South America Thermoplastic Elastomers (TPE) Market - Segmentation by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for South America thermoplastic elastomers (TPE) market is expected to witness a CAGR of 5%, during 2018-2023. The thermoplastic elastomers (TPE) market is likely to benefit from the increasing purchasing power and continuous R&D efforts. The region is witnessing massive product application in medical and packaging. The Thermoplastic polyolefin is a category of TPE that is the fastest growing member of the Thermoplastic Elastomer family.
Growing Demand from Medical Sector
TPE due to its properties such as durability, corrosion resistance, toughness, design flexibility, resiliency, low production cost are used as a substitute to conventional metal instruments. The light weight of TPE (special plastics) helps in making portable medical devices. The use of TPE in Eye Drop Packaging, children’s glasses, and Uterine balloon tamponades (UBT), among others is an example of TPE’s wide applications in medical industry. Also, with growing economy and increasing purchasing power in South America there is a rising consciousness towards medical facilities. This leads to increasing demand for medical equipment. Thus, increasing the utilization of TPE resins for manufacturing of medical devices.
Rising Demand from Building & Construction Industry
The construction industry has a market share of more than 14% in South America region and is estimated to grow during the forecasted period. The consumption of TPE for building & construction applications is expected to witness a significant growth during the forecasted period, which is characterized by heavy investment in R&D by domestic companies aimed at product innovation and increased application scope. Owing to properties, such as excellent durability, aesthetics, lightweight, easy handling, and high-performance, these products are widely used in the building & construction industry for constructing long-lasting structures.
Brazil Leads the Market for Thermoplastic Elastomers
Brazil is one of the world’s most dynamic markets. It accounts for more than 69% of the TPE market in South America. Market awareness towards the applications and properties of TPE has increased and thus Brazil TPE market is observing increased interest from foreign investors. An example of this is the Fruit and Food export packaging sector, which has observed partnerships from organizations for production of TPE based packaging. Another industry that has a high demand for Thermoplastic Elastomer is Automobile industry. The Automobile industry is on a rise in Brazil, which is one of the leading economies in South America. Due to cooperative government policies, increasing population and standards of living automobile industry is flourishing. Thus, with expanding Automobile and Transportation industry the use of TPE is also on a rise owing to its low weight and high thermal resistance. This rising demand in Automobile industry increases the demand for TPE based products.
Notable Developments in the Market
January 2018: Ecolab acquired Cascade Water Services, a privately held company based in New York.
January 2018: Mitsubishi Chemical started TPS production. The company says that the series of Tefabloc TPS is a core brand of its thermoplastic elastomers portfolio.
April 2017: BASF increased prices for paper and water chemicals worldwide by five to ten percent.
Major Players: BASF SE, Total Petrochemicals, Akzonobel N.V., Bayer MS, Chemtura Corp., SINOPEC Corp., Braskem SA, Total Petrochemicals & Refining USA, Inc., Evonik Industries, Chevron Phillips Chemical Co, Mitsubishi Chemical Holdings Corporation, Arkema SA, Huntsman Corporation, and PolyOne Corporation, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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