Burlingame, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Thermoplastic Elastomers Market, by Product Type (Styrenic Block Co-polymers, Co-polyester, Polyurethane, Polyamide, Thermoplastic/Elastomers Blend & Alloy, Polyolefin, Vulcanizates, Reactor-made Thermoplastic Polyolefin Elastomers (R-TPO), Polyolefin Plastomers (POP’s), and Polyolefin Elastomers (POE’s)), by Application (Automotive Parts, Wires & Cables, Coating, Adhesive & Sealant, Paving & Roofing, Housewares & Appliances, and Others), by End-use Industry (Building & Construction, Automotive, Packaging, Footwear, Consumer Electronics, and Others), Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030.” According to Coherent Market Insights, global thermoplastic elastomer market is estimated to be valued at US$ 25.2 billion in 2022 and is expected to exhibit a CAGR of 6.9% during the forecast period (2023-2030).
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Analysts’ Views on Global Thermoplastic Elastomer Market
Thermoplastic elastomers (TPEs) are a class of materials that combine properties of thermoplastics and elastomers. It is a diverse family of rubber-like materials that, unlike conventional vulcanized rubber, can be processed and recycled like thermoplastic materials. They exhibit characteristics of rubbery elastomers and rigid thermoplastics, making them versatile materials with a wide range of applications. Its rubber like properties have enabled TPE to replace rubber significantly in several applications. TPEs are used in automobile parts, medical devices, footwear, adhesives, household goods, and more where they offer elasticity benefits over a wide temperature range. Thus, there is an increasing demand for thermoplastic elastomers worldwide.
Key Trends and Analysis of the Global Thermoplastic Elastomer Market:
Increasing demand for bio-based thermoplastic elastomer is one of the key trends expected to drive growth of the global thermoplastic elastomer market. For instance, in June 2023, Avient expanded its reSound BIO biobased and reSound REC recycled content TPE portfolios with the launch of a new range of halogen-free flame-retardant (HFFR) grades containing recycled and biobased resin. This range has been developed to meet the growing demand for consumer electronics made with sustainable raw materials and meet strict FR compliance without compromising performance and processability. This trend is expected to continue over the forecast period.
Global Thermoplastic Elastomer Market – Drivers
Increasing demand for electric vehicles to propel market growth
With the changing regulatory scenario and government policies to support electric vehicles (EVs) and rising penetration of EVs across the world, the use or demand for thermoplastic elastomers is also increasing with a rapid pace, as Thermoplastic elastomers (TPEs) are used to provide several high-performance characteristics in electric vehicles. By 2030, the Government of India intends to have an EV sales penetration of 30% for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers. NITI Aayog has inspired 25 states to come up with EV policies, of which 15 have already announced state EV policy.
Thermoplastic Elastomers Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 25.2 Bn | |
| Historical Data for: | 2017 to 2021 | Estimated Year: | 2022 | |
| Forecast Period 2022 to 2030 CAGR: | 6.9% | Forecast Period: | 2022-2030 | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Increasing demand for medical elastomers to drive market growth
Thermoplastic elastomers (TPE) are suitable for a wide variety of uses in the medical device and pharmaceutical markets. TPEs are used as surgical elastomer wipes, as tapes for gauze bandages, for disposable surgical gowns or tourniquet bands. TPEs are the premier choice for medical grade flexible thermoplastics for medical devices. TPEs provide medical designers with a range of soft-feel, hygienic materials that can readily fulfill accepted medical industry standards. In November 2022, Hexpol TPE launched line of medical TPEs with bio-attributed content to expand company’s growing portfolio of materials based on non-fossil feedstocks.
Global Thermoplastic Elastomer Market – Restrain
High cost of TPE materials to hamper the market growth
One of the key factors expected to hamper the growth of the global thermoplastic elastomer market is the high cost of thermoplastic elastomer materials. For instance, as compared to other materials, such as rubber, polyvinyl chloride (PVC), polyurethane, and polyethylene, the production process for thermoplastic elastomers is complex and a capital intensive. The high investment requirement in thermoplastic elastomers process restricted its use in high-scale applications. Moreover, there are several other products that have properties like TPEs and are relatively cheaper than TPE, and thus, the use or demand for such products is increasing with a rapid pace, worldwide.
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Global Thermoplastic Elastomer Market – Opportunities
High demand for thermoplastic elastomers across the globe is expected to offer significant growth opportunities for players in the thermoplastic elastomer market. With the increasing application in various end-use industries, the use of demand for thermoplastic elastomers is also increasing with a rapid pace. In May 2021, Avient announced the addition of three proprietary, TPE formulations that contain antimicrobial additives to its GLS TPE portfolio. Tested in accordance with JIS Z2801 and ASTM G21-15 standards, these additives protect molded plastic parts by inhibiting bacterial growth (99.9% or more) and resisting fungal and mold growth.
Global Thermoplastic Elastomer Market - Key Developments
In April 2022, DowDuPont Inc. launched its Dupont Liveo pharma tubing, a TPE tubing for the biopharmaceutical industry. The product launch added a range of extruded pharma tubing based on TPE technology.
In November 2019, Audia Elastomers launched its OP line of TPEs based on marine waste plastics. The OP line of elastomer materials includes products with up to 45% marine waste and 70% total recycled material content in a wide range of hardness from 35 Shore A to 95 Shore A.
Key Market Takeaways:
Global thermoplastic elastomer market is expected to exhibit a CAGR of 6.9% during the forecast period. The global thermoplastic elastomer market is growing rapidly in response to the increasing demand for consumer electronics across the globe.
On the basis of Product Type: Styrenic Block Co-polymers Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for styrenic block co-polymers across the globe.
On the basis of Application: Automotive Parts Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for automobiles and automotive parts across the world.
On the basis of End-use Industry: Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the Automotive Industry.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due to increasing demand for automobiles and automotive parts, rising demand for the electric vehicles, and rapid growth of the Automotive Industry in the region.
Competitive Landscape:
Key players operating in the global thermoplastic elastomer market include 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.
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Detailed Segmentation:
- Global Thermoplastic Elastomers Market, By Product Type :
- Styrenic Block Co-polymers
- Co-polyester
- Polyurethane
- Polyamide
- Thermoplastic/Elastomers Blend & Alloy
- Polyolefin
- Vulcanizates
- Reactor-made Thermoplastic Polyolefin Elastomers (R-TPO)
- Polyolefin Plastomers (POP’s)
- Polyolefin Elastomers (POE’s)
- Global Thermoplastic Elastomers Market, By Application :
- Automotive Parts
- Wires and Cables
- Coating
- Adhesive & Sealant
- Paving & Roofing
- Housewares & Appliances
- Others
- Global Thermoplastic Elastomers Market, By End-use Industry:
- Building & Construction
- Automotive
- Packaging
- Footwear
- Consumer Electronics
- Others
- Global Thermoplastic Elastomers Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East & Africa
- By Country/Region:
- Middle East
- Africa
- By Country/Region:
- North America
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