Thermoplastic Elastomers Market

Thermoplastic elastomers are flexible materials, which can be stretched without permanently deforming their shape. Thermoplastic elastomers are a physical mix of polymers, which are usually plastic and rubber. Thermoplastic elastomers are manufactured by injection, molding, and extrusion. Various automobile parts such as window handles, gaskets, body seals, wipers, filler panels, rocker panels, and damping pads are manufactured from thermoplastic elastomers. Rising demand for automobiles and increasing consumer spending on automobiles is expected to drive growth of the thermoplastic elastomers market.

Market Dynamics

Due to increasing demand for lighter vehicles, thermoplastic elastomers is expected to find increasing applications in the automotive sector. Furthermore, growing demand for bio-based thermoplastic elastomers is driving growth of this market. Hence, players in market are manufacturing bio-based thermoplastic elastomer (TPE) compounds that contain raw materials from renewable resources such as plant and vegetable crops. This is expected to be a major growth opportunity for key players in market.

Growing automotive industry and high demand for electric vehicles is the major driver for the growth of global thermoplastic elastomers in the forecast period. Automotive parts segment accounted for the largest revenue share in the global thermoplastic elastomers market in 2021. This is due to the properties of TPE such as weather & temperature resistance, shock absorption, flexibility, abrasion resistance, and recyclability.

Growing medical equipment manufacturing industry is expected to drive growth of styrenic block co-polymers segment and in turn fuel growth of the thermoplastic elastomers market, globally. For instance, according to the India Brand Equity Foundation in April 2022, medical devices industry in India was valued at US$ 10.36 billion in 2020 and is expected to reach US$ 50 billion by 2025, with a CAGR of 37%.

Various key players are focused towards expanding the manufacturing of thermoplastic elastomers, which is a key factor driving growth of the thermoplastic elastomers market. For instance, in November 2018, DuPont had announced that it was investing over US$ 80 million to build a new manufacturing facility in Zhangjiagang, Jiangsu Province in East China. This new facility will produce compounded high-end engineering plastics and adhesives to serve customers in transportation, electronics, industrial and consumer products markets. This planned site become operational in 2020 with expansion through 2023, thereby driving the overall TPE market growth in the Asia Pacific region.

Key features of the study:

• This report provides an in-depth analysis of global thermoplastic elastomers market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global thermoplastic elastomers market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered as a part of this study include 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
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
• The global thermoplastic elastomers market report caters to various stakeholders in this industry including investors, suppliers,  thermoplastic elastomers manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global  thermoplastic elastomers market

Detailed Segmentation:

• Global Thermoplastic Elastomers Market, By Product Type :
  • Styrenic Block Co-polymers
  • Co-polyester
  • Polyurethane
  • Polyamide
  • Thermoplastic/Elastomers Blend & Alloy
  • Polyolefin
  • Vulcanizates
  • Reactor-made Thermoplastic Polyolefin Elastomers (R-TPO)
  • Polyolefin Plastomers (POP’s)
  • Polyolefin Elastomers (POE’s)
• Global Thermoplastic Elastomers Market, By Application :
  • Automotive Parts
  • Wires and Cables
  • Coating
  • Adhesive & Sealant
  • Paving & Roofing
  • Housewares & Appliances
  • Others
• Global Thermoplastic Elastomers Market, By End-use Industry:
  • Building & Construction
  • Automotive
  • Packaging
  • Footwear
  • Consumer Electronics
  • Others
•  Global Thermoplastic Elastomers Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East & Africa
    • By Country/Region:
      • Middle East
      • Africa
• Company Profiles
  • DowDoPont Inc
    • Company Overview
    • Product Portfolio
    • Key Strategies
    • Recent Developments
    • Future Plans
  • Arkema Group
  • Asahi Kasei Corporation
  • PolyOne Corporation
  • Elastron Kimya SA
  • Kraton Corporation
  • Evonik Industries
  • Covestro AG.
  • Lubrizol Corporation
  • Huntsman Corporation
  • Tosh Corporation
  • Teknor Apex Company

“*” marked represents similar segmentation in other categories in the respective section