Global Thermoplastic Elastomers Market is estimated to be valued at US$ 25.2 Billion in 2021, according to Thermoplastic Elastomers Market Report, 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), and Polyolefin Elastomers (POE’s)), by Application (Automotive Parts, Wires & Cables, Coating, Adhesive & Sealant, Paving & Roofing, Housewares & Appliances, and Others), by End-use Industry (Building & Construction, Automotive, Packaging, Footwear, Consumer Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Global thermoplastic elastomers market was valued at US$ 25.2 Billion in 2021. Thermoplastic elastomers market is expected to register a CAGR of 6.9% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 40 figures* on "Global Thermoplastic Elastomers Market” - Forecast to 2030.
Key Trends and Analysis of the Global Thermoplastic Elastomers Market:
- Among product type, Strenic block co-polymer segment is expected to gain major traction, which in turn is expected to favor growth of the thermoplastic elastomers market over the forecast period. Vulcanizates segment is expected to be the fastest growing segment over the forecast period, owing to its increasing applications in automotive parts, building material, sporting goods, appliance parts, and others.
Key Takeaways of the Global Thermoplastic Elastomers Market:
- Thermoplastic elastomers comply with the US Federal Food, Drug and Cosmetic Act as a food contact substance, which allows use of thermoplastic elastomers in packaging of all food types. Moreover, the properties of TPE such as weather & temperature resistance, shock absorption, flexibility, and abrasion resistance are used as an impact modifier for automotive parts such as brake seals, oil filter seals, grease seals, dashboards, door trims, wiper spoiler, instrumental auto interiors, exteriors, under the hood, weather seals, car bumpers, and others.
- Asia Pacific thermoplastic elastomer market is expected to witness fastest growth over the forecast period, owing to increasing demand for thermoplastic elastomers from various industries such as automotive, packaging, medical, and others, with China, India, and Japan contributing the major revenue share in Asia Pacific thermoplastic elastomer market. The packaging industry witnessed significant growth in this region, owing to increasing population, which is fuelling demand for processed food. For instance, according to the India Brand Equity Foundation (IBEF) 2017, the fast moving consumer goods market in India is expected to increase at a CAGR of 14.9% to reach US$ 220 billion by 2025, from US$ 110 billion in 2020. The urban segment contributes to about 55% of the revenue share, while the rural segment accounts for 45%. Rise in rural consumption will drive the FMCG market.
- Europe market is expected to showcase significant growth during the forecast period. This growth can be associated with the high demand for automobiles from consumers. Improving consumer lifestyle is one of the key drivers for high demand for luxury automobiles, thus creating more market opportunities. Germany is one of the major countries for automotive manufacturing, which can be attributed to growing technological advancements providing efficient solutions for lightweight vehicles.
Players operating in the global thermoplastic elastomers market are adopting various growth strategies such as plant capacity expansion to cater to increasing demand for thermoplastic elastomers. For instance, in June 2018, Arkema Group announced plans to launch a new project by mid-2020, to increase the production capacity of ‘Polyamide 12’ by 25% in China. Also, in May 2018, Elastron Kimya SA announced plans to open its TPE manufacturing plant in Gainesville, U.S. The setup of this plant would cost around US$ 10 million. It would promote company’s thermoplastic elastomers brand in the U.S. and will attract new clients from the region.