New York, USA, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Thermoplastic Elastomers (TPE) Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Thermoplastic Elastomers (TPE) Market Information by Product, End-Use Industry, and Region - Forecast till 2030”, the market is estimated to grow at a 8.5% CAGR to reach USD 35 Billion by 2030.
Market Scope:
Thermoplastic elastomers (TPEs) are produced similarly to plastic, however they differ in that they have rubber characteristics. Because of its superior performance qualities like cleanliness, shock absorption, flexibility, weather, chemical, and thermal resistance, easy sterilization, and dimensional stability, thermoplastic elastomers are utilized extensively.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 35 Billion |
| CAGR | 8.5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing demand for TPEs in the automotive industry |
| The electrical and footwear industries are requiring TPEs application on a large scale, which is predicted to drive the market |
Competitive Dynamics:
The global thermoplastic elastomers market has some top key players such as:
- The Dow Chemical Company (US)
- RTP Company (US)
- Elastron Kimya SAN. TİC. AŞ (Turkey)
- Timco Rubber (US)
- Arkema (France)
- Huntsman International LLC (US)
- Covestro AG (Germany)
- Kraiburg TPE GmbH & Co. KG (Germany)
- Kent Elastomer Products (US)
- Altana AG (Germany)
- Tosoh Corporation (Japan)
- The Lubrizol Corporation (US)
- Teknor Apex (US)
- JSR Corporation (Japan)
Market USP:
Market Drivers
Due to their eco-friendliness, cheap production energy costs, ease of processing and recycling, and ability to be easily molded, thermoplastic elastomers are experiencing an increase in demand. Thermoplastic elastomers are also used in a wide range of industries, including the building and construction industry, the healthcare sector, and household appliances. According to research, the market for thermoplastic elastomers is expanding as a result of the increased use of these materials in electric vehicles. Since thermoset rubbers used in electric vehicles are of higher quality and thermoplastic elastomers have high-performance properties not found in conventional metals, these materials are in high demand.
The production of cars is primarily based in Asian nations. In countries like China, India, Japan, and South Asia, the market for thermoplastic elastomers is anticipated to be driven by ongoing technical advancements in the automobile industry. Automotive vehicle manufacturers are focusing their efforts on lightening the vehicle weight by substituting metal parts like iron and steel components with lightweight high-performance elastomers in order to increase fuel efficiency, improve vehicle performance, and reduce CO2 emissions. Thus, the demand for thermoplastic elastomers is anticipated to rise over the course of the projected period as the automotive sector expands globally.
When compared to conventional metals, thermoset rubbers, and other materials, thermoplastic elastomers are employed in EVs to give a number of high-performance qualities. The market for thermoplastic elastomers is boosted by the government's backing of EVs and the shifting regulatory landscape. The demand for thermoplastic elastomers is anticipated to rise over the projected period as a result of the global EV market's growth and the automotive sector's recovery.
Market Limitations
However, the lack of technological know-how in the thermoplastic elastomer production process can pose serious problems for the market share of elastomers. Several additional materials, including compounding grades of polyethylene, polypropylene, acrylonitrile butadiene styrene, and polyurethane, have been produced that have qualities similar to TPEs and are considerably less expensive than TPE. In a few end-use industries, including industrial machinery, building & construction, and electronics, thermoplastic elastomers are a competitive product due to all these factors. The pricing of thermoplastic elastomers are also impacted by changes in the cost of raw materials.
The price dynamics of thermoplastic elastomers are significantly influenced by the shifting price of oil because the majority of their raw materials are generated from it. The Russia-Ukraine war and the OPEC+ strategy have caused the price of crude oil to rise significantly, which has raised the cost of raw materials globally. The profit margins of TPE goods would be impacted by the sharp rise in raw material prices.
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COVID-19 Analysis:
The COVID 19 epidemic has compelled the governments to implement measures like a lockdown and a social segregation rule. Many of the marketing industries' manufacturing and shipping costs have decreased as a result. One of them was the market for thermoplastic elastomers. Demand for the products has decreased, and there is a labor shortage. Comparing the performance results of 2020 to those from the prior year, the global market's volume decreased. Overall, it can be claimed that the global pandemic has thrown off the global market's supply and demand chains.
As a result, the main players have made use of the time to create fresh plans and boosted the growth of the thermoplastic elastomers market over the forecast year. To battle the pandemic condition, the major stakeholders have developed relevant or suitable strategies at the proper moment.
Market Segmentation:
By Products
Over the review period, the polyurethane segment is anticipated to experience significant expansion.
Styrene Block Copolymer held the biggest market share for thermoplastic elastomers in terms of volume. These high-performance elastomers, called styrene block copolymers, are made to enhance performance in a number of applications. In a number of end-use industries, ethylene-propylene (EP) rubber and EPDM are replaced by the thermoplastic characteristics found in styrene block copolymers.
By Application
It is necessary in the automotive sector for a number of things, including fuel line covers, air vents, door handles, side bumpers, mudguard parts, and door weather strips. The market for thermoplastic elastomers in the automotive sector is anticipated to grow as a result of increased market competition among players to supply lightweight and rising vehicle demand, development of transportation infrastructure, favorable governmental regulations, reliable auto parts, and rapid economic growth.
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Regional Analysis:
Due to the region's expanding building & construction, automotive, and footwear sectors, the Asia Pacific region generated the greatest share for the thermoplastic elastomers market forecast period in 2017. Another factor driving up demand in this region is the world's fast industrialisation and population growth.
Currently, the market for thermoplastic elastomers is dominated by the North American region for the foreseeable future. Thus, the presence of several automobile manufacturing facilities, improvements in the healthcare industry, and the widespread usage of biodegradable products all contribute to this region's leadership.
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