The Thermoplastic
Elastomers Market Global Industry Report is projected to reach
USD 28.27 billion by 2022, at a CAGR of 5.2% from 2017 to 2022
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Thermoplastic elastomers possess properties of both, plastics and
elastomers. They can be molded easily at room temperature by heating them. Due
to a number of properties offered by them, which include heat stability,
smoothness, wear resistance, chemical resistance, and scratch resistance, they
are used in different end-use industries.
Bio-based thermoplastics are the upcoming trend in the thermoplastic
elastomers market. The majority of thermoplastic elastomers are conventionally
compounded and manufactured from raw materials based on fossil fuels. However,
increase in the environmental awareness across the globe and fluctuations in
the prices of petroleum drive the thermoplastic elastomers market towards the adoption of sustainable and green programs. As
such, various guidelines have been formulated and implemented in the European
and North American regions for the development of environment-friendly
products. These guidelines accord preferential treatment to bio-based products
procured by public institutions that meet the minimum renewable raw material
content standards. The bio-based thermoplastic elastomers are made using
several bio-based raw materials. Some of the predominantly used raw materials
for manufacturing thermoplastic elastomers include starch ranging from 30% to
50%, castor & canola oils, polyols from vegetable oils & fatty acids, and
corn & soybean oils.
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The increased cost of petro-chemically
derived monomeric raw materials has made bio-based thermoplastic elastomers
economically competitive. Thus, the thermoplastic elastomers based on
bio-renewable resources are expected to become popular during the forecast
period, owing to increased awareness across the globe for environment
sustainability. Among types, the thermoplastic vulcanizates (TPV) segment of
the thermoplastic elastomers market is projected to grow at the highest CAGR
during the forecast period. Thermoplastic vulcanizates (TPV) have excellent colorability,
leading to their increased demand in developing interiors of automobiles. The
growing demand for thermoplastic vulcanizates (TPV) as a replacement for
polyvinyl chloride (PVC) in the healthcare industry is one of the major drivers
for the growth of the thermoplastic vulcanizates (TPV) segment of the
thermoplastic elastomers market. Thermoplastic vulcanizates (TPV) ensure low
drug absorption. They are environment-friendly and offer optical clarity and
toughness. Thermoplastic vulcanizates (TPV) are used in the manufacturing of
catheters, blood bags, and disposable gloves. The growth of the thermoplastic
vulcanizates (TPV) segment of the thermoplastic elastomers market can be
attributed to rapidly growing automotive and medical industries in countries
such as China and India of the Asia-Pacific region.
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