Automotive is the major application segment for TPE. The recovery of automotive sector in the across the world is driving the TPE market during the forecast period. Moreover, the development of eco-friendly technologies for production of TPE and growing demand for electric & hybrid vehicles are new opportunities in TPE market.
Automotive application holds the largest share in the TPE market
Automotive is the largest application in the TPE market. TPE is used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, other under-the-hood applications. The segment account for about 33% market share in terms of volume in 2020. The sector is in declining phase for past two year (2018-2019) due to global economic slowdown. However, the segment in expected to recover in forecast period. Moreover, focus towards electric and hybrid vehicle will provide new opportunities for TPE manufacturer.
TPE Market worth $26.3 billion by 2026 - Exclusive Report by MarketsandMarkets TPE Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End Use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2026 , published by MarketsandMarkets, the global Thermoplastic Elastomers Market size is estimated to be USD 19.9 billion in 2021 and is projected to reach USD 26.3 billion by 2026, at a CAGR of 5.7% between 2021 and 2026.
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