According to Inkwood Research, the Global Thermoplastic Elastomers Market is set to record a CAGR of 5.84% in terms of revenue and 2.66% in terms of volume during the forecasted years of 2023-2032.
“Browse 63 Market Data Tables and 48 Figures spread over 240 Pages, along with an in-depth TOC on the Global Thermoplastic Elastomers Market Forecast 2023-2032.”
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Thermoplastic elastomers (TPE) are versatile, rubber-like substances that exhibit plastic-like processing characteristics. Unlike traditional rubbers, TPEs are genuine thermoplastics and do not require vulcanization or curing.
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Increasing Demand for Automotives to Propel Global Market Growth
The automotive sector has witnessed significant growth in the utilization of thermoplastic elastomers (TPEs) in recent years due to their high-performance properties. These materials find wide-ranging applications in the production of various automotive components, including premium car instrument panels, wheel covers, and seat belt components. Hence, the increasing adoption of TPEs in the automotive industry is expected to play a pivotal role in propelling the global thermoplastic elastomers market growth during the forecast period.
Polystyrene: Leading & Dominating Material Type
Polystyrene, with a few exceptions, is a non-biodegradable compound. It is easily dissolved by various aromatic hydrocarbon solvents and chlorinated solvents. The food-service industry widely uses polystyrene for rigid trays, containers, disposable plates, bowls, and more.
Asia-Pacific to be the Major Regional Market by 2032
The growth of the market in the Asia-Pacific can be attributed to the escalating demand for construction materials, primarily driven by the increasing population, rising infrastructural investments, and the surge in the use of styrene butadiene owing to the boom in e-commerce and e-retail.
Moreover, the industry rivalry in the global thermoplastic elastomers market is high. Leading companies operating in the market include LyondellBasell Industries, Avient Corporation, Kraton Corporation, etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.