Thermoplastic Elastomers Market Size Is Set to Reach Usd 20.65 Billion by 2023: Global Market Insights, Inc.

Thermoplastic Elastomers (TPE) Market size was 4.19 million tons in 2015 as per the latest research report by Global Market Insights, Inc. Increasing application scope in medical, automotive, and consumer goods industry owing to favorable regulatory compliance are potential stimulating factors to drive industry growth.

Thermoplastic elastomers market size is set to reach USD 20.65 billion by 2023. Superior physical and chemical properties compared to thermosets in structural applications should positively influence TPE consumption in industrial applications.

TPE processing allows compounds to be reheated, reshaped or frozen repeatedly, eliminating waste and promoting recyclability. These diverse characteristics are promoting TPE to be utilized in numerous applications across several fields.

SBC Market size dominated the demand and was valued at 6.22 billion in 2015. Medical equipment, packaging and consumer goods were the major applications. Recyclability and enhanced product benefits are few major driving features.

TPV market is set to attain highest gains, growing at 5.8% CAGR up to 2023. Growing demand from industries including automotive, consumer goods, and medical owing to rising sustainable products demand and increased consumer per capita income.

Automotive industry expansion accompanied by rising trend to reduce vehicle weight to attain high fuel efficiency are expected factors to positively influence TPE market size.

Government efforts to control GHG and carbon emission is persuading government to reduce dependency on PVC and imposing stringent regulations which may fuel TPE market size growth.

High performance, soft feel, easy coloring, and aesthetic appeal are promising features to use TPE in electronic & electrical applications. They are also bad conductors of electricity and provide insulation against heat along with resistance to chemicals and UV, leading to rising applications in electrical connections while building...