USD 22.37 billion
Thermoplastic Elastomer Market Size, Share, Growth Analysis, By product type(styrene block copolymers, thermoplastic polyolefin, thermoplastic olefins), By application(automotive, building and construction, electrical and electronics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2162 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Thermoplastic Elastomer Market Insights
Thermoplastic Elastomer Market size was valued at USD 22.37 billion in 2019 and is poised to grow from USD 24.26 billion in 2023 to USD 46 billion by 2031, growing at a CAGR of 8.32% in the forecast period (2024-2031).
Thermoplastic elastomers provide the properties of both plastics and elastomers. The products are commonly used to provide a range of properties in end-user industries, such as easy moldability, heat stability, smoothness, wear resistance, and scratch resistance.
There are different types of computers, each with its own strengths and weaknesses. Some are more expensive, but offer better performance. The demand for thermoplastic elastomers is projected to increase in the future as a result of the recovery of several end use industries, such as automotive and construction, from the COVID-19 pandemic and the increasing penetration of electric vehicles (EVs) worldwide.
The growing demand from the automotive industry, the environmentally friendly properties of thermoplastic elastomers, and the recent advances in the thermoplastic elastomer processing industry are all contributing factors to the growth of thermoplastic elastomers. The global industry has grown thanks to increasing consumption in various applications.
Growing demand for auto parts manufacturing is expected to be a major factor driving the global industry during the forecast period. The increased regulation of carbon emissions has forced major automotive OEMs to use plastics in place of metal and alloy parts. This change has led to a decrease in the use of metals and alloys in automotive components, which in turn has led to a decrease in emissions.
US Thermoplastic Elastomer Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive
Fastest Growth
Automotive
Growth Rate
8.32% CAGR
Global Thermoplastic Elastomer Market ($ Bn)
Country Share for North America Region (%)
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Thermoplastic Elastomer Market Segmental Analysis
The thermoplastic elastomers market is segmented on the basis of product type, application, and region. Whereas product type is sub segmented into the styrene block copolymers , thermoplastic polyolefin, thermoplastic olefins , elastomeric alloys , thermoplastic polyurethanes , thermoplastic copolyester and thermoplastic polyamides. The application is sub segmented into the automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others. Based on region, the market is segmented into North America, Latin America, Asia Pacific, Europe, and MEA
Thermoplastic Elastomer Market Analysis by Product type
Based on the product type, Styrene block copolymers are the most popular type of thermoplastic elastomer, accounting for a large share of the market. Called styrenic block copolymers, these high-performance elastomers are made to improve performance in many applications. In a number of end-use industries, styrene block copolymers are replacing ethylene-propylene (EP) rubber and EPDM. These new thermoplastic materials have unique thermoplastic characteristics that make them better suited for certain applications.
Thermoplastic Elastomer Market Analysis by Application
Based on the application, In the automotive sector, it is important to have a variety of parts, such as fuel line covers, air vents, door handles, side bumpers, mudguard parts, and door weather strips. The automotive sector is expected to grow in demand for thermoplastic elastomers, as players compete for market share to supply vehicles with lighter weight and growing demand. Transportation infrastructure is developing at a fast pace, and favorable government regulations are helping to support the growth of the automotive sector.
Global Thermoplastic Elastomer Market By Type
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Thermoplastic Elastomer Market Regional Insights
North America dominated the market and accounted for a revenue share of over 35.0% in 2021. The North American region is one of the largest consumers of plastics owing to high demand in the automotive, electrical and electronics, packaging, and construction sectors.
Due to their various benefits, easy molding, and desired shape formation, The TPE and other polymers have many applications in each industry . Many automobile manufacturers prefer using plastic parts in their vehicles, which helps them to achieve low-cost production and increase their profits. The region has a slow-growing market because there are already too many companies selling the same type of products there and the population is smaller than in Asia Pacific.
