The global thermoplastic elastomer (TPE) market is expected to register a CAGR of 6.24% during 2018 to 2023 (the forecast period). Asia-Pacific was the largest market in 2017, accounting to around 47% of the global market share. Extensive Demand from the Automobile Industry Thermoplastic elastomers (TPEs) are high-performance materials, and their application in the automotive industry is rapidly growing. TPEs serve the automotive industry in innumerable applications, some of which include manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trim, door liners and handles, seat backs, and seat belt components, among others. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of automobiles increased from 90 billion units in 2015 to almost 95 billion units in 2016, and the surge is expected to continue through the forecast period too. Increasing automotive production, coupled with growing usage of TPE in the automotive industry, is expected to drive the market for TPE through the forecast period. In 2017, automotive and transportation application segment dominated the global TPE market, with a market share of 41%. Thermoplastic olefin (TPE-o) – The Fastest Growing Segment Styrene block copolymers (TPE-s) dominated the global TPE market by product type, however, the thermoplastic olefin (TPE-o) segment is expected to be the fastest-growing segment through the forecast period. Thermoplastic olefins are vital products for various industrial applications. They are designed to be tough and durable, and they can easily be tailored to meet specific application requirements, such as weather-resistance, being paintable, scratch-resistance, low odor, or low carbon emission, among others. The Asia-Pacific Region to Dominate the Global Market Asia-Pacific was the largest market in 2017. The region accounted to around 47% of the global market share. The region is also expected to be the fastest-growing market through the forecast period. In the Asia-Pacific region, China dominated the market, followed by Japan and India . Increased GDP, rising disposable income of people, foreign investments by global leaders of various end-user markets, clubbed with local government initiatives for sustainable development, have made the market conditions for countries, such as China and India, favorable for expansion, in terms of both technology and business development. Source:https://www.mordorintelligence.com/industry-reports/global-thermoplastic-elastomers-market-industry