Beijing, Aug. 28, 2022 (GLOBE NEWSWIRE) — 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.
Thermoplastic Elastomer Market Report Key Highlights
- Global thermoplastic elastomer market size was US$ 21,431 million in 2021 and expected to grow at CAGR of 7.1% from 2022 to 2030
- North America thermoplastic elastomer market is expected to lead with more than 30% market share
- Asia Pacific thermoplastic elastomer market is expected to grow at fastest CAGR during the forecast period from 2022 to 2030
- The market for new electric vehicles with lightweight passenger automobiles is expanding in the United States and Canada
- Asia-Pacific automotive industry is predicted to drive global expansion in the thermoplastic elastomers market share
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Thermoplastic Elastomers Market Report Coverage:
|Parameter||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|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
With recent rapid industrialization and a need for value-added products, demand for elastomers is increasing in a wide range of industries, including automotive, construction, healthcare, as well as electronics, and electrical. The thermoplastic elastomers (TPE) market size is growing as a consequence of increased demand for elastomers used in the production of sustainable building goods such as paints, adhesives, tubes, and other materials. Elastomer use is increasing due to tremendous improvements in the automotive sector and the growing manufacturing of electric and hybrid vehicles. A thermoplastic elastomer is a type of polymer typically used in automotive tires. Because of characteristics such as ease of processing, greater design freedom, versatility, regenerative capacity, and lightweight, thermoplastic elastomers will be widely used in the aviation and automotive industries. The utilization of high-performance and low-weight thermoplastic elastomers provides an advantage in design and strength that is equivalent to steel. It also aids in decreasing total weight and greenhouse gas emissions.
Due to its characteristics including wear resistance, smoothness, scratch resistance, and heat stability, thermoplastic elastomers are being employed more frequently in a variety of end-use industries. The Asia-Pacific automotive industry is predicted to drive global expansion in the thermoplastic elastomers market share. The eco-friendliness of thermoplastic elastomers, combined with enhanced performance, is likely to propel the global thermoplastic elastomers market growth through the projected period. The factors projected to limit the expansion of the thermoplastic elastomers market are variable prices for raw materials and technical difficulties associated with the advancement of inexpensive and affordable thermoplastic elastomer materials.
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COVID-19 Impact on Global Thermoplastic Elastomer Market
The global COVID-19 pandemic had a substantial influence on demand for the thermoplastic elastomers market due to disturbance of the supply chain, interruption of manufacturing activities, and falling demand from end-use sectors such as automotive, electronics, consumer goods, construction, and others. However, due to the Covid-19 epidemic, demand from the healthcare profession grew, supporting growth in the thermoplastic elastomer market. Furthermore, the rapid recovery of end-use sectors, expanding disposable income, increasing urbanization, and rising environmental awareness have raised the utilization of thermoplastic elastomers in numerous sectors such as automotive and construction throughout the projection period.
Growing Demand for Bio-Based Thermoplastic Elastomers Is Propelling The Market Growth
Bio-based thermoplastic elastomers are often produced from sustainable bio-based substrates, such as starches, plant oils, or microbiota, like a replacement for conventional polymers made from petroleum-based resources. Bio-based elastomer content can be generated from renewable upstream raw materials that include polymers, plasticizers, fillers, or additives. The bio-based thermoplastic elastomer market is estimated to expand significantly throughout the forecast period. The increased use of thermoplastic elastomers in various end-user verticals is driving the bio-based thermoplastic elastomer industry. Strict emission limitations are also propelling the bio-based thermoplastic elastomer marketplace. The potential rebound from the impact of COVID-19 and the expanding acceptance of electric vehicles are major factors projected to drive the development of the bio-based thermoplastic elastomer market forecast. Furthermore, tight emission regulations and guidelines in industrialized countries are expected to force the bio-based thermoplastic elastomer industry forward. Furthermore, the increased demand for pharmaceutical elastomers as a result of innovations in the thermoplastic elastomer industry worldwide is expected to support the expansion of the bio-based TPE market.
Thermoplastic Elastomer Market Segmentation
The global thermoplastic elastomer market has been segmented by Acumen Research and Consulting based on material, and application. In terms of material, the market is separated into poly styrenes, poly urethanes, poly olefins, poly esters, poly ether imides, and poly amides. Based on the application, the industry is divided into automotive, industrial, electrical & electronics, consumer goods, medical, and others.
Global Thermoplastic Elastomer Market Regional Outlook
The global thermoplastic elastomer market is categorized into five geographic regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. According to the thermoplastic elastomers industry analysis, North America is predicted to lead the market and account for a considerable revenue share in 2021. Due to significant demand in the automotive, electronics and electronics, packaging, and construction sectors, the North American area is becoming one of the greatest consumers of plastics. Moreover, due to their versatility, ease of molding, and desired shape development, thermoplastic elastomers polymers have numerous uses in every industry. Furthermore, the market for new electric vehicles with lightweight passenger automobiles is expanding in the United States and Canada. Many auto manufacturers choose plastic vehicle parts since they enable them to achieve low-cost production and enhance their bottom line. These factors are influence the North America thermoplastic elastomer market growth.
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Thermoplastic Elastomer Market Players
Some of the prominent thermoplastic elastomer market companies is Arkema S.A., Bayer Material Science 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
Questions Answered By This Report
- What was the market size of thermoplastic elastomer market in 2021?
- What will be the CAGR of thermoplastic elastomer market during the forecast period from 2022 to 2030?
- Who are the major players in global thermoplastic elastomer market?
- Which region held the largest share in thermoplastic elastomer market in 2021?
- What are the key market drivers of thermoplastic elastomer market?
- Who is the largest end user of thermoplastic elastomer market?
- What will be the thermoplastic elastomer market value in 2030?
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