The Smithers new report – The Future of Global Thermoplastic Elastomers to 2024
– states that this global market is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2019 to 2024. This is an increase on the 2014-2018 CAGR, which was 5.8%.
The thermoplastics segment is one of the most dynamic in the global elastomers market. The diversity of thermoplastic elastomers (TPEs) means that the market now consists of a number of exciting commercial applications. These include automotive, wire and cable, and medical and hygiene.
Styrene-butadiene block copolymer-based formulations (TPS) continue to represent the largest consumption within TPEs, and are growing at the expense of other TPEs. The ever-increasing demand for better performance, coupled with lower prices and good processability will be the main drivers for growth. Replacement of classical vulcanised elastomers must continue to be the main goal, as well as that of plasticised PVC replacement. There is a well-balanced market situation.
TPEs are continuously finding new markets due to their diversity. The study reports that the most significant recent breakthrough has been the development of ‘soft-touch TPE’s. This technology is used in any application in which the hand comes into contact with an object and needs to exert a firm grip – for example, car interiors, razors, hand-held telephones and pens.
The Asia-Pacific region continues to dominate the global thermoplastics market. It will continue to expand, though at a slower rate than in previous years. China is the largest consumer of thermoplastic elastomers, not only in the region, but also in the world. The growth of consumerism continues to outstrip demand in certain products, especially in certain raw materials, despite the fact that some imported raw materials are more expensive in the Asia-Pacific region.
The Future of Global Thermoplastic Elastomers to 2024
includes information on the cutting-edge technology developments, key market trends and end use applications.