New York, July 17, 2023 (GLOBE NEWSWIRE) -- The global thermoplastic elastomer market size is slated to expand at ~9.5% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 76 billion by the end of 2035, up from a revenue of ~USD 26 billion in the year 2022.The rapidly increasing demand for consumer & industrial electronic & electrical products along with the growing use of elastomers in the day-to-day electrical and electronics gadget and products such as computing products, mobile phone components, TV, radio, cables, plugs, and sockets owing to their flexibility, electrical resistance, wear resistance, durability, and UV stability. It is estimated that the total consumer electronic industry’s revenue in 2023 will hit over USD 700 Billion whereas the average annual growth rate of the industry will reach nearly 11% from 2023 to 2027 which is almost 4 times more compared to the previous year’s average.
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Global Thermoplastic Elastomer Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Thermoplastic Vulcanizates (TPV) segment to garner the highest growth
- Market in Europe to grow at the highest rate
Massive Increase in Automotive Demand to Drive Market Growth
The increasing carbon dioxide (CO2) emission from the global transport sector, which stood at ~37% of CO2 emissions in 2021, along with the rising concern about greenhouse gases globally owing to the growing number of cars & other motor vehicles on the road, along with the massive execution of various stringent regulatory frameworks by environmental agencies to reduce the global carbon footprint and achieve optimum fuel efficiency, have resulted in the usage of plastics as a substitute for metals and alloys in automotive components by the automotive OEMs to create a lightweight vehicle. As is found in research, a 10% reduction in any vehicle’s weight can enhance its fuel economy by 6–8%. Furthermore, the state of the Indian automotive OEM industry, which led in segments such as two-wheelers, segment A cars, and tractors with 26 million, 65 million, and 76 million vehicle sales in 2018 and predicts to nearly triple its vehicle sales by 2026, can project the boom in the automotive sector.
Global Thermoplastic Elastomer Market: Regional Overview
The global market is divided into the following major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Elevation in Urbanization to Drive the Growth in the Asia Pacific Region
The market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The region's growing population, rising urbanization, and rapidly expanding construction industry, all of which are driving up demand for durable and flexible materials for extruded weather seals, are expected to drive up thermoplastic elastomer market growth in the region over the forecasted period, along with rising GDP per capita in the region's high- and middle-income nations. For instance, it is projected that, owing to the radically growing urbanization, Indian cities will be home to more than 500 million people by 2030. Also, New Delhi, with a comparable GDP per capita, might match up to Russia in 2014 by 2026.
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Adherence with the 2030 Agenda to Drive the Growth in the Europe Region
The thermoplastic elastomer market in Europe is estimated to garner the highest CAGR by the end of 2033. The rapidly rising research and development investments in the region, along with the growing demand for non-toxic recyclable plastics that are highly eco-friendly and biodegradable, in addition to the increasing demand for bio-based products with high strength, lightweight, and relatively low processing costs to adhere to the sustainable development goals in the region, are expected to boost the market growth in the region in the provided time period. For instance, research and development investments in Europe hit 8.9% in 2021, compared to a 2.2% COVID-19 pandemic-related dip in 2020. Furthermore, the adoption of climate-neutral practices endorsing a green economy in the region is further expected to contribute to regional market growth in the upcoming years.
Thermoplastic Elastomer Segmentation by Type
- SBC - Styrenic block copolymers
- TPO - Thermoplastic polyolefinelastomers
- TPU - Thermoplastic polyurethanes
- TPC - Thermoplastic copolyester
- TPV - Thermoplastic Vulcanizates
- TPA - Thermoplastic polyamides
The TPV segment is anticipated to hold the largest revenue by the end of 2033. The growing adoption of environmentally friendly and easy-to-recycle materials worldwide is expected to propel segment growth over the predicted time frame. More than 60% of global consumers are interested in making eco-friendly and sustainable purchases, compared to nearly 25% currently. Furthermore, in the thermoplastic elastomer vs. rubber comparison, TPEs offer better environmental advantages, as their thermal bonds are found to be reversible, and they can be widely used as filler in a multitude of applications. There has been a decrease in the production volume of the rubber industry since COVID-19, which is persistently reducing by 25 million metric tons every year.
Thermoplastic Elastomer Segmentation by End-User Industry
- Automotive
- Building & Construction
- Footwear
- Wire & Cable
- Medical
- Engineering
The medical segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rapidly growing healthcare sector worldwide, the rising demand for various medical devices such as breathing tubes, masks, syringe seals, and other airtight seals, and the elevating need for flexible, biocompatible, lightweight, and chemically resilient material for medical devices & medical equipment. For instance, global health expenditure stood at ~9.8% of GDP in 2019. Moreover, the medical device industry in the United States is expected to generate ~USD 163 billion in 2023. Furthermore, the increasing consumption of plastics, PVC, and thermoplastics is expected to further boost segment growth.
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Thermoplastic Elastomer Segmentation by
- Polystyrenes
- Polyurethanes
- Polyolefins
- Polyesters
- Polyether imides
- Polyamides
A few of the well-known market leaders in the global thermoplastic elastomer market that are profiled by Research Nester are Arkema Group, Huntsman International LLC, Covestro AG, KRAIBURG TPE GmbH & Co. KG, Kent Elastomer Products, ALTANA AG, Tosoh America, Inc., The Lubrizol Corporation, Teknor Apex Company, Inc., JSR Corporation, and other key market players.
Recent Development in the Global Thermoplastic Elastomer Market
- Arkema Group, a provider of innovative materials for a sustainable world declared a 25% increase in global manufacturing of Pebax elastomer by investing in Serquigny.
- Covestro AG a world-leading supplier of high-tech polymer materials, is working towards the expansion of its portfolio of circular TPU products based on alternative resources.
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