July 13, 2024
Thermoplastic Elastomers Market

Growing Use Of TPE In Automotive Is Anticipated To Open Up New Avenue For Thermoplastic Elastomers Market

The Thermoplastic Elastomers Market is estimated to be valued at US$ 36.7 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Thermoplastic elastomers (TPE) are materials that have both the properties of elastomers and thermoplastics. They are processed and recycled like thermoplastics but have rubber-like properties. Key uses of TPE include automotive components, wires & cables, medical devices, footwear, sporting goods and consumer goods. They offer advantages such as recyclability, design flexibility and economic production over conventional rubbers.

Market Dynamics:

The rising automotive production globally is a major driver for the TPE market. TPE find widespread applications in automotive parts such as hoses, seals & O-rings, gaskets and others due to their durability, flexibility and recyclability. According to OICA, around 90 million vehicles were produced in 2020 globally. Furthermore, growing demand for medical devices is also fueling the TPE market. TPE are increasingly used to manufacture products such as IV and blood collection bags, tracheal tubes, face masks and others due to their non-toxic and flexible nature. Rising health expenditure and increasing use of disposable medical products are propelling the demand.

Segment Analysis:

This market comprises of four major segments namely thermoplastic polyurethanes (TPU), styrenic block copolymers (SBC), thermoplastic vulcanizates (TPV), and thermoplastic copolyesters (TPC). Among these, TPU segment dominated the market and accounted for over 30% share in 2019. TPU possesses superior properties like high flexibility, resistance to oil and abrasion, making them suitable for applications in footwear, automotive, wire and cables.

PEST Analysis:

Political: Thermoplastic elastomers find major application in automotive industry. Favorable regulations promoting electric vehicles and fuel efficient vehicles will drive the market growth.

Economic: With developing economieswitnessing rise in disposable income, demand for consumer goods such as footwears, cables, and medical devices is surging. This will fuel the market expansion.

Social: Growing health awareness and changing lifestyles increased the demand for sports goods and footwears made using TPU and TPVbased thermoplastic elastomers.

Technological: Developments in polymerization technologies facilitated mass production of thermoplastic elastomers with customized properties. Continuous innovation in material development expanded application scope.

Key Takeaways:

The Global Thermoplastic Elastomers Market Demand  is expected to witness high growth, exhibiting 5.3% CAGR over the forecast period, due to increasing demand from automotive industryfor improved performance, durability and light weight components.

Regional analysis: Asia Pacific dominated the marketand accounted forover 35% share in 2019. Rising per capita income in India and China propelled demand for consumer goods and automobiles. Production hubs in China, India, South Korea and Japan are major contributors.

Key players operating in the Thermoplastic Elastomers marketare DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG., Lubrizol Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company. Key players focus on business expansion and new product launch through investments in R&D to further strengthen their market position.

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