What Factors Propelled The Growth Of The Thermoplastic Elastomer Market In The Past?
The thermoplastic elastomer market has seen considerable growth due to a variety of factors.
•The market size of thermoplastic elastomers has experienced robust growth in the last few years. It is projected to increase from $28.67 billion in 2024 to $30.59 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%.
Factors contributing to this upward trend in the historic period include the expansion of the automotive industry, the manufacturing of consumer goods, the application in medical devices, replacement of conventional elastomers, and a consumer predisposition towards soft-touch materials.
What Is The Projected Growth And Market Size For The Thermoplastic Elastomer Sector?
The thermoplastic elastomer market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for a significant surge in the thermoplastic elastomer market size in the upcoming years. Forecasts predict a growth trajectory reaching $41.94 billion by 2029, with a compound annual growth rate (CAGR) of 8.2%.
This projected surge within the forecast period can be attributed to factors such as the increasing demand for eco-friendly materials, growth in the electric vehicle (EV) sector, progression in the medical field, e-commerce packaging developments, the incorporation of 3D printing, and durability in harsh conditions. Moreover, the predicted trends within this period include the launching of bio-based TPEs, the adoption of intelligent manufacturing and Industry 4.0, its integration in wearable technology, the advancement of circular economy initiatives, and the digital transformation of supply chains.
What Are The Core Factors Supporting Growth In The Thermoplastic Elastomer Market?
The thermoplastic elastomer market is anticipated to expand due to the rising demand for automotive component production. Producing various parts used in the assembly and construction of cars is what the term automotive component manufacturing signifies. Thermoplastic elastomer materials are used in these components for several functions. The features of these elastomers include flexibility, durability, and effortless processing, making them suitable for varying needs of automotive components. As per the Economic Times, an Indian business newspaper, in March 2023, the growth in the Indian automotive component sector is estimated to be about 10 to 15%, and significant expansion is anticipated in the fiscal year 2023-24. The Indian automotive industry brought in a revenue of $D 56.5 billion in 2022, witnessing a 23% growth compared to the prior year. The existing fiscal year, 2023, is also predicted to conclude with a 15% growth rate. Consequently, the growing need for automotive components is propelling the expansion of the thermoplastic elastomer market.
What Are The Major Segments Within The Global Thermoplastic Elastomer Market?
The thermoplastic elastomer market covered in this report is segmented –
1) By Type: Thermoplastic Polyurethane (TPU), Styrenic Block Copolymer (TPE-S), Thermoplastic Vulcanizates, Elastomeric Alloys, Thermoplastic Copolyester, Other Types
2) By Material: Poly Styrenes, Poly Olefins, Poly Ether Imides, Poly Urethanes, Poly Esters, Poly Amides
3) By Application: Automotive, Building And Construction, Footwear, Wire And Cables, Medical, Engineering, Other Applications
Subsegments:
1) By Thermoplastic Polyurethane (TPU): Polyester-Based TPU, Polyether-Based TPU
2) By Styrenic Block Copolymer (TPE-S): Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS)
3) By Thermoplastic Vulcanizates (TPV): Dynamic Vulcanized TPV
4) By Elastomeric Alloys: Thermoplastic Polyolefin (TPO), Miscellaneous Elastomeric Alloys
5) By Thermoplastic Copolyester (TPC): Polyether Block Amide (PEBA), Thermoplastic Copolyester Elastomers (TPE-C)
6) By Other Types: Thermoplastic Polyamide (TPA), Thermoplastic Styrenic Copolymer (TPE-A), Other Specialty Thermoplastic Elastomers
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Which Trends Are Expected To Transform The Thermoplastic Elastomer Market?
The increasing trend towards product innovations is becoming apparent within the thermoplastic elastomer market. Companies in this sphere are focusing on innovative new products to maintain their market standing. One key example is DuPont, a chemical company based in the US, which in April 2022 introduced a fresh line of extruded pharma tubing named DuPont Liveo Pharma thermoplastic elastomer tubing. This latest move by the Liveo brand signifies an expansion of its product range to encompass thermoplastic elastomer technology for fluid transportation and singular bioprocessing applications. The specific design of the Liveo pharma thermoplastic elastomer tubing is for use in biopharmaceutical procedures, offering the functionality of aseptic connection and disconnection of tubing without the requirement for connectors. This makes it ideal for tasks such as sampling where a sterile environment is of utmost importance.
Who Are the Key Players in the Thermoplastic Elastomer Market?
Major companies operating in the thermoplastic elastomer market include:
• China Petroleum & Chemical Corporation
• ExxonMobil Chemical Company
• BASF SE
• Asahi Kasei Corporation
• Covestro AG
• DuPont de Nemours Inc.
• Arkema S.A.
• Huntsman Corporation
• Lubrizol Corporation
• Evonik Industries AG
• Avient Corporation
• Teknor APEX Company
• TSRC Corporation
• HEXPOL TPE AB
• RTP Company
• Nantex Industry Co. Ltd.
• KRAIBURG TPE
• Americhem Inc.
• Audia Elastomers
• Star Thermoplastic Alloys & Rubbers Inc.
• Advanced Elastomer Systems L.P.
• Dynasol Elastomers LLC
• TPE Solutions Inc.
• Elastocon TPE Technologies Inc.
• Kraton Polymers LLC
• Yantai Wanhua Polyurethane Co. Ltd.
• India Thermoplastics Engineers
• Nippon Polyurethane Industry Company Ltd.
What Is The Most Dominant Region In The Thermoplastic Elastomer Market?
North America was the largest region in the thermoplastic elastomer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic elastomer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
