Thermoplastic Elastomer Market
Thermoplastic Elastomer Market - Global Industry Assessment & Forecast
- By Types Styrenic Block Copolymers, Thermoplastic Polyurethanies, Thermoplastics Polyyotefins, Thermoplastics Vulcanizates, Copyolyester Flim Elastomers
- By End Use Industries Automotive, Building & Construction, Footwear, Engineering, Wire & Cables, Medical, Other Industries
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 25.42 Billion|
|Revenue 2030:||USD 40.22 Billion|
|Revenue CAGR (2023 - 2030):||5.90%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Thermoplastic Elastomer Market was valued at USD 25.42 Billion in 2022 and is projected to reach a value of USD 40.22 Billion by 2030. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 5.90% over the forecast period.
The major drivers for the growth of this market are the increasing use of TPEs in various industries such as automotive, construction, electronics, and healthcare, and the growing demand for TPEs from Asia-Pacific countries. TPEs are a class of polymeric materials that have both the elasticity of rubber and the processability of plastics. They can be molded, extruded, or injection molded into various shapes and can be used in a wide variety of applications. TPEs are commonly used in automotive applications such as gaskets, seals, and hoses; in construction applications such as adhesives, sealants, and coatings; and in healthcare applications such as catheters, prostheses, and orthotics. The automotive industry is one of the largest consumers of TPEs due to the growing demand for vehicles with improved fuel efficiency and emissions reduction. The use of TPEs in automotive applications helps reduce vehicle weight by replacing heavier metal components with lighter plastic parts. In addition, TPEs improve the fuel efficiency of vehicles by reducing friction between moving parts.
Thermoplastic Elastomer Market Size, 2022 To 2030 (USD Billion)
Thermoplastic Elastomer (TPE) materials are gaining popularity in the automotive industry due to their superior performance characteristics and cost-effectiveness compared to traditional rubber materials. TPEs can be custom formulated to meet the specific needs of each application, and they exhibit excellent resistance to chemicals, heat, cold, and UV radiation. Automotive manufacturers are increasingly turning to TPEs for applications such as sealing, gaskets, hoses, vibration dampening, and insulation. The automotive industry is the largest end-use market for TPEs, accounting for over 35% of total demand in 2021. The growing popularity of TPEs in the automotive sector is attributable to their superior physical and mechanical properties compared to rubber. TPEs can be precisely formulated to meet the specific requirements of each application, and they offer excellent resistance to chemicals, heat, cold, and UV radiation. In addition, TPEs are more recyclable than rubber materials and can often be reused or downcycled into new products. As the global economy continues to recover from the COVID-19 pandemic, the demand for automobiles is expected to rebound sharply over the next few years. This will drive up demand for TPEs used in various automotive applications such as sealing, gaskets, hoses, vibration dampening, and insulation.
The Thermoplastic Elastomer Market is mainly driven by the environmental benefits associated with the use of these materials. Thermoplastic Elastomers are made from renewable resources and can be recycled, which makes them a more sustainable option than traditional materials like rubber. They also emit lower levels of greenhouse gases during production and use, making them a greener choice for manufacturers and consumers alike. As awareness of the environmental impacts of traditional materials grows, more companies are looking for sustainable alternatives. Thermoplastic Elastomers offer a viable solution that can help reduce the carbon footprint of manufacturing operations. In addition, the use of these materials can help offset emissions from other parts of the supply chain, such as transportation. The growing focus on sustainability is expected to continue driving demand for Thermoplastic Elastomers in the coming years. Along with this, advances in technology are opening up new applications for these versatile materials. As the market expands, prices are expected to come down, making Thermoplastic Elastomers an even more attractive option for eco-conscious consumers and businesses.
In the past few years, there have been significant advancements in technology that have made it possible to produce ever-more sophisticated Thermoplastic Elastomer products. These products are able to meet the demands of a wide range of industries, from automotive to medical. One of the key drivers of this market is the growing demand for light weight and high performance materials. Thermoplastic Elastomers offer an attractive alternative to traditional materials such as metals and glass, as they are much lighter and more durable. Additionally, Thermoplastic Elastomers can be easily molded and shaped into a variety of products, making them ideal for a wide range of applications. Another driver of the Thermoplastic Elastomer Market is the increasing need for environmentally friendly products. Thermoplastic Elastomers are made from renewable resources and can be recycled at the end of their lifespan, making them a more sustainable option than traditional materials. With the continued advancement of technology, it is expected that Thermoplastic Elastomer products will become even more sophisticated and able to meet the needs of an even wider range of industries.
