New Report Covers Market for Thermoplastic Elastomers
SAN FRANCISCO – According to a new report released by Grand View Research Inc., the global thermoplastic elastomers (TPE) market is expected to reach $19.76 billion by 2022. The high substitution rate of thermoplastic elastomers, such as TPU and TPO, as an alternative to ethylene propylene diene monomer (EPDM) in construction materials is expected to drive TPE demand over the forecast period. Growing demand for lightweight, high-performance materials from the automotive industry in order to improve fuel efficiency by reducing overall weight of automobiles is also expected to fuel TPE demand. Volatile prices of key raw materials, such as styrene, propylene and polyurethane, are expected to remain a key challenge for market participants.
Styrene block copolymers (SBC) were the single-largest product segment and accounted for 47.1 percent of total market volume in 2014. Increasing demand for styrene isoprene styrene (SIS), particularly in China and India, in automotive applications is expected to drive product segment growth over the next seven years. Paving and roofing was the leading application segment for SBC and accounted for almost 35 percent of product volume in 2014.