Increasing Demand from Automotive Industry
TPEs serve the automotive industry in a myriad of applications, some of which include the manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trims, door liners and handles, seat backs, and seat belt components, among others. The light weight of TPE enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage. Growing demand for lightweight and high-performance plastics in the automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for the growth of the TPE market. High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help in reducing the weight and controlling greenhouse gas emissions. Asia Pacific is projected to lead the growth trend, driven by automotive production and sales through different countries, such as China, India, Taiwan, Thailand, and Indonesia.
Styrenic Block Copolymer Applications are expected to Increase
Styrenic block copolymers (SBCs) are high-performance materials, which are more rubber-like (than any other thermoplastic elastomers). Styrenic block copolymers constitute the market (in terms of volume) of the family of thermoplastic elastomers (TPE). SBCs are characterized by their ability to be processed as thermoplastic materials, while possessing the physical and mechanical properties characteristic of filled vulcanized elastomers. There are three major types of SBCs, namely, Styrene-butadiene-styrene (SBS) block, Styrene-isoprene-styrene (SIS) block copolymers, and Hydrogenated styrenic block copolymers (HSBC).
China Dominates the Market
China is the leading market, in terms of consumption of plastics in the construction, automotive, electrical & electronics, and healthcare industries. The construction industry in China is closely linked to domestic urbanization efforts and economic development. Growth of residential real estate development is seen as the main driver of China’s economy, in the recent decade. The increased PPP (Public-Private Partnership) initiatives have further led to the growth of China’s construction industry. China’s electrical & electronics industry has recorded stupendous growth during the recent decade, primarily owing to the burgeoning demand from consumer/household electronic appliances. With all such developments, the market for TPEs in China is expected to increase in the future.
Major Players: SINOPEC Corp., Innospec Inc., Evonik Industries, Chevron Phillips Chemical Co., and Mitsui Chemicals, among others.
Reason to Purchase this Report
- Analyze various perspectives of the market with the help of Porter’s five forces analysis
- To understand the dominating product type used in the market
- Countries expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 Growing Demand from Automotive Industry
4.1.2 Advancement In Processing Industry
4.1.3 Increased use of TPEs in the emerging markets of India, China, and Brazil
4.2.1 Market saturation in applications
4.3.1 Bio-based Thermoplastic Elastomers
4.3.2 New barrier TPE technologies
4.3.3 Opportunities in the healthcare sector
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By Product Type
5.1.1 Styrenic block copolymers (TPE-s)
5.1.2 Polyolefin blends (TPE-o)
5.1.3 Elastomeric alloys (TPE-v or TPV)
5.1.4 Thermoplastic polyurethanes (TPU)
5.2 By Application
5.2.2 Building & Construction
5.2.3 Electrical & Electronics
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 ASEAN Countries
6.1.6 Rest of Asia-Pacific
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
9.1 BASF SE
9.2 Lyondell Basell
9.3 Ineos Olefins & Polymers
9.4 Total Petrochemicals
9.6 Akzonobel N.V.
9.7 Bayer MS
9.8 ExxonMobil Chemical Co.
9.9 Chemtura Corp.
9.10 SINOPEC Corp.
9.11 Braskem SA
9.12 Innospec Inc.
9.13 Cummins Inc.
9.14 Total S.A.
9.15 Total Petrochemicals & Refining USA, Inc.
9.16 Evonik Industries
9.17 Wanhua Chemical Group Company Limited
*List not exhaustive
**Subject to availability on public domain
- BASF Corporation
- Lyondell Basell
- Ineos Olefins & Polymers
- Total Petrochemicals
- Akzonobel N.V.
- Bayer MS
- ExxonMobil Chemical Co.
- Chemtura Corp.
- SINOPEC Corp.
- Braskem SA
- Innospec Inc.
- Cummins Inc.
- Total S.A.
- Total Petrochemicals & Refining USA Inc.
- Evonik Industries
- Wanhua Chemical Group Company Limited