Even though Thermoplastic Elastomers have a number of reasons for market growth, the market is restrained by several factors. One of the key restraints of the Thermoplastic Elastomer Market is its high price. Thermoplastic Elastomers are made from synthetic rubber, which is a costly raw material. Additionally, the manufacturing process of Thermoplastic Elastomers is complex and requires specialized equipment, which also adds to the overall cost of the finished product. Another restraint of the Thermoplastic Elastomer Market is its limited range of applications. Thermoplastic Elastomers are not suitable for all applications, and in some cases their performance may be inferior to that of other materials such as metals or plastics. For example, they are not generally used in structural applications where strength and stiffness are required. Finally, Thermoplastic Elastomers are not always easy to process. They can be difficult to mold and form into the desired shape, and their physical properties can vary depending on temperature and other conditions. This can make it challenging for manufacturers to produce consistent results.
Top Market Trends
The Thermoplastic Elastomer Market is expected to grow significantly in the coming years. The following are some of the top trends that will shape the market:
1. Increasing demand from end-use industries: The Thermoplastic Elastomer Market is driven by the growing demand from various end-use industries such as automotive, healthcare, construction, and others. The increasing use of these materials in a wide range of applications is driving the growth of the market.
2. Rising environmental concerns: The rising environmental concerns are one of the major factors driving the growth of the Thermoplastic Elastomer Market. These materials are preferred over conventional rubber products as they are eco-friendly and have a low carbon footprint.
3. Technological advancements: The continuous technological advancements in manufacturing processes and materials is another key trend fueling the growth of the Thermoplastic Elastomer Market. The introduction of new and innovative products is further boosting the market growth.
4. Stringent government regulations: The stringent government regulations regarding environmental protection are also expected to boost the demand for Thermoplastic Elastomers in the coming years.
5. Eco-friendly Thermoplastic Elastomers are becoming increasingly popular as they offer a more sustainable option for businesses and consumers alike.
6. Nanotechnology is being used to create stronger and more durable Thermoplastic Elastomers that can withstand higher temperatures and pressures.
7. 3D printing is becoming a more commonly used technology in the manufacturing of Thermoplastic Elastomers, due to its ability to create complex shapes and structures that would otherwise be impossible to achieve.
8. Thermoplastic vulcanizates (TPVs) are the fastest-growing type of Thermoplastic Elastomers, due to their superior physical and mechanical properties over other types of Thermoplastic Elastomers.
The market is segmented based on Types, End-User Industries and Region. On the basis of Types, the market is segmented into Styrenic Block Copolymers, Thermoplastic Polyurethanies, Thermoplastics Polyolefins, Thermoplastics Vulcanizates, and Copyolyester Flim Elastomers. Furthermore, based on End-User Industries, the market is segmented into Automotive, Building & Construction, Footwear, Engineering, Wire & Cables, Medical and Other Industries.
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Based on Types
In terms of volume, thermoplastics polyolefins dominated the TPE market in 2021 and are projected to grow at the highest CAGR during the forecast period. The use of thermoplastics polyolefins in the production of Thermoplastic Elastomers has gained popularity in recent years due to their superior properties. Thermoplastics polyolefins are characterized by their high strength, flexibility, and resistance to chemical and environmental degradation. As a result, they are ideal for use in a variety of applications, including automotive parts, electrical components, and medical devices. Thermoplastics polyolefins are typically used in conjunction with other materials, such as glass fibers or minerals, to create a composite material. This allows for the creation of products with superior strength and durability. In addition, thermoplastics polyolefins can be easily molded and shaped into a variety of shapes and sizes. This makes them ideal for use in custom applications. Polyolefin Elastomers (POE) are anticipated to witness significant growth in demand from the automotive industry on account of their superior mechanical strength and lower pricing when compared with other TPE types. TPEs offer a wide range of benefits over conventional elastomers, such as easy processability, low density, good abrasion resistance, and good chemical resistance. In addition, TPEs can be readily blended with other polymers to tailor the final properties for specific applications. Owing to these properties, TPEs have been used in a wide range of applications including automotive, electrical & electronics, construction, consumer goods, and healthcare among others.
