by The Thermoplastic Elastomers Market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermoplastic elastomers are materials that have both the properties of thermoplastics and vulcanized elastomers. They can be easily molded like plastics but have superior mechanical properties similar to rubber. Major applications of thermoplastic elastomers include automotive, construction, footwear, wires & cables, medical and others. Some key products made from thermoplastic elastomers are hoses, cables, seals & o-rings, gaskets and films.
Market Dynamics:
The growing automotive industry is one of the major drivers of the thermoplastic elastomers market. Thermoplastic elastomers are extensively used in automotive applications such as interior and exterior components, fluid transfer lines, tubes & hoses, seals and gaskets due to their properties such as flexibility, durability and resistance to chemicals, abrasion and impact. Another driver for the market is increased usage of thermoplastic elastomers in construction industry. They are used in roofing, flooring, pipes & fittings, wire & cables insulation and other applications in construction owing to properties such as flexibility, impact and abrasion resistance as well as easy processability.
Segment Analysis
The global thermoplastic elastomers market is dominated by the styrenic block copolymers (SBC) segment, which accounts for over 40% share of the overall market. SBC finds wide applications in footwear, consumer goods, medical goods, and adhesives & sealants due to its superior tensile strength and oxidative and UV resistance properties compared to other polymers.
PEST Analysis
Political: The market is positively impacted by supportive government policies and regulations aimed at promoting green and sustainable industries.
Economic: Growth in automotive, medical and construction industries coupled with rising disposable incomes in developing nations is propelling demand.
Social: Increasing health consciousness and focus on recyclable and environment-friendly products augur well for the market.
Technological: Advancements in polymer engineering technologies are expanding applications and driving new product development.
Key Takeaways
The global Thermoplastic Elastomers Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period 2023 to 2030, due to increasing demand from automotive, medical and construction industries. The market size is projected to reach US$ 94.7 Bn by 2030 from US$ 28.8 Bn in 2023.
Asia Pacific dominates the global market with over 40% share due to huge production capacities and low production costs in major economies like China, India and South Korea. Rapid industrialization and growth of end-use industries in the region is propelling demand.
Key players operating in the thermoplastic elastomers market are 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. Leading players are investing in R&D to develop bio-based and recyclable TPEs as well as explore opportunities in 3D printing applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
