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Enumerating the role of 3D printing in automotive market: How the technology is changing the face of automobile manufacturing & prototyping

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Additive manufacturing technologies over the past years have made a strong case in product innovation and 3D printing in automotive market, in particular, has significantly transformed the potential ways in which products are designed, manufactured, and distributed. The additive manufacturing techniques have also opened doors for lighter, cleaner, and more safe products with comparatively lower cost and shorter lead time. Quite overtly, these physiognomies have paved a lucrative way for the commercialization matrix of automotive 3D printing market, which has already chronicled its name in the coveted billion-dollar fraternity in 2017. According to a report by Global Market Insights, Inc., the global 3D printing in automotive market was estimated at over USD 1.4 billion in 2017, while registering annual sales of 3D printers over 110 thousand units.

U.S. 3D Printing in Automotive Market Revenue, By Component
U.S. 3D Printing in Automotive Market Revenue, By Component

Given the proliferating 3D printers sale in the automotive sector, it has been identified that accelerating production is the highest priority the auto companies are relying on 3D printing for, climbing from 29% in 2017 to 39% in 2018. Auto manufacturers are increasingly relying on 3D printing to streamline and expand their possibilities of mass customization, build-to-order product strategies, and in increasing the production flexibility and sales.

The role of 3D printing in driving competitiveness

According to a report by Forbes, over 93% of companies in 2018 are using 3D printing and are gaining competitive advantages such as reduced time-to-market and flexible shorter production runs for potential customers. The technological advancements in 3D metal materials have further led this business sphere to depict a profound growth. Estimates claim that over 36% of the companies are using metal material for 3D printing in 2018, a considerably upswing from 28% in 2017. The data signifies the greater adoption of 3D printers for production operations, which in turn is propelling automotive 3D printing market growth.

While there is no doubt that additive manufacturing has taken the automotive industry by storm, it would to interesting to take note of some industry magnates who are leveraging the technical trajectory of AM in driving their revenue growth. Enumerated below are few recent instances that shed light on the increasing adoption of 3D printing in automotive industry.

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Volkswagen is using 3D printing for mass production

Automotive industry behemoth Volkswagen has recently announced that it will be using the latest 3D printing technology for manufacturing different auto parts. The company will be using the technology with the HP Metal Jet process that is expected to simplify and speed up the metallic 3D printing. According to reports, a Volkswagen vehicle is manufactured from around 6000 to 8000 different parts and 3D printing has helped immensely in mass production of these parts.

Volkswagen with HP and GKN, is further planning to take the technology to next level that could be able to produce individualized design parts including gear knobs, tailgate lettering, and special keys with personalized lettering without a great deal of effort. Significantly reducing the time required for manufacturing parts and assisting in production of mass quantities, the automotive 3D printing market demand is expected to thrive several notches up in the ensuing years.

Nanosteel unveils Formetrix, aids commercialization of metal 3D printing

An advanced materials company, Nanosteel has recently unveiled that it has launched an enterprise focusing chiefly on materials for additive manufacturing. The new corporation, dubbed as the Formetrix, is expected to further the commercialization of 3D printing metals and as well offer on-demand production services. It has been reported that Nanosteel will be supporting two areas – steel powders and sheet steel for automotive lightweighting for 3D printing. This has grabbed the attention of several automotive 3D printing industry players for investment & development of their metal auto parts. Besides the automotive 3D printing industry, the company will be playing a key role in additive manufacturing components of the oil & gas, construction, and heavy machinery markets.

Audi accelerates automotive design with Stratasys 3D printing

This German auto maker has recently announced that it has adopted the Stratasys’ J750 full-color and multi-material 3D printer for accelerating the design verification process and reducing the time required for prototyping. Leveraging the additive manufacturing technology, Audi claims that it has accomplished prototyping lead time cuts by as much as 50% for some parts. According to reliable reports, prototyping & tooling application accounted for 60% of automotive 3D printing industry share in 2017, and Audi’s adoption of Stratasys 3D printing bears testimony to the rapid expansion of this segment.

