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In 2016, the US thermoplastic elastomer market was $2.088 billion, and by 2022 it is expected to reach $2.827 billion. According to the RNR market research, the average annual growth rate of the thermoplastic elastomer market was approximately 5.2% during the five years from 2017 to 2022. Styrene block copolymer (SBC) is a high performance thermoplastic elastomer that enhances the performance of end products in multiple industries. The treated styrene block copolymer (SBC) has excellent physical and mechanical properties when added to a vulcanized elastomer. Styrene block copolymers (SBC) are widely used in pressure sensitive adhesives such as tapes, labels and construction adhesives. The footwear industry is also an important user of styrenic block copolymers (SBCs). These styrenic block copolymers can be used to make soles due to their softness and low cost. In addition to these, styrenic block copolymers (SBC) are also frequently used in sealants, sealing materials, rubber bands, toys, pavements and roofing asphalt products.
The market for thermoplastic vulcanizate (TPV) elastomers is expected to reach the highest annual growth rate between 2017 and 2022. TPVs were prepared by dynamic vulcanization of rubber incompatible blends and semi-crystalline thermoplastics. The most common types of TPV are EPDM and PPTPV. The most important advantage of TPV is that they can be recycled and reused, and thermoplastic vulcanizate (TPV) has excellent colorability. Therefore, TPV was developed as a car interior material. As a substitute for polyvinyl chloride (PVC) in the medical industry, it is an important driver for the growing demand for thermoplastic elastomers in the TPV market. TPV has low drug absorption and is very environmentally friendly. Because of its optical transparency and toughness, TPV is often used as a catheter to make blood bags and disposable gloves.
They are easily formed at room temperature by heating. Thermoplastic elastomers are increasingly used in various industries due to their thermal stability, smoothness, abrasion resistance and scratch resistance. The growing demand for thermoplastic elastomers in the automotive industry in the Asia Pacific region is expected to drive further growth in the global thermoplastic elastomer market. In addition, since thermoplastic elastomers are an environmentally friendly material and the advanced processing industry of thermoplastic elastomers continues to grow, it is expected to drive the growth of the thermoplastic elastomer market during the forecast period. During the forecast period, the technical difficulties involved in fluctuations in raw material prices and the development of low-cost thermoplastic elastomers will be a factor limiting the growth of the thermoplastic elastomer market.