India Thermoplastic Elastomers (TPE) Market to Cross $900 Million by 2025 Says TechSci Research
NEW YORK, August 22, 2016 /PRNewswire/ --
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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Browse 20 market data Tables and 60 Figures spread through 140 Pages and an in-depth TOC on
" India Thermoplastic Elastomers Market"
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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