The global TPE market size was $ 19.9 billion in 2021 and is expected to reach $ 26.3 billion by 2026, with a CAGR of 5.7% between 2021 and 2026
New York, April 28, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “TPE Market by Type, End Use Industry, Region – Global Forecast to 2026” – https://www.reportlinker.com/ p04973887 /? utm_source = GNW
The high impact and tear resistance of thermoplastic elastomers has increased their demand in the automotive and building and construction industries. Thermoplastic elastomers are recyclable, environmentally friendly, and safe to use in medical and food packaging applications.
Automotive: The fastest growing end-use industry for TPE.
Automotive is the largest application in the TPE market.
The segment accounts for around 33% of the market share in terms of volume in 2020 and has been in decline for two years (2018-2019) due to the global economic slowdown.
However, the segment is expected to recover during the forecast period. In addition, the focus on electric and hybrid vehicles will open up new opportunities for the TPE manufacturer.
APAC is estimated to be the fastest growing market for TPE.
APAC accounted for the largest share in terms of volume and value of the TPE market in 2020, followed by North America and Europe, and the use of TPE is expected to experience the highest growth in the APAC region during the forecast period.
The market in this region is driven by the recovery of the automotive sector in China, India and Southeast Asian countries.Global automakers are investing in APAC countries to establish their production plants to improve their market presence in the region.
China is the major automotive market and the largest consumer of TPE in the world. The focus on the development of new energy vehicles (NEVs) to reduce the carbon footprint will boost the automotive industry in China, which will further increase the demand for TPE during the forecast period.
TPEmarket declined in 2020.
The TPE market in 2020 fell by 18.2%, in terms of volume, compared to 2019 due to the COVID-19 pandemic. The automotive industry is a large consumer of TPE. The effect of COVID-19 on the auto industry has resulted in declining car sales and layoffs of employees. Production was halted due to a disruption in the supply chain. With the decline in auto production, the demand for TPE has also declined.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
The breakdown of primary interviews is given below:
â¢ By type of company – Tier 1 – 25%, Tier 2 – 42% and Tier 3 – 33%
â¢ By designation – level C – 20%, director level – 30% and others * – 50%
â¢ By region – North America – 40%, Europe – 10%, APAC – 20%, South America – 10% and Middle East and Africa – 20%
Notes: Others include sales, marketing, and product managers.
Level 1:> 1 billion USD; Level 2: 500 million to 1 billion USD; and level 3:
The companies presented in this market research report are Arkema SA (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (United States), Covestro AG (Germany), Huntsman Corporation ( United States), Teknor Apex Company (United States), Lubrizol Corporation (United States), Tosh Corporation (Japan), Kraton Corporation (United States), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan) ), DuPont (United States), SIBUR (Russia), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).
This research report categorizes the TPE market on the basis of type, end-use industry, and region.The report includes in-depth information on the major factors influencing the growth of the TPE market such as drivers, restraints , challenges and opportunities. A detailed analysis of major industry players has been performed to provide information on business overviews, products and services, key strategies, expansions, new product developments, agreements, and recent developments associated with the market.
Reasons to buy the report
The report will assist the market leaders / new entrants in this market in the following ways:
1. This report segments the TPE market comprehensively and provides the closest approximations to market size for the entire market and sub-segments within verticals and regions.
2. The report will help stakeholders understand the market pulse and provide them with insights into the major market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the main competitors and obtain information to improve their position in the company. The competitive landscape section includes expansions, new product developments and joint ventures.
4. The report includes the impact of COVID-19 on the TPE market.
Read the full report: https://www.reportlinker.com/p04973887/?utm_source=GNW
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.