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In May 2019, ExxonMobil, a key company in the elastomers market, doubled its manufacturing capacity of specialty elastomers. This expansion is attributed to the fact that the demand for thermoplastic elastomers, a major segment of the specialty elastomers, is expected to witness a lucrative growth. The expansion will help the company to capture high thermoplastic elastomers market share, and the future foresees more market players to venture into the business, in order to capitalize on the demand influx. According to a recently published report by IndustryARC, theThermoplastic Elastomersmarket valuation is projected to reach $23.93 billion by the end of 2023, with a CAGR of 5.96% during the forecast period 2018-2023.
The business strategies of other market players and their revenues in 2017 are meticulously documented in the thermoplastic elastomers market research report. Furthermore, the report provides a peek into business opportunities in all segments and facts, figures, and statistics along with the trends and challenges that are disrupting the thermoplastic elastomers market. The IndustryARC report is titled, “Thermoplastic Elastomers Market: By Type (Carbon Thermoplastic Elastomers, Stainless Thermoplastic Elastomers, Alloy Thermoplastic Elastomers, Tool Thermoplastic Elastomers and Others), By End-User (Construction, Machinery, Automotive and Transportation, Kitchenware and Domestic Appliances, Electrical and Electronics, Healthcare, Energy and Others) and By Geography Forecast (2018-2023).” This report covers thermoplastic elastomers Market Size by type and geography, thermoplastic elastomers market share by top 5 companies and also the market share by start-ups during the forecast period
Thermoplastic Elastomers Market: Geographical Analysis and Leading Segments
North America had the maximum thermoplastic elastomers market revenue share with a valuation of $4,497.47 million in 2017. Major application drivers for the regional market are the expanding packaged food sector in Latin American countries and increased ship-building in the U.S. and Mexico. These applications use major crunch of thermoplastic elastomers in the region. Furthermore, the U.S. is a major marketplace due to on-going construction activities that require thermoplastic elastomers in paints and coatings that are integral parts of the construction project.
The thermoplastic elastomers market research report has an in-depth assessment of the application segment. According to the application analysis by the analyst, the automotive application segment offered maximum opportunities to the players in the thermoplastic elastomers market. The application of thermoplastic elastomers in the automotive industry is projected to witness a CAGR of 5.07% through 2023.
“Due to rising disposable income, there is an augmented demand for vehicles and an upsurge in vehicle production with the advent of electric and autonomous trucks can be seen, which will create opportunities in the thermoplastic elastomers market.”; highlights by analyst in the report.
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Thermoplastic Elastomers Market: Trends and Growth Drivers
Increasing Application of Thermoplastic Elastomers in Medical and Hygiene There is an increasing demand of thermoplastic polymers in sealing and liquid handling equipment in the pharmaceutical sector. As thermoplastic polymers are superior and sustainable than conventional thermosets polymer which was previously used for the same purpose. The demand the influx from the medical industry is boosting the revenue in thermoplastic elastomers market.
Packaging Industry Supporting the Thermoplastic Elastomers Market The thermoplastic elastomers market is projected to witness revenue of more than $500 million by the end of 2023 as the demand from packaging industry is expected to grow at a CAGR of more than 5% during the forecast period. This is due to growing flexible packaging market, which is proving to be a profitable marketplace for thermoplastic elastomers.
money, and aesthetic versatility are some traits that are increasing the application of thermoplastic elastomers in footwear sector. Thermoplastic elastomers are used in the footwear industry to produce various types of soles, shoe platforms, wooden soles, and rubber boots.
Thermoplastic Elastomers Market: Competitive Landscape
Some of the key companies identified in Thermoplastic Elastomers Market intelligence report that are striving to capitalize on the customer-base are A. Schulman, Inc. (U.S.), BASF (Germany), BAYER (Germany), Berkshire Hathaway (Lubrizol), Dow Chemical Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Dynasol (U.S.), Exxon Mobil Corporation (U.S.), Huntsman Corporation (U.S.), Kraton Polymers (U.S.), Kuraray (Japan), LCY Chemical (Taiwan), and LG Chemicals (South Korea).
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit The Demand Influx From The Medical Industry Is Boosting The Revenue In Thermoplastic Elastomers Market