding stabilizing agents specific to the application on which the material is expected to be used. Severe weather fluctuations globally and increased levels of UV radiations being transmitted to our ecosystem should drive the product demand in the forecast period. Rising demand for luxury cars or automobiles, wherein the consumer is highly inclined towards the aesthetic and appearance of the vehicle also should bolster demand for plastic-based fittings or parts in the automotive sector.

As per the current automotive standards by several multinational regulators, materials being used in cars or other vehicles should pass through various tests of stress or resilience. They also need to go through various crash tests to determine the safety features of the car, this mandates the use of thermoplastic elastomers due to its characteristic high degree of strength, durability, toughness, and resilience among others.

TPE are cheaper alternatives to metal or other alloys which are used in its substitution. Lower price for the material when coupled with reduced weight, higher fuel efficiency, offering design flexibility, and high performance at a lower cost should drive the UV stabilized TPE for automotive market in the forecast period of 2021 to 2028. It is anticipated that global car sales are expected to grow throughout the projected timelines. This growth in demand for car sales is driven by the increased disposable income of middle-class families who are now able to afford new cars, another factor governing this trend is the improved efficiencies offered by the newly launched cars compared to the older versions. Increased car sales are attributed to market growth. 

UV Stabilized Thermoplastic Elastomer For Automotive Market Report Scope