Based on End-User Industries
The automotive sector has been the key driver of the Thermoplastic Elastomer Market and is expected to continue its dominance during the forecast period. The use of Thermoplastic Elastomers in automotive applications such as seals & gaskets, hoses, belts & other components is growing due to their superior properties such as flexibility, comfort, and durability. The construction industry is another major end-user of Thermoplastic Elastomers. Thermoplastic Elastomers are widely used in construction applications as they offer high wear resistance and tear strength. They are also anti-static and have a low moisture absorption rate, which makes them ideal for use in construction applications. The electronics & electrical sector is another major consumer of Thermoplastic Elastomers. The use of Thermoplastic Elastomers in the electronics & electrical industry is growing due to their excellent dielectric properties and resistance to fire & smoke. They are also resistant to extreme temperatures, making them ideal for use in electronic & electrical devices.
Based on Region
The Asia Pacific region is the largest market for Thermoplastic Elastomers, accounting for more than half of the global demand. This is largely due to the booming economies of China and India, which have been driving the growth of numerous industries that use Thermoplastic Elastomers. Additionally, the growing middle class in these countries is increasingly demanding higher-quality products, which has led to an increase in the use of Thermoplastic Elastomers.Other notable markets in the Asia Pacific region include South Korea, Japan, and Taiwan. These countries have well-developed manufacturing industries that require a large amount of Thermoplastic Elastomers. Additionally, their proximity to China and India gives them a competitive advantage in terms of cost and availability of raw materials.
The North American and European regions are expected to witness moderate growth during the forecast period. The presence of leading manufacturers in these regions is one of the major factors fuelling the growth of the Thermoplastic Elastomer Market. The Middle East & Africa and Latin America regions are expected to witness significant growth during the forecast period. The increasing demand from end-use industries such as construction, automotive, and electronics is one of the major factors driving the growth of these regional markets.
The key players in the Global Thermoplastic Elastomer Market include- Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US) and others.
● RTP Company, a worldwide compounder of custom designed thermoplastics, stated in May 2019 that it has acquired Zeon Chemicals' Zeotherm TPV product line. If you're looking for specialist nitrile elastomers, go no further than Zeon chemicals. RTP Corporation's Thermoplastic Elastomers division will grow as a result of the purchase.
● Lubrizol made a worldwide investment in the thermoplastic polyurethane industry in August of 2020. The investments allow for higher PPF production rates and better surface protection. PPF manufacturers and distribution networks might gain from this as well.
● In November of 2020, Evonik and HP announced that they would be working together to create a new co-branded1 elastomer, a high-performance speciality powder based on a thermoplastic amide grade (TPA) for 3D printing that is both flexible and durable.
● Three patented Thermoplastic Elastomer (TPE) formulations with antimicrobial additives were added to the general lighting services PE portfolio by Avient, a developer of specialised and sustainable material solutions, in May of 2021. These additives preserve moulded plastic parts by limiting bacterial development (99.9 percent or higher) and resisting fungal and mould growth, as demonstrated in testing to JIS Z2801 and ASTM G21-15 standards. Cup holder mats and (HVAC) heating, ventilation, and air conditioning (seals) are only two examples of the potential markets the product hopes to break into.
● Thermoplastic Elastomer tubing for the biopharmaceutical industry, Dupont Liveo pharma tubing, was released in April 2022 by DowDuPont Inc. Launching this new product, DuPont is stepping up its investments in the future of the biopharmaceutical processing sector by increasing its scale of production of silicone elastomers and tubing and by broadening its single-use pharma product lines.
Segmentation of the Global Thermoplastic Elastomer Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Thermoplastic Elastomer in terms of revenue?
The global Thermoplastic Elastomer valued at USD 25.42 Billion in 2022 and is expected to reach USD 40.22 Billion in 2030 growing at a CAGR of 5.90%.
Which are the prominent players in the market?
The prominent players in the market are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.90% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Thermoplastic Elastomer include
- Growth of key end-use industries
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Thermoplastic Elastomer in 2022.