UV Stabilized Thermoplastic Elastomer Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2021 To 2028

The global UV stabilized thermoplastic elastomer market is expected to witness high growth rates in the forecast period of 2021 to 2028. This growth can be attributed to strong demand of the material in construction and automotive industry mainly in the exterior applications since it protects the structure from being faded or discoloration.

Plastics used in exterior applications are subject to strong weather fluctuations and henceforth require protection from UV. This creates a higher demand for UV stable resin in the market. Thermoplastic Elastomer (TPE) is a resin which is majorly used in the automotive applications and is expected to grow strong in terms of revenue generated in the forecast period of 2021 to 2028.

TPE also has a strong application in the HVAC industry, since it reduces the total system cost by eliminating the requirement of pre-drying the materials and improving cooling efficiencies. Companies operational in the HVAC industry already has adopted the material for a wide range of end-use applications which include automotive, institutional buildings and household among others.

UV stability to the TPE are curated by combining different composition of stabilizers such as metal oxides and hindered amine light stabilizer to the TPE resin. This resin absorbs or blocks UV radiation before reaching the chromophore of the polymer matrix. It also deactivates the reaction caused by the UV radiation making it non-reactive and henceforth extending the longevity.

UV stabilized TPE market is also used in industrial machineries which are subject to prolonged external applications. The range of products which can be produced include seals and gaskets, boots and bellows, couplers, air ducts, connectors, drain tubing, flexible hose among others. This should drive the market demand during the forecast period.

TPE in automotive industry have a myriad of applications this includes instrument panels, wheel covers, dashboard components, door liners, handles, seat belts among others. However, UV stable TPE would be majorly used in the chassis of the automotive, bonnets, side linings, roof panels among others.

UV stable TPEs are light in weight, strong, durable, corrosion proof, have high design flexibility, resilient and low in cost compared to other alternatives. The highly efficient nature of the product along with being a cheaper alternative to other substitute materials should boost the market demand in the coming years.

In terms of application, UV stabilized TPE market can be segmented into automotive & transportation, building & construction, electrical & electronics, medical, household appliances, HVAC among others. Automotive and the construction segments is expected to dominate the market during the forecast period due to the strong demand of UV resistant materials in these sectors.

In addition to its functionality, UV stabilized TPE also offers strong affinity towards weight reduction in the system and durability couples together to drive the market in the forecast period. Due to rapidly changing weather across the globe, the need for such weather resistant materials is on rise, this should bolster the product demand.

Strong regulatory regimes dictated by the government and environmental agencies in the automotive sector have aimed at reducing carbon emission and increasing fuel efficiency. This has led to major OEMs and automotive manufacturers to incorporate plastics as an alternative substitute like metals and alloys.

TPEs are eco-friendly and can be recycled, re-molded and re-shaped which eliminates the chances of wastage. Electrical and electricity industry has a strong growth uptrends for UV stabilized TPE market due to its suitability owing to high performance, easy processibility, soft feel and aesthetic appeal.

Asia Pacific UV stabilized TPE market is expected to dominate the market in 2020. This dominance can be attributed to presence of numerous automotive OEMs and manufacturers in the region. Increased construction rates in countries like India, China, Malaysia among others also improves the demand for the market.

North America on the other hand is characterized by high investments being done by companies in research and development (RD) of new materials. Well-structured regulatory bodies and policies in the region pertaining to plastic disposal and its use in application industries should bolster product demand in the forecast period.

Key companies operational in the UV stabilized TPE market includes Advanced Elastomer Systems L.P., Arkema S.A., BASF, Bayer Material Science, Dynasol Elastomers LLC, Evonik Industries, LG Chemicals among others. Capacity expansion, increased investments in R&D, regional expansion and new product developments is being characterized in the competitive landscape for the market. 

UV Thermoplastic Elastomer Stabilized Market Report Scope