With increasing number of big-name manufacturers embracing 3D printing in automotive industry, it wouldn’t be wrong to say that this technology has come a long way and has the power to influence the direction in which auto design sector will head in future. Considering the sheer size of the global automotive industry, 3D printing is all set to be a game-changer in shaping automotive design and manufacturing trends. Soon to become an integral part, 3D printing in automotive market is poised to further unlock tremendous innovation potential and gather a remuneration portfolio exceeding USD 8 billion by 2024.

Author NameOjaswita Kutepatil

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An outline of airless tires market in terms of product innovations, global demand to exceed 139 thousand units by 2024

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Airless tires market has indeed gained a commendable acclaim over the recent years, especially amidst the backdrop where disruptive tech driven trends are aptly reshaping the mobility sector.  Given that forces like diverse mobility, connectivity, autonomous driving, and electrification are already on the horizon, it is expected that airless tires industry would soon conveniently establish itself as the next lucrative investment avenue. This is apparently vivid from the estimates that claim the global airless tires market to have garnered a revenue of USD 120 million in 2016. The growth is chiefly driven by the increasing demand for these next generation tires in heavy off-load vehicles, widely used across the military sector. In fact, military vehicles procured a prominent chunk of the airless tires industry landscape in 2016 and is anticipated to record a CAGR of 9% over 2017-2024.

U.S. Airless Tires Market, By Product, 2016 & 2024, (Units)
U.S. Airless Tires Market, By Product, 2016 & 2024, (Units)

The concept of 3D printing is deemed to bring a disruption of sorts in the airless tires industry. Having recognized the immense potential of this technology, market players have been increasingly experimenting with 3D printing to unlock its credibility to the fullest. Quoting a recent case, Michelin, one of the leading airless tires market firms has recently made its way to the front page with the launch of its airless 3D printed tire. This breakthrough model is reportedly based on alveolar structure, similar to that of air sacs found on human lungs. That is to say that the interior of the tires are structurally solid while the outer layer is flexible, which prevent blowouts. What adds an extra feather to its hat is the product’s environmental viability – it is printed from biodegradable, organic, and recyclable materials.

Elaborating further on the competitive landscape, product innovations and development are the two prominent parameters underlining the sustainability quotient for the market players. Below are two of the latest developments in the product landscape of airless tires market.

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  • Goodyear Tire & Rubber Company, one of predominant players in airless tires market, has recently released an airless or non-pneumatic turf tire solution for commercial mower applications. Reported to be exclusively available on Bad Boy Mowers’ Outlaw XP model, this groundbreaking airless tire technology is particularly designed to eliminate air pressure checks, and flat tires. The move is claimed to be a revolution with regard to the launch of non-pneumatic technologies in the automotive sector and is deemed to remarkably strengthen Goodyear’s position in the competitive landscape of airless tires industry.
  • World’s first 3D printed airless bicycle tires have been recently tested on the streets of Berlin- the latest scoop that is grabbing the headlines in airless tires market. Reportedly, BigRep, the Berlin based tech giant has tested this new Pro Flex filament tire, which is claimed to be superior than other 3D printing filaments in terms of its unique flexibility, high resistance, and unmatched durability. With airless tires becoming a renowned trend in the transportation space, the move is certain to provide a remarkable competitive edge to BigRep.

It is vividly coherent that technological upgradations in product design and deployment are the top-notch parameters underlining the strategic landscape of this fraternity. The business space is set to garner an appreciable popularity across APAC belt, especially by the extensive growth of military and commercial vehicle sectors in China and India. APAC airless tires market is slated to hold more than 30% of the global landscape by 2024. All in all, with automotive OEMs increasingly exploiting the potential of these cutting-edge tires for overall weight reduction and performance enhancement of the vehicles, airless tires industry is likely to witness a slew of opportunities over the ensuing years. The global revenue share is projected to surpass USD 200 million by 2024.

