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Global thermoplastic elastomers market was valued at 3.82 million tons in 2014. Increasing consumption across various applications such as footwear, consumer goods, electronics, and construction has been instrumental in the global market growth over the last few years. Increasing demand in automotive component manufacturing is expected to be a major factor driving the global industry growth over the forecast period. Regulatory intervention by environmental agencies aimed at carbon emission reduction through an increase in fuel efficiency has forced major automotive OEMs to incorporate plastics as a substitute to metals and alloys in automotive components.
Increasing consumer preference for high performance and lightweight passenger cars has been driving plastics innovation in automotive manufacturing. These factors have led to increased thermoplastics consumption in the aforementioned application. Thermoplastic elastomers exhibit superior physical and chemical properties compared to thermoset plastics, thus gaining preference in terms of application. High substitution rate of TPU & TPO as an alternative to ethylene propylene diene monomer (EPDM) in construction materials is expected to complement global industry demand over the forecast period.
TPEs are unique, eco-friendly thermoplastics that are not only recyclable but can also be re-molded and re-shaped, thereby eliminating wastage quite extensively. These offer various other advantages in terms of physical attributes & characteristics such as resistance to chemicals, UV, oxidation, and providing soft-touch to materials. These properties are increasingly driving rubber and conventional plastic material replacement by TPEs in their respective applications. Several federal bodies such as FDA, US Pharmacopeia regulate product applications in numerous end-use industries to ensure utmost consumer health and safety. These regulations affirm TPE utilization for commercial applications by providing guidelines for prudent product usage.
Europe thermoplastic elastomers market volume by product, 2012 - 2022 (Kilo Tons)