The Global Thermoplastic Elastomer Market Size was valued at USD 21,431 Million in 2021 and is predicted to be worth USD 39,009 Million By 2030, with a CAGR of 7.1% from 2022 to 2030. The growing demand from the automotive and construction sectors in emerging nations is driving the growth of the thermoplastic elastomers market size. Furthermore, the rising demand for sustainable and eco-friendly bio-based thermoplastic elastomers bodes well for future growth in the thermoplastic elastomer market.
Thermoplastic Elastomer Market Report Key Highlights
Thermoplastic elastomers, sometimes known as thermoplastic rubber, are materials with elastomeric and thermoplastic characteristics. These are elastic and soft fabrics that may be stretched and returned to their original length. These elastomers have outstanding features such as abrasion resistance, heat and chemical resistance, low permeability, and increased adhesion. Thermoplastic elastomers are high-quality food wrapping coverings that store food fresher, prevent it from insects and microbiological infection, and reduce the chance of food waste by prolonging its storage life. Thermoplastic elastomers are majorly used in a broad range of industries, including automotive, construction, electronics, medical, and packaging.
Thermoplastic elastomers are composed of thermoplastic, thermoset, and elastomeric plastic and elastomer components. These elastomers including polyurethanes, polyesters, polystyrenes, as well as polyamides are frequently used in the automotive sector. Thermoplastic elastomers are also utilized in the construction industry for roofing, industrial adhesives, lubricants, varnishes, wiring, and connectors in the electronic and electrical industries and consumer goods manufacturing.
Global Thermoplastic Elastomer Market Analysis
Thermoplastic Elastomer Report Coverage
|Market||Thermoplastic Elastomer Market|
|Thermoplastic Elastomer Market Size 2021||USD 21,431 Million|
|Thermoplastic Elastomer Market Forecast 2030||USD 39,009 Million|
|Thermoplastic Elastomer Market CAGR During 2022 - 2030||7.1%|
|Thermoplastic Elastomer Market Analysis Period||2018 - 2030|
|Thermoplastic Elastomer Market Base Year||2021|
|Thermoplastic Elastomer Market Forecast Data||2022 - 2030|
|Segments Covered||By Material, By Application, And By Geography
|Thermoplastic Elastomer Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Arkema S.A., Bayer MaterialScience LLC, BASF SE, Evonik Industries, EMS Group, LyondellBasell Industries, Huntsman Corporation, Kraton Polymers, Sinopec, Nippon Polyurethane Industry Company Ltd., TSRC Corporation, and The Dow Chemical Company|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The growing adoption of thermoplastic elastomers by end-user sectors such as automotive, electrical and electronics kitchen appliances, building and construction, healthcare, adhesives, footwear, sealants and coatings, HVAC, and other sectors around the world is expected to propel the thermoplastic elastomers (TPE) market size. The expanding automotive industry, as well as the growing preference for electric vehicles, will be the primary factor for the thermoplastic elastomer market growth over the projection period. Furthermore, growing awareness about the advantages of these elastomers, such as their better performance characteristics such as shock absorption, weather, flexibility, chemical, cleanliness, and thermal properties, ease of sterilization, and dimensional stability, will contribute to the thermoplastic elastomer market forecast growth.
The increasing demand for elastomers from the automobile industry for the production of lightweight vehicle components as well as the emergence of the electric vehicles sector is projected to drive the TPE market in the coming years. Furthermore, due to its environmentally friendly and easy-to-recycle character, the acceptance of this product by numerous sectors is predicted to expand the market in the approaching years. Moreover, rapid urbanization around the world, combined with rising discretionary income among consumers, has resulted in exponential growth in the vehicle and consumer electronics sector, fueling the growth of the thermoplastic elastomers market shares. Furthermore, thermoplastic elastomers are used in the building industry due to their exceptional qualities.
Furthermore, the growing trend of replacing thermoset rubber with thermoplastic materials, as well as increasing consumer inclination for high-performance and low-weight passenger vehicles, is expected to drive the market during the estimated period. There are various constraints and problems that can stymie market expansion. Raw material price volatility and instability are expected to operate as market restrictions.
Thermoplastic Elastomer Market Segmentation
The global thermoplastic elastomer market segmentation based on the material, application and geographical region.
Thermoplastic Elastomer Market By Material
In terms of material, polystyrene is predicted to hold a significant market share in 2021. These polystyrene are high-performance elastomers that have been developed to increase their performance in a wide range of applications. The features of thermoplastic materials in the styrene block copolymer are utilized in a variety of end-use sectors to substitute ethylene propylene diene monomer (EPDM) as well as ethylene-propylene (EP) rubber. Furthermore, the polystyrene segment dominated the market due to increased customer preferences from numerous industries including automotive, medical, construction, electrical & electronics, footwear, and many others. Moreover, the move toward passenger cars and light commercials is projected to support the segment's continuing growth.
Thermoplastic Elastomer Market By Application
According to the thermoplastic elastomers industry analysis, the automotive segment is expected to rise significantly in the market over the next few years. This growth is attributable to the global rising demand for lightweight automobiles. A thermoplastic elastomer is widely utilized in various external and internal body parts in the automotive sector, including bodywork seals, external filler panels, automotive sealants, door and window grips, wipers, rocker sheets, as well as vibration damping pads. The automotive thermoplastic elastomers market is projected to grow because of increased rivalry among market participants to produce lighter weights and growing demand for electric and hybrid automobiles, expansion of transportation systems, supporting government regulations, vigorous automotive parts, and rapid economic expansion.
Thermoplastic Elastomer Market Regional Outlook
The Middle East & Africa (MEA)
Rapid Expansion Of Automotive Industry In Asia-Pacific, Spurs The Regional Market Growth
According to the thermoplastic elastomers market forecast, the Asia-Pacific region is predicted to develop significantly in the market over the next few years. This is attributable to the region's rising end-use sectors, such as automobile, electronics, electrical, and construction. Another factor driving demand expansion in the Asia-Pacific region is the growing population per income per capita in emerging countries like India and China, combined with increased industrialization. The fastest-evolving economies in the region are those of India and China which are also now among the world's most significant producers. Furthermore, the expanding manufacturing industry will drive thermoplastic elastomers compound demand in the transportation, industrial equipment, container, electronics, and electrical sectors.
Thermoplastic Elastomer Market Players
Some of the prominent global thermoplastic elastomer market companies are Arkema S.A., Bayer MaterialScience LLC, BASF SE, Evonik Industries, EMS Group, LyondellBasell Industries, Huntsman Corporation, Kraton Polymers, Sinopec, Nippon Polyurethane Industry Company Ltd., TSRC Corporation, and The Dow Chemical Company
The global thermoplastic elastomer market size in 2021 was accounted to be USD 21,431 Million.
The projected CAGR of thermoplastic elastomer during the analysis period of 2022 to 2030 is 7.1%.
The prominent players of the global thermoplastic elastomer market involve Arkema S.A., Bayer MaterialScience LLC, BASF SE, Evonik Industries, EMS Group, LyondellBasell Industries, Huntsman Corporation, Kraton Polymers, Sinopec, Nippon Polyurethane Industry Company Ltd., TSRC Corporation, and The Dow Chemical Company.
North America held the dominating share for thermoplastic elastomer during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for thermoplastic elastomer during the analysis period of 2022 to 2030.
Rising demand for automotive and automotive parts, as well as increasing electric vehicle penetration, and strict emission regulations and norms in emerging economies are the prominent factors that fuel the growth of global thermoplastic elastomer market.
Based on material, poly styrenes segment held the maximum share for thermoplastic elastomer market in 2021.