The global Thermoplastic Elastomers Market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermoplastic elastomers are polymers which have both the properties of thermoplastics as well as elastomers. They can be easily processed like thermoplastics and has high elasticity and flexibility like rubber. These are used in industries like automotive, construction, medical and many more due to their superior mechanical properties.
Market key trends:
Increasing demand from automotive industry: Thermoplastic elastomers find wide application in automotive industry for manufacturing automotive parts owing to their recyclability and resistance to chemicals, oils and aging. The growing automotive industry globally is propelling the demand for these elastomers from this industry. For instance, according to International Organization of Motor Vehicle Manufacturers, around 79 million vehicles were produced worldwide in 2018. Rapid urbanization and rising disposable income are some of the factors boosting the automotive industry.
Market key trends:
One of the key trends in the thermoplastic elastomers market is the increasing demand from the automotive industry. Thermoplastic elastomers are widely used in automotive interior and exterior parts due to their flexibility and resilience at low temperatures. Properties like UV resistance, high tensile strength and good aging resistance have made thermoplastic elastomers an important material in automotive sector for manufacturing components like tires, bumpers, hoses and seals.
SWOT Analysis
Strength: Thermoplastic elastomers provide flexibility, resilience and recyclability due to their combination of properties of both plastics and elastomers.
Weakness: High price of thermoplastic elastomers as compared to traditional rubbers limits their use in some applications.
Opportunity: Growing demand from industries like automotive, medical and construction due to thermoplastic elastomers properties like flexibility and recyclability.
Threats: Volatility in raw material prices and availability can impact overall production cost of thermoplastic elastomers. Stagnant automobile production in some regions.
Key Takeaways
The global Thermoplastic Elastomers Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from the automotive industry. The growing automotive industry in developing countries of Asia Pacific is driving the demand for thermoplastic elastomers in the region.
Regional analysis
Asia Pacific is the fastest growing as well as the largest market for thermoplastic elastomers, with China being the major consumer. Abundant availability of raw materials and growing automotive industry are supporting the growth of thermoplastic elastomers market in the region. North America and Europe are also significant markets for thermoplastic elastomers due to large automotive manufacturing base.
Key players
Key players operating in the thermoplastic elastomers market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
