Growing Demand from Automotive Industry
TPEs are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight, in addition to providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at low cost. The light weight of TPE (special plastics) helps in making more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage. North America is witnessing huge demand for lightweight automobiles, driven by the growing consumer preference for high-quality fuel-efficient automobiles, thus increasing the utilization of TPE resins for manufacturing automobiles.
Rising Demand from Building & Construction Sector
The consumption of TPE for building & construction applications is expected to expand at a significant CAGR during the forecast period, characterized by heavy investment in R&D by domestic companies aimed at product innovation and increased application scope. Owing to properties such as excellent durability, aesthetics, light weight, easy handling, and high performance, these products are widely used in the building & construction industry for constructing long-lasting structures. In Canada, the government is planning to invest in public & renewable energy infrastructure - Affordable Housing Initiative (AHI), ‘Made in Canada’, and New Building Canada Plan (NBCP), which will further support the growth of the market in the future. Residential construction is expected to have more focus during the forecast period.
United States to Lead the Market
The United States is the largest market and accounted for 77.7% of the North American thermoplastic elastomers market share. Growing urbanization, investment in housing and construction, and development of retail chains are some of the boosting factors for the thermoplastic elastomers market in the United States. The recovering construction industry in the country is also expected to promote the demand for thermoplastic elastomer, in turn driving the growth of the market during the forecast period.
March 2018: Mitsui Chemicals to set up production plant for Milastomer in the United States.
Major Players: BASF SE, Dynasol, LG Chemicals, SABIC, Covestro AG, and Chemtura Corp., among others.
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Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
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1.1 Research Phases
1.2 Scope of the Market
1.3 Study Deliverables
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 Increasing Demand from Automotive Sector
4.1.2 Growing Demand from Construction Industry
4.3.1 Growing Demand for Bio-based Thermoplastic Elastomers
4.3.2 Increasing Applications in the Medical Industry
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
5.2.1 Automotive & Transportation
5.2.2 Consumer Goods
5.2.3 Building & Construction
5.2.4 Adhesives, Sealants & Coatings
5.2.5 Electrical & Industrial Controls
5.2.6 Medical & Safety
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1 United States
6.4 Rest of North America
7. Competitive Landscape
7.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Strategies Adopted by Leading Players
7.3 Market Share Analysis***
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.1 BASF SE
8.2 Afton Chemical Corporation
8.3 Akzonobel NV
8.4 Arkema SA
8.6 Braskem SA
8.7 Chemtura Corp.
8.8 Chevron Phillips Chemical Co.
8.9 Cummins Inc.
8.13 Evonik Industries
8.14 ExxonMobil Chemical Co.
8.15 Huntsman Corporation
8.16 Ineos Olefins & Polymers
8.17 Innospec Inc.
8.19 LG Chemicals
8.20 Lyondell Basell
8.21 Mitsubishi Chemical Holdings Corporation
8.22 Mitsui Chemicals
8.24 PolyOne Corporation
8.25 Royal DSM
8.27 Schulman (A.) Incorporated
8.29 SINOPEC Corp.
8.30 Total S.A.
8.31 Wanhua Chemical Group Company Limited
*List not exhaustive
**Subject to availability on public domain
- BASF SE
- Lyondell Basell
- Ineos Olefins & Polymers
- Total Petrochemicals
- Akzonobel N.V.
- Bayer MS
- ExxonMobil Chemical Co.
- Afton Chemical Corporation
- Chemtura Corp.
- SINOPEC Corp.
- Braskem SA
- Innospec Inc.
- Cummins Inc.
- Total SAA.
- Total Petrochemicals & Refining USA Inc.
- Evonik Industries
- Chevron Phillips Chemical Co
- Mitsui Chemicals
- Mitsubishi Chemical Holdings Corporation
- Wanhua Chemical Group Company Limited
- Schulman (A.) Incorporated
- Royal DSM
- Arkema SA
- Huntsman Corporation
- PolyOne Corporation
- LG Chemicals