Global Thermoplastic Elastomers (TPEs) Market 2020 With Top Countries Data

COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The Thermoplastic Elastomers (TPEs) report covers analysis on regional and country-level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies.

The Thermoplastic Elastomers (TPEs) market is isolated into the item, end-use area, and district. In addition, key organizations are examined dependent on their budgetary viewpoints, their innovative work statuses, just as their development procedures for the coming years, have been featured in the report. Contingent upon the division, the examination record uncovers the item advancement, benefit, cost, market worth, and improvement proportion of each sort.

Thermoplastic Elastomers (TPEs) Market ReportSegmented by Regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa, Rest of World (ROW). This Thermoplastic elastomer (TPEs) market research report focuses on theKey Manufacturers Profiles in DetailwithGranular Analysis of the Market Share, Production Technology, Market Entry Strategies, Revenue Forecasts, and Regional Analysis of the Market.

The global thermoplastic elastomers (TPEs) market is expected to register a CAGR of 6.24% during the forecast period, 2020 to 2023. Asia-Pacific accounted for the largest market.

Extensive Demand from the Automobile Industry

Thermoplastic elastomers (TPEs) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in a myriad of applications, some of which include manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trim, door liners and handles, seatbacks, and seat belt components, among others. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of automobiles has increased from 91 million units in 2015 to almost 95 million units in 2016, and the surge is expected to continue through the forecast period too. Increasing automotive production, coupled with the growing usage of TPE in the automotive industry is expected to drive the market through the forecast period.

Thermoplastic olefins (TPE-o) the fastest-growing segment

Styrene block copolymers (TPE-s) dominated the global TPE market by product type; however, thermoplastic olefins (TPE-o) is estimated to be the fastest-growing market through the forecast period. Thermoplastic olefins are vital products for various industrial applications. They are designed to be tough and durable, and they are easily tailored to meet specific application requirements, such as being weather-resistant, paintable, scratch-resistant, low odour, or low carbon emissions, among others.

Asia-Pacific region to Dominate the Global Market

Asia-Pacific was the largest market in 2019, accounting for around 47% of the global market. It is also expected to be the fastest-growing market through the forecast period. In Asia-Pacific, China dominated the TPE market, followed by Japan and India. The improved economic growth, resulting in increased 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, favourable for expansion, in terms of both technology and business development.