Burlingame, Aug. 16, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, South Korea Thermoplastic Elastomer Market is estimated to value at US$ 510.6 Million in the year 2024, and is anticipated to reach a US$ 749.2 Million by 2031, with growing at a CAGR of 5.5% during forecast period 2024-2031. Thermoplastic elastomers are polymers that have properties of both thermoplastics and elastomers. They are widely used in automotive, construction, medical and various other industrial applications due to benefits such as recyclability and easy processability.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 510.6 Million |
| Estimated Value by 2031: | US$ 749.2 Million |
| Growth Rate: | Poised to grow at a CAGR of 5.5% |
| Historical Data: | 2019 - 2023 |
| Forecast Period: | 2024 - 2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Product Type, By Application |
| Geographies Covered: | South Korea |
| Growth Drivers: | • Growing Demand for Lightweight Materials |
| • Technological Advancements | |
| Restraints & Challenges: | • Volatility in Raw Material Prices |
Market Dynamics:
The South Korea thermoplastic elastomer market is driven by increasing demand for thermoplastic elastomers from the automotive industry. Thermoplastic elastomers find wide application in manufacturing of automotive components owing to their flexibility and durability. Further, growing electric vehicles industry is also augmenting market growth as thermoplastic elastomers are used in manufacturing battery packs, seals, and gaskets in electric vehicles. However, volatility in raw material prices due to supply chain disruptions post COVID-19 pandemic can hamper market growth.
Key Market Takeaways:
- The South Korea thermoplastic elastomer market size is anticipated to witness a CAGR of 6.6% during the forecast period 2024-2031, owing to the rapid expansion of end-use industries such as automotive, electronics and construction in the country.
- On the basis of product type, protective packaging segment is expected to hold a dominant position, owing to increasing demand from the food and pharmaceutical industries.
- On the basis of application, automotive parts segment is expected to hold the largest market share over the forecast period, due to growing vehicle production and replacement market.
- By end-use industry, building & construction segment is expected to dominate the market through 2031, due to increased infrastructure development and commercial construction activities.
- South Korea is expected to hold a dominant position in the regional market over the forecast period, given the presence of major automotive OEMs and electronics manufacturers in the country.
- Key players operating in the South Korea thermoplastic elastomer market include Kumho Petrochemical, Samsung Sdi Co., Ltd, S K Global companies, Songwon Industries, LG Chem, Hwaseung Industries Co., Ltd., Dupont (Korea) Inc., Posco Daewoo Corporation, Glovis America Inc., and Hyundai Glovis Co., Ltd. These players are focusing on new product launches and capacity expansions to strengthen their market position.
Market Trends:
Styrenic Block Copolymer (SBC) Segment Dominates Market: Styrenic block copolymer captures over 30% of market share in South Korea thermoplastic elastomer market due to its excellent properties such as electrical insulation, abrasion resistance, and weatherability. It is widely used in automotive, footwear, and construction industries.
Growing Demand from Medical Industry: Thermoplastic elastomers are increasingly finding application in medical devices and equipment manufacturing owing to their favorable properties such as flexibility, durability and biocompatibility. Processes such as injection molding and extrusion make thermoplastic elastomers suitable for manufacturing medical components. This is expected to drive the South Korea thermoplastic elastomer market during the forecast period.
Recent Developments:
- In February 2023, Kuraray Co., Ltd. announced the completion of its new isoprene-related factory, which is expected to begin operations in stages soon. The new Thai factory is anticipated to help isoprene-related industries flourish by enhancing the global supply system and fulfilling rising global demand for 3-Methyl-1.5-Pentanediol (MPD), SEPTON hydrogenated styrenic block copolymers (HSBC), and GENESTAR heat-resistant polyamide-9T.
Get a detailed analysis of the South Korea Thermoplastic Elastomer Market report: https://www.coherentmi.com/industry-reports/south-korea-thermoplastic-elastomer-market
South Korea Thermoplastic Elastomer Market Opportunities:
Expanding Automotive Industry: The automotive industry in South Korea has been growing rapidly over the past few years. Thermoplastic elastomers find wide application in manufacturing various automotive parts such as bumpers, door seals, mudguards, interior trims etc. due to their flexibility and durability. The demand for lightweight and high-performance materials from the automotive industry is expected to drive the growth of the South Korea thermoplastic elastomer market.
Growing Electronics Sector: South Korea has emerged as a global leader in the electronics industry. Thermoplastic elastomers are important materials used in the manufacturing of various electronic components and devices due to their resistance to chemicals, heat and weathering. They are used to make protective casings, wire and cable insulation and other molded parts. The rapid growth of the electronics sector in South Korea is projected to fuel market growth during the forecast period.
South Korea Thermoplastic Elastomer Market Segmentation:
- By Product Type:
- Styrenic Block Copolymer (SBC)
- Thermoplastic Polyolefin (TPO)
- Thermoplastic Polyurethane (TPU)
- Thermoplastic Vulcanizate (TPV)
- Thermoplastic Polyester (TPE)
- Thermoplastic Polyamide (TPA)
- Organo-fluorine Elastomers
- Polyester Ether Elastomer
- Others
- By Application:
- Automotive
- Medical & Healthcare
- Consumer Goods
- Adhesives, Sealants & Coatings
- Building & Construction
- Wires & Cables
- Others
- Footwear
- Solar Energy (Photovoltaic Applications)
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/south-korea-thermoplastic-elastomer-market/buynow
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the South Korea Thermoplastic Elastomer market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the South Korea Thermoplastic Elastomer market?
- What are the prominent market trends influencing the development of the South Korea Thermoplastic Elastomer market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the South Korea Thermoplastic Elastomer market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
Key insights provided by the report that could help you take critical strategic decisions?
➞ Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
➞ Reports provide opportunities and threats faced by suppliers in the South Korea Thermoplastic Elastomer industry around the world.
➞ The report shows regions and sectors with the fastest growth potential.
➞ A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
➞ The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
➞ This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
➞ This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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