Thermoplastic elastomers are flexible materials that can be stretched at least twice their length at room temperature and have the ability to return to their original length when stress is released. Thermoplastic elastomers are the substitute for thermoset rubber. Thermoplastic elastomers are eco-friendly thermoplastics that can be remolded and reshaped.

Thermoplastic elastomer exhibit better chemical and physical properties compared to thermoset plastics. Thermoplastic polyurethane and the thermoplastic polyolefin are used as a substitute for ethylene propylene diene monomer (EPDM) in construction material, high substitution rate is expected to fuel the demand for thermoplastic elastomers over the forecast. Growing demand for high performance and lightweight passenger vehicles has been driving plastic innovation ion automobile industry.

The product segment includes thermoplastic polyurethane, thermoplastic polyolefin, styrenic block copolymers and others. Styrenic block copolymers are expected to be the largest product segment in thermoplastic elastomers market. High tensile strength along with elastomeric properties is expected to fuel the styrenic block copolymers market over the forecast. Growing demand for styrene isoprene styrene particularly in growing economies like China and India is expected to fuel the market demand.

The application segment includes automotive, construction, electronics, footwear, and others. Automotive is estimated to be the largest market. Increasing demand for automotive component manufacturing is anticipated to boost the demand for thermoplastic elastomers. Regulatory intervention by environmental agencies regarding carbon emissions has forced the automobile manufacturers to incorporate plastics as a substitute for metals in automotive components.

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The regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to be the largest consumer. High automobile and construction industry growth, along with increasing production of footwear and electronic goods in the region is anticipated to fuel the growth of thermoplastic elastomer market. Presence of growing economies like China, India, and Indonesia is expected to drive the market growth over the forecast. The demand for thermoplastic elastomers in North America is estimated to grow over the forecast period due to growing automobile production in US and Mexico.

Key players operating in the global thermoplastic elastomers market include BASF SE, Arkema SA, The Dow Chemical Company, Kraton Polymers LLC, China Petroleum & Chemical Corporation, DuPont, EMS group, LCY Chemical Corporation, Evonik Industries AG, and Mitsubishi Chemical Corporation.

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