Global Thermoplastic Elastomers Market Is Estimated To Witness Robust Growth Due To Growing Consumer Preference For High-Performance

Thermoplastic Elastomers Market
Thermoplastic Elastomers Market

Overview:

Thermoplastic elastomers are a family of thermoplastics with a rubbery property as they can be processed like plastic. They can be formed into tubing and other medical-grade products that provide the same properties as latex or silicone tubing. These products can be engineered to function over a broad temperature range and show varying degrees of tackiness, as well as shock absorption. They are a popular choice for use in hoses, grommets and other applications that require high heat resistance.

They are a good option for applications that are exposed to extreme temperatures, especially at lower temperatures when compared to other thermoplastics. This makes them ideal for use in a wide variety of automotive applications, including underhood components. Elastomers are rubbery polymers that can be stretched to multiple times their length and which rapidly return to their original shape after releasing the applied stress. The elasticity is due to cross-links, which prevent the polymer chains from permanently moving relative to each other.

Market Dynamics:

Rising acquisitions are estimated to augment growth of the global Thermoplastic Elastomers Market during the forecast period. For instance, Asahi Kasei Corporation acquired Veloxis Pharmaceuticals Inc., March 2020. This acquisition will enhance their presence in the pharmaceutical industry and also accelerate their transformation into a global health-care provider. Moreover, growing limitations within the market are anticipated to restrain growth of the global thermoplastic elastomers for market during the forecast period.

Impact of COVID-19:

The pandemic was first reported in 2019 and in 2020 it spread to many countries globally. Strict precautionary measures were implemented by many governments across the globe. Disruptions in supply chains, halting of manufacturing activities, and decreasing demand from end-use sectors like consumer goods, automotive, construction, and electronics. All these factors had a negative impact on the growth of the global Thermoplastic Elastomers Market. COVID-19 had a substantial influence on the thermoplastic elastomers for market, however, the armlet is estimated to witness growth in the post-pandemic era as many restrictions have been eased.

Key Takeaways:

The global Thermoplastic Elastomers Market is estimated to witness robust growth, exhibiting CAGR of 6.9 % over the forecast period, owing to rising product launches.

For instance, thermoplastic elastomer tubing Dupont Liveo pharma tubing was launched by DowDuPont Inc., in April 2022. This product has added a range extruded pharma tubing which are based on TPE technology.

North American is anticipated to witness significant growth in the global thermoplastic elastomers for market during the forecast period, due to rising demand in the electrical, automotive, and electronics sector.

Key players active in the global Thermoplastic Elastomers Market are Yantai Wanhua Polyurethane Co. Ltd., Arkema S.A., LCY Chemical Corporation, BASF SE, EMS Group, Huntsman Corporation, China Petroleum & Chemical Corporation, LG Chemicals, Dynasol Elastomers LLC, The Dow Chemical Company, Huntsman Corporation, Teknor APEX Company, LG Chemicals, Bayer MaterialScience LLC, Avient Corporation, and Nippon Polyurethane Industry Company Ltd.

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