Thermoplastic Elastomers Market Size & Growth Outlook 2022-2028
The thermoplastic elastomers (TPE) market refers to the industry involved in the production, distribution, and sale of a type of polymer that combines the properties of both thermoplastics and elastomers. TPEs can be processed like thermoplastics while also possessing elastic properties like elastomers, making them suitable for a wide range of applications where flexibility, durability, and resilience are required. The market includes various types of TPEs, such as styrenic block copolymers, thermoplastic polyurethanes, thermoplastic vulcanizates, and copolyester elastomers. The market is driven by increasing demand from various end-use industries such as automotive, construction, and consumer goods for products with improved performance, safety, and comfort. The market also benefits from the trend towards lightweight and eco-friendly materials.
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The global TPE market is expected to grow at a compound annual growth rate (CAGR) of around 6% from 2021 to 2026. The market is driven by increasing demand for lightweight and high-performance materials in various end-use industries, such as automotive, construction, and healthcare.
The TPE market can be segmented by product type, application, and region. The product types include styrenic block copolymers, thermoplastic polyurethanes, thermoplastic olefins, and others. The applications include automotive, construction, healthcare, packaging, and others.
The automotive industry is expected to be the largest end-use industry for TPEs due to the increasing demand for lightweight and high-performance materials to improve fuel efficiency and reduce carbon emissions. The construction industry is also expected to drive market growth as TPEs are increasingly used in building and construction applications due to their durability and weather resistance.
Key players in the TPE market include Kraiburg TPE, Teknor Apex Company, BASF SE, Dow Inc., and LyondellBasell Industries N.V. These companies are focusing on research and development to improve the performance and properties of their TPE products, as well as expanding their production capacities to meet growing demand.
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