Author NameSatarupa De

U.S. to drive North America precision gearbox market growth over 2017-2024, accounting for 90% of the industry share

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Considering the increasing inclination toward integrating automation in a majority of the industrial domains, North America precision gearbox market is forecast to carve a profitable roadmap in the coming years. Despite the fact that gearbox technology has always been quite a popular name among manufacturing units since a while, the commercialization of North America precision gearbox industry has gained a remarkable momentum lately. Undoubtedly, technological affluences in major countries like U.S. and Canada has added an extra market value to these gearboxes in terms of reliability and accuracy. Companies involved in the industry are readily adopting long-term supply agreements to maintain the overall product demand, which at the same time would reduce the cost involved in the value chain. This, in effect, is sure to reflect in North America precision gearbox industry share in the coming years, having held a valuation of USD 371 million in 2016.

U.S. Precision Gearbox Market, By Product, 2016 & 2024, (USD Million)
U.S. Precision Gearbox Market, By Product, 2016 & 2024, (USD Million)

Speaking of competitive profiling, companies involved in North America precision gearbox market have been increasingly adopting some of the conventionally effective growth strategies, product differentiation being at the pinnacle. The recent partnership of Pinion Inc., and Gates Corp. to officially launch low maintenance bicycle precision gearboxes in North America is a validation to the aforementioned fact. As claimed by the company officials, Pinion is planning to opt for low maintenance shifting technology to enable comfortable easy bike rides. Citing another instance, EXSYS Tool Incorporation, another leading name in North America precision gearbox industry has recently enhanced its product portfolio with the launch of a novel type of high-quality EPPINGER gearbox. Reportedly, these new HT-type hypoid gearboxes feature robust and compact designs, suitable for a variety of dynamic and specific solutions. With many other leading giants likely to follow the trend, North America precision gearbox industry is expected to chart out remarkable growth over 2017-2024.

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Boasting a wide application matrix including healthcare, automotive, agriculture & construction, E-mobility, material handling, façade technology etc., North America precision gearbox market size is forecast to exceed a valuation of 556 million by the end 2024.  Automotive applications recorded a remarkable revenue of over USD 122 million in 2016, and is expected to drive the application matrix over 2016-2024. The expanding automotive sector along with growing popularity of electric vehicles that demands optimum power and energy is sure to upscale North America precision gearbox market penetration.

U.S., having pegged the title of a major revenue contributor for North America precision gearbox market share, accounted for almost USD 332 million in 2016. Stringent regulatory guidelines set by the American National Standards Institute with regards to robotic application, transportation, and packaging are expected to boost the product penetration in U.S. over the coming years. The proliferating food and beverage sector is another important determinant that is expected to catalyze the regional growth, given the relentless innovations in food packaging technology and the growing investments in the developments of food production facilities. As per estimates, overall food and beverage applications is expected to witness a substantial y-o-y growth of 6% over 2017-2024. Having recorded enormous developments in the sectors where the application scope of gearboxes is huge, U.S. alone is slated to cover 90% of North America precision gearbox industry.

Advanced machinery, of late, has become a priority in most of the industrial sectors in North America. Integration of automation has raised the performance bar to great heights and has offered high potential in these industries, by ensuring a strong supply value chain. Technological breakthroughs over the years have further played a significant role in enhancing North America precision gearbox business industry size. As these gearboxes continue to meet a wide array of supply value challenges such as effective pricing and just-in-time delivery, North America precision gearbox market is foreseen to gain a remarkable traction over the ensuing years, with a target market size of 968.9 thousand units by 2017-2024.

Author Name : Satarupa De

APAC automotive air intake manifold market to accrue heavy gains over 2017-2024, driven by the rising automobile production

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Hydrogen Engine Center’s recent launched intake manifold technology has marked a quantum leap in automotive air intake manifold market. This new design will apparently overcome the air & fuel imbalance in all the V8 engines, leading to reduced power and operational inefficiency. In addition, the technology is designed to improve the overall power output between 4% to 8% on almost all the internal combustion engines and can work on any type of combustion engine with four or more number of cylinders. The fact that this design will halt the backfiring of V8 engines with the usage of hydrogen as a fuel would certainly impel automotive air intake manifold market in the years to come.

