 "Styrenic block copolymers to dominate Indian thermoplastic elastomers market")
Styrenic block copolymers segment, which dominated the Indian thermoplastic elastomers market in 2015, is expected to continue to drive the market through 2025 owing to its wide range of applications in various industries, such as automotive, consumer durables, etc, according to the latest report of TechSci Research.
As per the report, the market of thermoplastic elastomers (TPEs) in India is anticipated to grow at a CAGR of around 7 percent during 2016-2025.
TPEs are unique and eco-friendly thermoplastics that are not only recyclable but can also be re-moulded and re-shaped. TPEs offer various other advantages such as resistance to chemicals, UV, oxidation and providing soft-touch to materials. These properties enable replacement of rubber and conventional plastic materials with TPEs in various applications.
In order to ensure utmost consumer health and safety, Government of India supports use of TPEs for commercial applications by providing guidelines for prudent product usage. Moreover, growing preference for recyclable and environment friendly polymers that are capable of increasing durability of various products is boosting demand for thermoplastic elastomers across the country. Additionally, thermoplastic elastomers are eco-compatible substitutes for polyvinyl chloride (PVC) polymers, which is expected to positively influence demand for thermoplastic elastomers in India during forecast period.
During 2016-2025, automotive industry is expected to emerge as the largest end user of TPEs in India, on account of increasing consumer preference for high performance and lightweight automobiles in the country, according to the TechSci Research report. A major share in the demand for thermoplastic elastomers emanates from Tamil Nadu, Maharashtra, National Capital Region (NCR), Gujarat, Karnataka and Andhra Pradesh, among others.
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