WASHINGTON, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Global Thermoplastic Elastomer Market is valued at USD 24.1 Billion in 2021 and is projected to reach a value of USD 34.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.2% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, the key factors anticipated accelerating the thermoplastic elastomer market growth over the forecast period. The rise of the global industry has mostly been attributed to rising demand across various applications, including those in the automotive, electrical and electronics, industrial, medical, and consumer goods sectors. Over the projected period, the manufacture of automotive components is anticipated to experience rising demand, which will significantly impact the global industry.
We forecast that the elastomer thermoplastic category in the thermoplastic elastomer market sales will account for more than 20% of total sales by 2028. Regulating bodies in many countries have enacted several strict laws to lessen the negative consequences of carbon emissions and harmful gases (GHG) on the environment and human health.
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Market Dynamics
Increased Demand Across Verticals in Developing Nations to Boost Market Growth
According to estimates, the global adoption of thermoplastic elastomers by end-user industries, including automotive, engineering and construction, electrical and electronic components, kitchen appliances, medical, epoxy, protective coatings and varnishes, footwear, HVAC, and others, will contribute to the market's expansion. Medical equipment such as catheters, drug delivery tubes, surgical tool grips, and other implants are all made with the help of thermoplastic elastomers, which are widely used in the healthcare sector.
Growing Awareness Regarding Their Benefits to Drive the Market Growth
As more people learn about the advantages of thermoplastic materials, including their amazing performance qualities like hygiene, absorbency, suppleness, weatherproof, chemical, and thermal capacity, easy sanitation, and good mechanical, the market will continue to grow. As composite materials become more popular due to their environmental friendliness, low production energy costs, and ease of handling, regenerate, and forming, the market will grow.
Top Players in the Global Thermoplastic Elastomer Market
- Arkema S.A, (France)
- Asahi Kasei Corporation, (Japan)
- BASF SE, (Germany)
- Covestro Ag, (Germany)
- Hunstsman Corporation, (US)
For Additional Information on Thermoplastic Elastomer Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Thermoplastic Elastomer Market
- One trend Vantage Market Research (VMR) expects to see in the Thermoplastic Elastomer industry is the development of sustainable products. Market participants will have lucrative prospects in the next years due to the expanding market players' focus on creating environmentally friendly and long-term products.
- Another trend that VMR predicts will continue in the thermoplastic elastomer industry is the surging demand for bio-based thermoplastic elastomers. The market will experience expansion due to the ongoing advancement and commercialization of bio-based thermoplastic elastomers and the growing adoption of such materials.
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Recent Developments in the Global Thermoplastic Elastomer Market
- 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.
- 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.
Top Report Findings
- Based on type, most of the thermoplastic elastomer market's revenue is controlled by the elastomer thermoplastics category. The need for TPE in the external, interior, closing systems, and under elements is also anticipated to increase due to the rapidly expanding vehicle markets. Demand for affordable, lightweight, and safe MUV/SUV models with a focus on luxury and aesthetics is driving the growth of applications in the automotive sector.
- Based on end users, the automotive category controls most of the thermoplastic elastomer market's revenue. Due to the extensive use of electronic and electrical equipment such as passenger airbags, safety belt suspension components, and electric motor housings for windows and seating, TPE utilization in automotive applications has expanded tremendously. Applications for newly created grades with improved hydrolytic stability are also found in automotive parts.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Thermoplastic Elastomer Market Forecast Report (2022-2028).
Automotive Category in Thermoplastic Elastomer Market to Generate Over 25% Revenue
Thermoplastic Elastomer are an expensive investment. Vantage Market Research has analyzed the market for Thermoplastic Elastomer to understand its current state and potential future growth factors. For better understanding, based on the end use industry, the thermoplastic elastomer market is divided into automotive, building & construction, footwear, engineering, wire & cables, medical and others
During the forecast period, the market for thermoplastic elastomers is anticipated to experience the highest CAGR for the automotive category. The market for automotive thermoplastic elastomers is anticipated to expand due to rising competition among industry players to produce lighter weights, rising demand for hybrid electric vehicles, expansion of transportation networks, favorable government regulations, robust vehicle components, and rapid economic growth.
On the other hand, the medical category is estimated to grow significantly over the forecast period due to rising fuelling the for more rapid processing of portable and robust medical equipment. The industry is expected to expand rapidly, especially in developing nations like Mexico, Argentina, Mexico, Indonesia, and India.
Asia Pacific Region in Thermoplastic Elastomer Market to Generate More 32% Revenue
Asia Pacific region dominates the market for thermoplastic elastomer throughout the projection period due to the building, packaging, electrical and electronics, and automotive industries. Due to its numerous advantages, ease of molding, and ability to take on specific shapes, TPE and other polymers are used extensively across all industries. Many automakers favor plastic vehicle components, which enable businesses to produce goods at lower costs.
Global Thermoplastic Elastomer Market Segmentation
By Type
- Styrenic Block Copolymers
- Thermoplastic Polyurethanies
- Thermoplastics Polyyotefins
- Thermoplastics Vulcanizates
- Copyolyester Flim Elastomers
- Polyether Block Amide
- Elastomers Thermoplastics
By End Use Industry
- Automotive
- Building & Construction
- Footwear
- Engineering
- Wire & Cables
- Medical
- Others
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 24.1 Billion |
| Revenue Forecast by 2028 | USD 34.5 Billion |
| CAGR | 6.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Arkema S.A, Asahi Kasei Corporation, BASF SE, Covestro AG, Huntsman Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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