The thermoplastic elastomers (TPE) market will grow at a rate of 6.3% between 2014 and 2018, marking an increase from a growth rate of 5.6% in 2013.
The Future of Global Thermoplastic Elastomers: market forecasts to 2018, a major new study by Smithers Rapra, contains essential details about the key drivers and trends behind this growth in addition to quantitative market forecasts by geography.
The Global TPE market is one of the most dynamic markets in the world, and the diversity of TPEs mean that the market now consists of a number of diverse applications. These include automotive, wire and cable, and medical and hygiene. The automotive application of thermoplastic elastomers represented over 42% of the market in the years 2011 to 2013, according to Smithers Rapra. By 2013, it will have risen to 43%. Medical and hygiene applications are currently showing the highest growth rate, followed by automotive and cable and wire.
TPEs are continuously finding new markets due to their diversity. The study reports that the most significant recent breakthrough has been the development of ‘soft-touch TPE’s. This technology is used in any application in which the hand comes into contact with an object and needs to exert a firm grip, and can be found in car interiors, razors, hand-held telephones and pens.
The Asia Pacific region is taking an increased amount of the global thermoplastic elastomers market share, and is expected to show the fastest growth in coming years. Although more mature markets such as Europe and the North America Free Trade Area (NAFTA) will also grow, they will not increase as rapidly as those in the Asia Pacific region. The more mature markets in the Asia Pacific region, such as Japan and Korea, will move more slowly than the emerging giants such as China and India. Germany is European leader in terms of growth, while Russia, Turkey and Poland also show above average growth rates.
According to Smithers Rapra, China is the largest consumer of TPEs for both the automotive and footwear industries, and also produces a vast amount of electrical appliances which use soft-touch for their grips and surfaces. Other countries increasing their TPE usage are India, Thailand, and Indonesia, and Smithers Rapra forecasts market expansion for the Global TPE market at rates above 6% for the foreseeable future.
The Future of Global Thermoplastic Elastomers is available to purchase online and receive immediately for £3950.
To find out more about the report and how your company can benefit from a global usage licence, please contact: Brian Santos (US) T: +1 207 781 9618 or Bill Allen (UK) T: +44 (0) 1372 802086.