Thermoplastic Elastomer Market is projected to reach USD 35 Billion by 2030, exhibiting a CAGR of 8.5% during the forecast period (2022-2030).
Thermoplastic elastomers (TPEs) are processed as plastic, but the difference is that multifunctional polymeric materials possess rubber properties. Thermoplastic elastomers are widely used because of their excellent performance characteristics like cleanliness, shock absorption, flexibility, weather, chemical, and thermal resistance, easy sterilization, and dimensional stability. Thermoplastic elastomers are increasing their demand due to their eco-friendly nature, low energy costs in production, easily molded, processed, and recycled nature. Along with this, thermoplastic elastomers have various applications such as healthcare industries, building and construction, and home appliances. It has been found that thermoplastic elastomers market is gaining more popularity due to the higher use of thermoplastic elastomers in electric vehicles. Thus, electric vehicles are highly demanding thermoplastic elastomers because of their better quality thermoset rubbers and high-performance characteristics that cannot be found in traditional metals.
According to the thermoplastic elastomers market overview report, the TPE applications are growing at a larger speed, which is considered a good step for the global market. The fastest-growing industry, i.e., the automobile, has generated more market revenue due to its exterior filler. Moreover, the Asia Pacific region has played an important role in increasing the automobile industry as well as raising the thermoplastic elastomers market. In the upcoming years, it has aimed to grow at high speed.
The thermoplastic elastomers market overview report has focused on the present ongoing research and development across the world. This report explains that the COVID-19 reduced its production in 2020. If comparing to the 2019 report, the global thermoplastic elastomers market was having good performance. However, it has reduced its growth for a certain period of time. Moreover, the present report explains that automobile production has declined for the years 2019 and 2020. Further, the global market has adopted unique ideas to uplift its performance in the upcoming years.
Competitive Landscape Analysis
The global thermoplastic elastomers market has some top key players such as:
These key players are uplifting the thermoplastic elastomers market by implying promotional strategies and methods.
COVID-19 Impact on Global Market
COVID 19 pandemic has forced the governments to take such steps of lockdown and social distancing norm. This has reduced the production and transportations of many of the marketing industries. Thermoplastic elastomers market was one among them. It has seen a reduction in demands of the products and a shortage of workforce. The global market reduced its volume in 2020 as compared to the previous year's performance result. Overall, it can be said that the global pandemic has disrupted the demand and supply chain of the global market.
Hence, the key players have utilized the time to develop new strategies and increased the thermoplastic elastomers market growth for the forecast period. The key players have adopted suitable or appropriate strategies at the right time to combat the pandemic situation.
The global thermoplastic elastomers market is boosting up its demand across various regions in the forecast period due to the increasing demand for TPEs in the automotive industry. Thus, the efficiency of vehicles is increasing as TPEs are used to reduce weight in the manufacturing of different vehicle components. Hence, the automotive industry is estimated to drive the demand for thermoplastic elastomers in the upcoming years due to the expanding global population.
Moreover, TPE applications are increasing across various regions and are mostly used in the manufacturing of filter housings seals, drum suspensions bushes, washing machines and dishwashers door seals, anti-vibration mounts, and inlet pipes and exhaust manifolds. Furthermore, the electrical and footwear industries are requiring TPEs application on a large scale, which is predicted to drive the thermoplastic elastomers market growth during the forecast period.
The global thermoplastic elastomers market is growing more opportunities due to its unique features such as flexibility, cleanliness, weather, shock absorption, dimensional stability, and easy sterilization. Thermoplastic elastomers have more growth opportunities due to their environmental-friendly character. Along with that, the production process does not require high costs, which can bring more opportunities for the global market.
As a result, the global key players are looking into its excellent performance characteristics and further trying to give better facilities and bring more opportunities for the marketing sector.
The manufacturing process of Thermoplastic Elastomers requires lots of investments and a high level of technical expertise for the whole process. It involves conventional materials such as rubbers, polyethylene, PVC, and polyurethane that are complex. Thus, the whole process has increased the cost of Thermoplastic Elastomers. So, the high cost of TPEs and complex manufacturing processes can be a major restraint for global elastomers market share.
Further, the global market players are developing various suitable strategies to resolve these market restraints and enhance productivity. Therefore, the global market has been predicted to generate a higher elastomers market share in the forecast period.
The thermoplastic elastomers market has been segmented into the product and end-use industry. Further, it has been segmented into various product types such as polyurethane, polyamide, vulcanizate, styrenic block copolymer, olefin, and others. So different types of segments have various costs and requirements of performance, which might be the biggest challenge for the global market.
The increasing demand for TPEs in the automotive industry, electrical and footwear industries, and many others increases the demand of the global market. However, the lack of technical expertise in the manufacturing process of Thermoplastic Elastomers can bring major challenges for the elastomers market share.
The electrical and footwear industries are requiring TPEs application on a large scale, which is predicted to drive the thermoplastic elastomers market growth during the forecast period of 2030.
Therefore, the thermoplastic elastomers market is doing well in the global market and is predicted to generate a higher elastomers market share in the review period.
Market segmentation Overview
Based on the product segmentation, the thermoplastic elastomers market is classified into different segments such as polyurethane, polyamide, vulcanizate, styrenic block copolymer, olefin, and others.
All these product segments have different costs and performance requirements, which might be the biggest challenge for the global thermoplastic elastomers market.
The thermoplastic elastomers market is classified into footwear, home appliances, automotive, building and construction, healthcare, and others based on the end-user segment.
Therefore, thermoplastic elastomers are extensively used in the automotive industry, which is boosting up the growth of the thermoplastic elastomers market. Therefore, the automotive industry requires it for various purposes such as fuel line coverings, air vents, door handles, side bumpers, mudguard components, and door weather strips.
Based on the regional segmentation, thethermoplastic elastomers marketis segmented into various regions such as Europe, South America, North America, Asia Pacific, Latin America, and the Rest of the World.
In 2017, the Asia Pacific region generated the largest share for the thermoplastic elastomers market forecast period due to the increasing building and construction industry and the automotive and footwear industries in this region. Along with that, the rapid industrialization and expanding global population are another reason for increasing demand in this region. In the present context, the North American region is holding the dominant position in the thermoplastic elastomers market for the forecast period. Hence, this region is leading because of factors like a large number of automotive production plants, advancements in the healthcare sector, and the use of biodegradable products in this region.
The thermoplastic elastomers industry report has given the emphasis on the overview of COVID-19 analysis, market segmentation, regional analysis, recent developments, market dynamics, and competitive analysis. This report has deeply analyzed the ongoing research and development across the world as well as bringing growth opportunities for the manufacturers.
Moreover, the report has explained the present challenges, growth, opportunities, competitions, and restraints for the global market. Further, thermoplastic elastomers market report supports that the global market is doing well in the global competitions. Hence, the global market is predicted to grow global thermoplastic elastomers market share in the upcoming years.
|Market Size||2030: USD 35 Billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Products and End-Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and Elastron Kimya SAN. TİC. AŞ (Turkey).|
|Key Market Opportunities||due to its unique features such as flexibility, cleanliness, weather, shock absorption, dimensional stability, and easy sterilization.|
|Key Market Drivers||The efficiency of vehicles is increasing as TPEs are used to reduce weight in the manufacturing of different vehicle components.|
The automotive industry would inspire high growth for the thermoplastic elastomers market.
The Asia Pacific would enjoy maximum thermoplastic elastomers market share.