Market Overview:
Thermoplastic elastomers have high elasticity property and provides advantages such as easy recyclability and melt processability. They exhibit elastic behavior at room temperature and melt at higher temperatures making them suitable for injection molding and extrusion processes. Major applications include overmolding, films & sheets and others. The rising use of TPEs in areas requiring flexibility, resilience and durability such as seals, gaskets, hoses and belts drives the market growth.

Market key trends:
Styrene Block Copolymers (SBC) is one of the key trends gaining traction in the thermoplastic elastomers market. SBC offer advantages such as UV resistance, good low temperature flexibility and easy recyclability. They are used in production of products such as conveyor belts, hoses, wires and cables. Block copolymers provide better processability than conventional rubbers along with high elasticity making them suitable for applications requiring flexibility, durability and easy recyclability. The growing automotive industry especially in emerging economies along with increasing demand for SBC based products will drive the market growth over the forecast period.

Key Takeaways
The global thermoplastic elastomers market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from automotive industry. Thermoplastic elastomers find extensive application in automotive industry for manufacturing bumpers, instrument panels, door panels and other components due to benefits like lightweight properties, flexibility and recyclability. Asia Pacific dominates the global thermoplastic elastomers market and is expected to maintain its leading position throughout the forecast period. This is attributed to huge automotive manufacturing base, rapid industrialization and growing construction industry in major economies like China and India.

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