June 14, 2024
South Korea Thermoplastic Elastomer Market

The South Korea Thermoplastic Elastomer Market is Estimated to Witness High Growth Owing to Increasing Demand from Automotive Industries

Thermoplastic elastomers are polymers that have both elastic properties and toughness similar to rubber-based materials, with processing characteristics similar to ordinary plastic materials. They have several advantages over ordinary plastics and metals including resistance to corrosion, flexibility, ease of manufacturing, and recyclability. Thermoplastic elastomers find wide use in automotive, industrial goods, consumer goods, medical, and other applications where flexible, rubber-like materials are needed. The growing automotive industry in South Korea has significantly driven the demand for thermoplastic elastomers in various vehicle components and parts that require flexibility, durability and resistance to impact and vibration.

The Global South Korea Thermoplastic Elastomer Market Size is estimated to be valued at US$ 743 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the South Korea Thermoplastic Elastomer market are BASF SE, Huntsman International LLC, DowDuPont Inc., Arkema Group, Asahi Kasei Corporation and Among Others. These players are focusing on new product launches, partnerships and expansions to gain higher market share. The growing automotive industry in South Korea presents significant opportunities for thermoplastic elastomer manufacturers to supply materials for various vehicle components and parts. The increasing industrial activities in the nation also drives demand from hoses, belts, doors, seals and other industrial rubber goods. South Korea is also emerging as a global hub for electronics manufacturing which presents new expansion opportunities for thermoplastic elastomer suppliers as these materials are used in wire and cable insulation.

Market Drivers

The major market driver for the growth of the South Korea thermoplastic elastomer market is the increasing demand from the automotive industry. Thermoplastic elastomers are increasingly being used in automotive applications such as door panels, bumpers, fuel caps, dashboard skins, airbag covers and hoses due to their recyclable properties. The expanding electronics and industrial sectors are also fueling the growth of TPE elastomers used in various goods such as wire and cable jackets. Additionally, thermoplastic elastomers are environment-friendly compared to conventional rubbers and provide ease of processing and fabrication which is boosting their adoption across industries.

PEST Analysis

Political: South Korea Thermoplastic Elastomer market players need to follow government regulations related to manufacturing and use of elastomers. Any changes in trade policies and tariffs can impact import and export of thermoplastic elastomers.

Economic: A growing economy of South Korea with rising per capita income is driving demand from end use industries like automotive, consumer goods and medical which is spurring market growth. However, volatility in crude oil prices can inflate raw material costs.

Social: Changing lifestyle and consumer preference towards lightweight,comfortable and environment friendly products boosted demand for thermoplastic elastomers across industries. stricter regulations regarding emissions and fuel efficiency is also fueling their use in automotive rubber parts.

Technological: Advancements inmaterial science led to development of new grades of thermoplastic elastomers with superior physical properties. Injection molding and extrusion techniques aid mass production of complex parts from recycled TPUs and thermoplastic polyolefins.

South Korea Thermoplastic Elastomer Market – Geographical Regions With Highest Value Concentration

The South Korea thermoplastic elastomer market is concentrated in Seoul and Busan regions which are industrial hubs. As per industry experts, these two regions collectively account for over 60% of the country’s total thermoplastic elastomer demand in terms of value. The presence of automotive OEMs and their ancillary suppliers has spurred consumption of engineered TPEs like styrenic block copolymers and thermoplastic polyolefins in these regions.

South Korea Thermoplastic Elastomer Market – Fastest Growing Geographical Region

The Daegu region has emerged as the fastest growing regional market for thermoplastic elastomers in South Korea. It is projected to expand at a CAGR of around 8% during the forecast period. This impressive growth can be attributed to rising investments by major appliance, machinery and medical device manufacturers based in Daegu. Growing use of TPEs in hoses, gaskets, wire and cables in their products is fueling the market growth in this region.

What Are The Key Data Covered In This South Korea Thermoplastic Elastomer Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the South Korea Thermoplastic Elastomer’s growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Thermoplastic Elastomer and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- South Korea Thermoplastic Elastomer Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of South Korea Thermoplastic Elastomer vendors

FAQ’s

Q.1 What are the main factors influencing the South Korea Thermoplastic Elastomer?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top South Korea Thermoplastic Elastomer companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the South Korea Thermoplastic Elastomer’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it