Global Thermoplastic Elastomer Market By Region
- Largest
- Fastest
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Thermoplastic Elastomer Market Dynamics
Thermoplastic Elastomer Market Drivers
Demand from Various End User Industries to Bolster Market Growth
- The increasing adoption of thermoplastic elastomers by the end-user verticals such as the automotive, building and construction, electrical and electronics, household appliances, medical,adhesive, sealants and coatings, footwear, HVAC and others across the globe is estimated to carve a way for the growth of the market. Thermoplastic elastomers are used largely in the healthcare industry to create medical equipment, like catheters, medication delivery tubes, surgical tool grips, and various implants. Thermoplastic elastomers are more and more popular for a variety of reasons, including their superior performance qualities. This trend is likely to continue, as awareness of their benefits grows. This will benefit the market overall. Due to their eco-friendliness, cheap energy costs in production, and ease of molding, processing, and recycling, thermoplastic elastomers are becoming more popular, which will bolster the market growth. The growth in construction activities and infrastructure development will help increase the growth rate of the thermoplastic elastomers market.
Thermoplastic Elastomer Market Restraints
High Cost to Hinder Market Growth
- The volatility or fluctuations in the prices of raw materials will create hindrances for the growth of the thermoplastic elastomers market. The thermoplastic elastomers business will be hampered by a lack of skilled workers, which will have a negative impact on the industry. The lack of advanced technology in low and middle-income economies will mean that there will be very little scientific progress. These factors will limit the growth of the thermoplastic elastomers market.
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Thermoplastic Elastomer Market Competitive Landscape
The players in the global thermoplastic elastomer market are investing in mergers & acquisitions. They are also collaborating with other companies to expand their consumer base. Investing in research and development activities are providing them with an edge over their competitors as they expand their product portfolio.
Thermoplastic Elastomer Market Top players company profiles
- BASF SE
- Kraton Corporation
- DuPont de Nemours, Inc.
- Dow Chemical Company
- ExxonMobil Corporation
- Arkema S.A.
- LCY Chemical Corp.
- Huntsman Corporation
- Polyone Corporation
- Dynasol Elastomers
- Teknor Apex Company
- Evonik Industries AG
- Mitsubishi Chemical Corporation
- Celanese Corporation
- Lubrizol Corporation
- Covestro AG
- KURARAY CO., LTD.
- Sinopec Corporation
- Asahi Kasei Corporation
- Kraton Polymers LLC
Thermoplastic Elastomer Market Recent Developments
- In March 2020, Veloxis Pharmaceuticals Inc. was bought by Asahi Kasei Corporation. The company's presence in the pharmaceutical industry will be enhanced as a result of this acquisition. Asahi Kasei is focused on accelerating its transformation into a global health-care provider. Asahi Kasei will maximize the value of both the current and acquired pharmaceutical companies in collaboration with Veloxis' newly expanded management team and workers.
Thermoplastic Elastomer Key Market Trends
- TPE facilitates increased fuel efficiency in automotive applications by lowering car weight and density by substituting conventional components inside and around the vehicle. To reduce environmental and human health impacts from carbon emissions, various regulatory bodies have put in place stringent regulations.
- Given the rapidly growing automobile markets, suppliers of TPE materials are projected to see increased demand for their products in exterior, interior, sealing systems, and under-the-hood components. The automotive industry is seeing increasing demand for safe, lightweight, and affordable vehicles with high fuel efficiency and an emphasis on comfort and aesthetics. This demand is being fueled by consumer demand for vehicles that are safe and affordable, and by the increasing popularity of SUVs and MUVs.
Thermoplastic Elastomer Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research and Analysis Wing) is our Business Information Services team that collects, collates, Co-relates and analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research
According to our analysis, Throughout the past few years, the rise of the global industry has mostly been attributed to rising demand across a variety of applications, including those in the automotive, electrical and electronics, industrial, medical, and consumer goods sectors. Over the projected period, the manufacture of automotive components is anticipated to experience rising demand, which will have a significant impact on the global industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22.37 billion |
| Market size value in 2031 | USD 46 billion |
| Growth Rate | 8.32% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thermoplastic Elastomer Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thermoplastic Elastomer Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thermoplastic Elastomer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thermoplastic Elastomer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thermoplastic Elastomer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thermoplastic Elastomer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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