Global Thermoplastic Elastomers Market by Types, Applications, Sales Channels, Regions — Market Size, Share and Trends, Forecasts 2019–2026

Global Thermoplastic Elastomers Market is valued to reach USD 25.4 Billion by 2022, growing at CAGR of 5.4% from 2020–2026. Growing application in automotive, construction and electrical & electronics industries, increasing preference for high performance and lightweight passenger cars, growing demand in automotive component manufacturing are factors driving the market.

Get Sample Report:https://dataintelo.com/request-sample/?reportId=96208

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 elastomer (TPE) 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.

Market Trends, Drivers, Restraints, and Opportunities:

The growth of the market can be attributed to the rising demand for TPE from the automobile sector for the production of many components.
Advancements in TPE processing industry is another important factor driving the market expansion.
High price volatility of the product is a major factor restraining the market growth.
Innovations such as bio-based thermoplastic elastomers are likely to create growth opportunities in the market. Moreover, emerging applications of thermoplastic such as in building and construction are create opportunities for market growth.