U.S. Automotive Air Intake Manifold Market Size, By Vehicle, 2013 – 2024 (USD Million)
U.S. Automotive Air Intake Manifold Market Size, By Vehicle, 2013 – 2024 (USD Million)

Recently, Ford India unleashed the 1.5-liter Ti-VCT, a three-cylinder petrol engine, that would open new growth avenues in India automotive air intake manifold industry. The manufacturing unit of the firm based in Sanand, Gujarat will manufacture this innovative petrol engine that will fulfill the demands of both the regional and global automobile sector, as it offers enhanced fuel efficiency and helps reduce the carbon emissions in the environment.

Key automobile manufacturers have been striving to expand their production base lately, given the intense competition and product demand. Holley Performance Products Incorporation, for instance, has established a manufacturing unit at Franklin in the U.S, which is likely to augment the vehicle production and increase the number of jobs across the automotive sector. The numerous developments underlining the automotive domain and automotive aftermarket have led experts to predict that automotive air intake manifold market will indeed experience lucrative growth prospects over 2017-2024.

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The substantial rise in the demand for vehicles across Indonesia, China, and India has led to an improvement in the vehicle production capacity, which would certainly augment APAC automotive air intake manifold industry. Furthermore, APAC has been predicted to contribute over 45% toward global automotive air intake manifold market revenue by 2024, driven by the ever-expanding automotive sector in the region.

Germany on the other hand, houses some of largest automobile manufacturing firms such as Volkswagen, Audi, Mercedes Benz, and BMW, which would considerably stimulate Germany automotive air intake manifold market. In addition, escalating demand for passenger cars across the region, resulting in an increase in the vehicle production will further augment the regional growth.

Reputed players such as MAHLE Gmbh, Aisin Seiki Company Limited, Keihin Corporation, Röchling Group, Mikuni Corporation, and Sogefi S.p.A partaking in automotive air intake manifold industry share have been focusing on expanding their consumer base and brand visibility across myriad geographies. Citing an instance, in the second quarter of 2017, Rochling Group commissioned its first automobile manufacturing plant in Mexico.

Favorable trade policies and the prevalence of effective product distribution channels have also considerably augmented this business space. Manufacturers have lately been adopting just-in-time strategies that has resulted in high product penetration across the automotive sector, thereby stimulating automotive air intake manifold industry. As per Global Market Insights, Inc., automotive air intake manifold market will cross a targeted revenue margin of USD 51 billion by 2024.

Author Name : Dhananjay Punekar

Aluminum Pigments Market to witness massive gains in Asia Pacific over 2017-2024, Paints & coatings to drive the application landscape

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The commercialization potential of Aluminum Pigments Market is quite evident from the growing number of strategic partnerships outlining the competitive terrain. Recently, Nexeo Solutions Inc., a giant in the chemicals & plastic distribution industry has entered into a corporate partnership with Silberline Manufacturing Company Inc., a global supplier of high quality aluminum pigments. As per market experts, this strategic move is expected to strengthen the business position of both the firms in the overall aluminum pigments industry with a better value chain and an expanded product portfolio.  Such strategic acquisitions and expansions are quite common in aluminum pigments market to address the increasing product demand from varied end use industries like automotive, construction, and paints & coatings.

U.S. Aluminum Pigments Market size, by end-user, 2013 – 2024 (USD Million)
U.S. Aluminum Pigments Market size, by end-user, 2013 – 2024 (USD Million)

The latest trend of aesthetically designed customized vehicles with lustrous paints is expected to stimulate aluminum pigments market valuation, which is forecast to exceed USD 580 million by 2024, with a projected CAGR of 6.5% over 2016-2024. In the automotive paints and protective coatings, aluminum pigments are primarily used to improve the appearance of the vehicle.  As per statistics, overall paints & coatings is one of the prominent end-use application of aluminum pigments market and accounted for more than 40% of the overall industry share.

