Thermoplastic Elastomers Market Worth 27.8 Billion USD by 2020

PUNE,INDIA, September 5, 2015 (Newswire.com) - It also identifies the driving and restraining factors of the Thermoplastic Elastomers Market with an analysis of trends, opportunities, and challenges. The market is segmented and has been forecast on the basis of key regions, such as North America, Asia-Pacific, Europe, and Rest of the World. The market is also segmented on the basis of type and application in major countries in each of these regions.

“Automotive - Major Application for thermoplastic elastomers”

The thermoplastic elastomers market is segmented into seven applications, automotive, building & construction, footwear, engineering, wires & cables, medical, and others. Among these applications, automotive accounted for largest market share in 2014 in terms of value as well as volume. Thermoplastic elastomers have region specific demands that are differentiated by placement, cost, and efficiency. These demands are also governed by the prevailing environmental laws, as in Europe and North America the stringent environmental laws calls for more environmentally friendly products, such as  those of thermoplastic elastomers, which can be easily recycled

‘Global Thermoplastic elastomers market size to reach USD 27.8 billion by 2020’

The thermoplastic elastomers market size is projected to reach USD 27.8 Billion by 2020 at a CAGR of 8.0%. In terms of value, the thermoplastic elastomers market size in automotive application is projected to reach USD 11.9 Billion by 2020, at a CAGR of 8.5% between 2015 and 2020. The market in Asia-Pacific accounted for the largest share of the Thermoplastic elastomers in 2014 and is projected to be the fastest-growing market in terms of value, between 2015 and 2020. The growth is attributed to the increasing automotive sales in developing countries, such as India, China, and Indonesia. India is projected to be the fastest-growing country in the Asia-pacific region followed by China.

‘Asia-Pacific and North America accounted for approximately 70% share of the Thermoplastic elastomers market in 2014’

Asia-Pacific was the major market of thermoplastic elastomers in 2014, which  is projected to register the highest CAGR between 2015 and 2020, owing to  the increasing demand of tire and other rubber products from end-user industries, such as automotive and building & construction. Asia-Pacific is expected to dominate the Thermoplastic elastomers market by 2020, with high investments from manufacturers in capacity expansion. North America was the second-largest market for Thermoplastic elastomers in 2014 and is expected to get support from increasing tire sales with the recovering automotive industry.

The leading players in the thermoplastic elastomers manufacturing are Arkema SA (France), BASF SE (Germany), Bayer AG (Germany), Sinopec (China), Dow Chemicals (U.S), Evonik (Germany), Huntsman (U.S.).

Thermoplastic elastomers are aimed at replacing natural and synthetic rubber in a variety of applications and have succeeded to a great extent.  Thermoplastic elastomers have become an important part of highly dominant end-user markets and their high market growth is driven by substituting rubber and PVC in various applications, discovery of new applications that demand evolving thermoplastic elastomers and demand from the automotive sector.

Asian manufacturers employ European companies to distribute the products. This trend is witnessed, as China involves in excessive production and the European market has a supply-demand gap for the same.

About MarketsandMarkets

MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.