The global market for thermoplastic elastomers to grow by 6.2% CAGR, according to Smithers Rapra

The global market for thermoplastic elastomers (TPEs) is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2019 to 2024, according to a new market study from Smithers Rapra.

The major growth for TPEs will depend largely on the success of the world’s automotive industry, given that the consumption in this market represents over 43% of the total global demand for TPEs in 2019. This is set to grow at 6.6% CAGR from 2019 to 2024. The thermoplastic elastomers global market volumes have grown from 3.59 million tonnes in 2014 to an estimated 4.76 million tonnes in 2019. The market is forecast to reach 6.42 million tonnes in 2024.

According to Smithers Rapra’s latest report ‘The Future of Thermoplastic Elastomers to 2024’, the main drivers in the growth of the global TPE market are:

  • Growth and health of the world automotive industry; especially the emerging electrically-driven transport market
  • The low price and ready availability of an adequate supply of raw materials
  • The political and economic climates of the major TPE-consuming countries
  • The growing and ageing world population
  • The stability of the building and construction industry
  • TPE replacement of  other materials.
     

Regional growth is also strong, with the Asia-Pacific region leading in terms of size and showing a good growth rate, as it has already done for some time. In general terms, the thermoplastics market is a niche business. It is far less affected by the vagaries than the commodity thermoplastics and elastomers markets. Its growth is, however, still governed to some extent by the political situation in each region, as well as the strength of global markets, such as automotive.

The Future of Thermoplastic Elastomers to 2024 provides in-depth quantitative market information and forecasts for the global thermoplastic elastomers industry, segmented by 6 elastomer types, end use, and geographic region; together with expert analysis of the key technological, demographic, economic, and regulatory factors driving growth in thermoplastic elastomers to 2024.

-ENDS-

Notes for Editors            

‘The Future of Thermoplastic Elastomers to 2024' is available for £4,500.

For press enquiries or a more detailed article, please contact:

Julie Bostock:

Tel: +44 (0) 1372 802 035

jbostock@smithers.com