Other than the automotive industry, plastic is another prominent end-use segment further catalyzing the growth of aluminum pigment industry. As per the estimates, aluminum pigments market share from plastic applications is projected to record an annual growth rate of 6% over 2017-2024.

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Speaking of the geographical trends, Asia Pacific is one lucrative belt where the aluminum pigments market demand is notably high from automotive applications. Asia Pacific aluminum pigments industry having had a revenue of USD 120 million in 2016, is slated to collect substantial revenue with an annual growth rate of above 7% over the coming seven years. The attributing factor toward the regional growth is the surging use of the printing inks for the advertisements and magazines.

Aluminum pigments are widely used in printing inks to give metallic effect to labels, leather, films, packaging materials, and brochures. The use of leafing grade products gives printing inks a lustrous and brilliant effect. These grades also increase the brightness and impart a glossy finish to the surface, thereby making it applicable to the cosmetics industry. The personal care application segment within aluminum pigments market is anticipated one of the fast-growing segment at a CAGR of 6.5% over 2017-2024. Rising demand for personal care and cosmetics products, particularly in Asia Pacific has fueled aluminum pigment market demand.

On account of the escalating cosmetic sector expansion, North America is further estimated to witness a substantial growth trend in the coming time frame.  Global Market Insights, Inc. projects North America aluminum pigments industry to surpass a valuation of USD 130 million by 2024.

In 2016, the industry space was quite consolidated with the top four participants – Altana, Carl Schlenk, Silberline, and Carlfors Brukhaving, having shared more than 30% of the overall business fraternity. The other prominent names in this industry include Toyal America, Inc., Alba Aluminiu, Zhangqiu Metallic Pigment Co., Ltd., Metaflake Ltd., and Sun Chemical.

Author Name : Ojaswita Kutepatil

APAC Laser Materials Market to contribute significantly toward the global share, communication sector to drive the application landscape

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Considering the increasing proliferation of laser technologies in medical space, Laser Materials Market demand is undoubtedly set to grow substantially in the forthcoming years. Technological interventions have not only influenced laser materials portfolio but also have widened the application scope of the market. An exemplary transformation in the therapeutic model in terms of medical facilities has acted in favor of the business growth. For instance, shifting trend toward replacing non-laser technologies across various domains that include oncology, neurology, and dentistry has been immensely catapulting the market expansion over the years. Speaking of healthcare, laser technology has already gained a momentum in this space and with technological advancements, it is anticipated to unfold a series of new opportunities, leaving a subsequent impact on laser materials market.

Europe Laser Materials Market Size, By Application, 2013 – 2024 (USD Mn)
Europe Laser Materials Market Size, By Application, 2013 - 2024 (USD Mn)

Estimates depict, the industry will exceed a valuation of USD 1.7 billion by the end of 2024, with a projected CAGR of 5.5% over 2017-2024. Plastic technology is the latest thriving trend in laser materials market that is opening new avenues for the investors. With the continuous evolution of polymers and composite materials configuration, the technology is likely to penetrate deeper into the business. On that note, it is important to consider the unprecedented efforts the instrument manufacturers are taking in reducing the complexity of these devices, which again will prove to be favorable for laser materials industry outlook.

With digital disruptions globally, the volume of data has been exponentially increasing across various industries. Communication sector is one of the profound spaces witnessing the proliferating penetration of laser materials. Communication applications procured one-third of laser materials industry share in 2016. Military applications have been also gaining a traction lately. High demand for lightweight cost-effective armaments has resulted in the utilization of laser materials in this domain. Key market players are also investing in research activities to extend the product portfolio to win a competitive edge in the global landscape.

