India Thermoplastic Elastomers (TPE) Market to Cross $900 Million by 2025
Growing
preference for recyclable and environment friendly polymers coupled with
escalating demand from automotive and consumer durables sectors to drive India
thermoplastic elastomers market through 2025
According to TechSci Research
report, “India Thermoplastic Elastomers Market By Type, By End Use Application, By Leading State, Competition Forecast &
Opportunities, 2011-2025”, the Thermoplastic Elastomers (TPE) market in India is projected to $900 Million by 2025.
TPE is being widely adopted as an environment friendly substitute for Polyvinyl Chloride (PVC) polymers. Over the last few years, increasing
consumption across various applications such as automotive, consumer durables,
industrial, medical, footwear, etc., has been instrumental boosting demand for thermoplastic elastomers (TPEs) in
India.
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During 2011-2015, the production of passenger cars in
India grew at a CAGR of 2.67%, while the production of two-wheelers in the country
exhibited a CAGR of 5.34% during the same period. Regulatory intervention by environmental
agencies aimed at carbon emission reduction through an increase in fuel
efficiency has also made major automotive OEMs in India to increasingly opt for
plastics as a substitute to metals and alloys in automotive components. Consequently,
TPE demand has been growing from the country automobile sector over the last
five years, and the trend is expected to gain market traction during the
forecast period.
India’s consumer durables industry stood at $9.7 billion in 2015 and is
projected to reach $20.6 billion by 2020. Apart from providing durability and high
tensile strength to the finished goods, TPEs provide high chemical resistance,
flame retardant properties and protection against ultra violet rays. As a
result, thermoplastic elastomers
are being increasingly used in consumer durables industry in India. Medical
sector is another major demand generator for thermoplastic elastomers in India.
Increasing investments in the country’s healthcare sector is expected to have a
positive impact on thermoplastic elastomers market through 2021.
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“In India,
thermoplastic elastomers consumers are highly price conscious. They prefer to
purchase low to moderate quality of TPEs at a reasonable price as compared to
high quality TPEs available at premium price. TPE consumers in India have a
tendency to neglect the quality and advantages associated with high quality TPEs,
and often switch to economical alternatives, consequently impacting the growth
of India thermoplastic elastomers market. However, on account of anticipated
growth in TPE adoption across diverse end user applications, the market is
expected to witness continuing expansion over the next ten years.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Thermoplastic
Elastomers Market By Type, By End Use Application, By Leading State, Competition Forecast &
Opportunities, 2011-2025” has evaluated the future growth
potential of thermoplastic elastomers market in India and provides statistics
and information on market structure, industry behavior and trends. The report
includes market projections and demand forecasting. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in the India
thermoplastic elastomers market.
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