Thermoplastic elastomers are versatile materials that exhibit both the properties of elastomers as well as the processing advantages of plastics. They find widespread application in the automotive industry in applications such as dampers, hoses, gaskets, seals etc. due to their resilience and resistance to environmental factors.
The global thermoplastic elastomers market is estimated to be valued at US$ 28.8 billion in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Styrenic block copolymer or SBC is one of the widely used thermoplastic elastomers. It find application in various end-use industries such as automotive, consumer goods, medical etc. The growing automotive production across the world especially in Asia Pacific is expected to drive the demand for SBC over the forecast period. As per projections, global automotive production is estimated to grow at over 3% annually till 2030. This rising automotive output especially in China and India will necessitate increased consumption of SBC based components in vehicles thereby propelling the SBC market which in turn will drive the overall thermoplastic elastomers market.
Strength: Thermoplastic elastomers have improved physical properties such as flexibility, strength and resistance to abrasion and environmental stress cracking compared to conventional plastics. They can be processed using methods such as injection molding and extrusion.
Weakness: Thermoplastic elastomers are more expensive than conventional plastics. They require specialized processing techniques and equipment.
Opportunity: Growing demand from application industries such as automotive, footwear and medical will drive market growth. Development of bio-based thermoplastic elastomers provides an opportunity.
Threats: Volatility in raw material prices and availability is a concern. Stringent environmental regulations regarding plastic waste management pose a challenge.
Global Thermoplastic Elastomers Market Size is expected to witness high growth. The market size is projected to reach US$ 28.8 Bn by 2023 growing at a CAGR of 7.0% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the market currently owing to large automotive industry in the region. The Asia Pacific region is expected to witness fastest growth on account of increasing demand from China, India and other developing countries of the region.
Key players: Key players operating in the thermoplastic elastomers market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation.
The global thermoplastic elastomers market is highly competitive with presence of several international and domestic players. The key players focus on new product development and expansion strategies to gain higher market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it