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Geographically, Asia Pacific is one of the significant regions partaking in the laser materials market. The expanded manufacturing base along with upgraded healthcare infrastructure are the prime factors driving the regional market.  China, Taiwan, India, And South Korea are the major countries contributing substantially toward the regional share. Increasing population in APAC is also a vital factor enhancing laser material market dynamics. With a significant contribution toward the overall revenue in 2016, APAC will continue to be a strong participant in the global laser materials market in the years ahead.

North America laser materials market is also anticipated to chalk a lucrative growth path, subject to the region’s progressive military terrain particularly in the U.S.  The country receives a huge amount of funding every year for laser weapons. With U.S. as a forerunner, North America laser materials industry in the coming seven years is slated to carve a profitable road map.

Laser technology undoubtedly is one of the most commendable innovations of the twentieth century. With a broader spectrum of application across the healthcare, military, and communication, laser materials market penetration has generated a remarkable momentum. Reduced material prices coupled with their reliability and enhanced lifespan are further pushing the laser materials market demand. Prominent industry participants include Asahi Glass Co., Ltd, Morgan Advanced Materials, BASF SE, Dow Chemical Company, GrafTech International, Taishan Fiberglass inc., CeramTec GmbH, Sinopec Shanghai Petrochemical Co., Ltd, Murata Manufacturing Co., Ltd., Anglo American plc., Mitsubishi Chemical Holdings Corp., Norilsk Nickel, Evonik Industries, Universal Laser Systems, Inc., and Corning Inc.

Author Name : Satarupa De

U.S. Thermoplastic Elastomers Market (TPE) to register substantial gains over 2016-2023, high product demand from the automotive & medical sectors to fuel the regional growth

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Increasing preference for low weight, sustainable, bio-based alternatives for conventional raw material will impel Thermoplastic Elastomers Market size. Subject to the efficient thermoplastic and elastomeric properties and myriad other physical and chemical benefits provided by these products, they are used extensively as alternatives for metals, regular & engineered plastics, wood, and natural or synthetic rubber across the automotive, medical, electronics, construction, footwear, and industrial sectors. Thermoplastic elastomers (TPE) industry was worth USD 12 billion in 2015, and is anticipated to hit a revenue of USD 20 billion by 2023, growing at a CAGR of 6% over 2016-2023.

Germany Thermoplastic Elastomers Market size, by product, 2013-2024 (USD Million)
Germany Thermoplastic Elastomers Market size, by product, 2013-2024 (USD Million)

In 2015, global thermoplastic elastomers market was consolidated, with major players accounting for more than 40% of the overall share. Companies such as Nippon Polyurethane Industry, BASF, China Petroleum & Chemicals, Kraton Polymers, Arkema S.A., Dow Chemicals, Covestro, LyondellBasell, and EMS Group are chief participants in thermoplastic elastomers industry. Firms have been focusing on investing in R&D and enhancing the product offering to sustain the market position. In addition, expansion of production capacity and mergers & acquisitions are among the key growth strategies adopted by these companies. For instance, Arkema had introduced Pebax Rnew into its elastomer family in 2014, which is a plastic derived from castor oil. Dupont has also introduced Hytrel RS, a highly renewable elastomer. Recently, BASF has heavily diversified its product portfolio by developing multiple versions of TPEs to partner with HP for launching its new 3D Open Materials and Applications Lab. Similar efforts by other companies will boost thermoplastic elastomers market outlook.

The high demand for inexpensive, reliable, sustainable, and light weight SUV and MUV models coupled with consumer preferences toward comfort and aesthetics will propel thermoplastic elastomers industry from automotive sector. In addition, strict government norms to reduce carbon emissions have forced automakers to use TPE products such as thermoplastic polyurethanes (TPU) as an alternative to metals, which will further impel thermoplastic elastomers market from automotive applications.

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TPUs are heavily deployed for tubing applications in the automotive sector, subject to which thermoplastic polyurethanes (TPU) industry, having had a valuation of USD 1.5 billion in 2015, will witness a growth of more than 5% over 2016-2023. Additionally, this product is also used to construct cables and wires for the construction sector, subject to its properties of high thermal insulation and heat resistance, which will propel thermoplastic elastomers market from construction applications.

Thermoplastic vulcanizates (TPV) products are used in the automotive sector for fluid handlings, bumpers, and other applications. Its high heat and oil resistance properties have also lead to its usage for engine components and car interiors, thereby propelling TPV industry, set to grow at a CAGR of 5.5% over 2016-2023.

These products, subject to their superior thermal insulation and acoustic properties are also used in the construction sector. Pressure from regulatory bodies as regards to energy efficiency codes mandated for buildings will drive TPV market from construction applications. The rapid growth of the construction and automotive sectors globally will also aid the expansion of the product landscape of thermoplastic elastomers market.

Speaking of the expansion of the automotive and construction sectors, it would be prudent to mention the emerging economies of the APAC region. Asia Pacific thermoplastic elastomers industry, worth USD 4 billion 2015, will grow significantly over 2016-2023, subject to the vast number of automotive manufacturing units and the rising number of construction projects in the region. Subject to their superior properties, TPU and TPV products are heavily deployed across both these sectors, which will drive APAC TPE market over the next few years. India and China are touted to be the key contributors, with China having accounted for more than 60% of the APAC thermoplastic elastomers industry in 2015.

Since TPU products are heavily used in the automotive sector, China thermoplastic polyurethanes market size is expected to cross USD 500 million by 2023, growing at a CAGR of more than 6% over 2016-2023. Of late, OEMs across the world have shifted their manufacturing base to India and China, subject to the presence of a skilled labor workforce and an abundance of raw material availability. This is a key factor contributing to China TPU industry expansion.

Copolyester elastomers products are extremely resilient, versatile, and highly durable, subject to which they find huge applications across the electronics sector. Owing to their superior qualities, copolyester elastomers market will be worth more than USD 1 billion valuation by 2023.

Another key product of thermoplastic elastomers market, styrenic block copolymers, are known to possess excellent elastomeric properties along with high tensile strength, which will drive styrenic block copolymer (SBC) industry over the next few years. Hydrogenated SBC products offer even better properties, subject to which they are used mainly in CASE applications. These products are used in the medical, consumer goods, and packaging sectors, owing to which styrenic block copolymer market will earn a significant revenue over 2016-2023, having had a valuation of more than USD 6 billion in 2015.

The high demand for TPU, SBC, COPE, and TPV products across numerous application domains will consequently impel global thermoplastic elastomers industry size. These products are viable alternatives to thermosets, lids, gaskets, and medical stoppers, subject to which thermoplastic elastomers market from the medical sector will witness a significant growth.

Geographically, North America contributed to more than 25% of the overall thermoplastic elastomers industry share in 2015. U.S. is a major revenue contributor, with a valuation of USD 1 billion in 2015. Subject to the growing usage of TPE products for medical equipment, sports equipment, and paving & roofing for construction, U.S. thermoplastic elastomers market will grow at a substantial rate over 2016-2023. In addition, increased EPA regulations to encourage the adoption of sustainable and bio-based products will stimulate the regional demand, thereby propelling North America thermoplastic elastomers industry.

TPE products have evolved as viable alternatives for ethylene propylene diene monomer (EPDM) and ethylene propylene rubber (EPR) in various industries, which will drive Europe thermoplastic elastomers market over the years to come. Subject to manufacturing low weight vehicles and achieving high fuel efficiency, Europe TPE market will witness significant gains over 2016-2023, with Germany, UK, and France being the key contributors.

Thermoplastic elastomer products are highly recyclable, and possess exceptional thermal insulation, molding, and heat resistance properties. They do not require compounding, and require no addition of stabilizers or reinforcing agents. Subject to these superior characteristics, these products find massive applications across numerous application sectors, thereby propelling global thermoplastic elastomers industry size.

Author Name :Saipriya Iyer