Thermoplastic Elastomers Market to Reach $39,424.6 Million by 2027; Evonik Industries & HP to Develop Co-branded1 Elastomer for 3D Printing

The global thermoplastic elastomers (TPEs) market size is projected to reach USD 39,424.6 million by 2027. The possession of multiple benefits of these elastomers, such as oxidation, chemical, and UV rays resistance, would affect the market positively. This information is given by Fortune Business Insights™ in a new report, titled, “Thermoplastic Elastomer Market Size, Share & COVID-19 Impact Analysis, By Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, Thermoplastic Vulcanizates, Thermoplastic Polyolefins, Copolyester Elastomers, and Others), By Application (Automotive, Building & Construction, Footwear, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 26,856.8 million in 2019. But, it is set to exhibit a CAGR of 5.7% during the forecast period between 2020 to 2027.

Teknor Apex Showcases New Series of TPE Compounds at MD&M West

In January 2020, Teknor Apex, a manufacturer and distributor of chemical products headquartered in the U.S., exhibited its new series of TPE compounds at MD&M West. It includes Medalist medical-grade TPE compounds that display robust adhesion to medical-grade PC alloys and Polycarbonate.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/thermoplastic-elastomer-tpe-market-104515

Expansion of Medical and Construction Industries to Boost Growth

Various types of thermoplastic elastomers are used for making lightweight vehicles across the world. Also, the ongoing expansions of several industries, such as electrical & electronics, medical, and construction, would propel the thermoplastic elastomer market growth in the near future. Besides, the high demand for bio-based TPEs from the consumer goods industry for the production of household appliances is set to accelerate growth. However, the depletion of raw materials, such as fossil fuel, may hinder growth.

Acquisitions and Collaborations with Other Firms — Crucial Strategies of Key Companies

The global market for thermoplastic elastomers houses multiple companies, such as Teknor APEX Company, Evonik Industries AG, Covestro AG, and Arkema SA. They are striving persistently to strengthen their positions by adopting collaboration, partnership, and merger & acquisition strategies. Some of the others are aiming to cater to the high consumer demand by expanding their production capacity and by launching unique thermoplastic elastomers.

Fortune Business Insights™ presents a list of all the manufacturers operating in the global market. They are as follows:

• Arkema SA (Colombes, France)
• Covestro AG (Leverkusen, Germany)
• Evonik Industries AG (Essen, Germany)
• Teknor APEX Company (Rhode Island, U.S.)
• BASF SE (Ludwigshafen, Germany)
• Huntsman Corporation (Texas, U.S.)
• Sinopec Group (Beijing, China)
• Lubrizol Corporation (Ohio, U.S.)
• Kraton Corporation (Texas, U.S.)
• Tosoh Corporation (Tokyo, Japan)
• Other Key Players

A Significant Industry Development-

• November 2020: Evonik Industries AG, a specialty chemicals manufacturer based in Germany, cooperated with HP to develop a co-branded1 elastomer for 3D printing. It is a flexible and lightweight specialty powder based on the thermoplastic amide grade (TPA). It is best suited for the production of high-tech 3D plastic parts.

Further Report Findings-

• Asia Pacific procured USD 14,226.7 million in 2019 in terms of revenue and was in the dominant position. The rising middle-class population, as well as improvements of peoples’ lifestyles in the region, would bolster the demand for luxury footwear and vehicles.
• Europe would exhibit significant growth in the coming years on account of the presence of several prominent automotive manufacturers in Germany. Also, the ongoing technological advancements to deliver novel solutions for lightweight vehicles would aid growth.
• Based on applications, the automotive segment was in the leading position in 2019 and held the largest thermoplastic elastomers market share. This growth is attributable to the increasing utilization of this material to develop several auto parts, namely, wipers, bonnets, exterior panels, and boots.

The global market can be segmented in the following way: