Thermoplastic Elastomers Market Analysis, Size and Growth 2023

Posted by Payal Singhania on March 18th, 2020

Thermoplastic Elastomers Market Overview

Thermoplastic elastomers (TPEs) are multifunctional polymeric materials that are processed in the same way as plastic but possess rubber properties. TPEs exhibit excellent performance characteristics such as shock absorption, cleanliness, easy sterilization, dimensional stability, chemical, weather, and thermal resistance, and flexibility. TPEs can be easily processed, molded, and recycled, and hence production requires low energy costs and is eco-friendly. They are mainly used in the automotive industry for fuel line coverings, side bumpers, mudguard components, air vents, door handles, and door weather strips, among others. In addition, TPEs find application in the building and construction, home appliances, and healthcare industries.

The rising demand for TPEs in the automotive industry is expected to propel market growth during the forecast period. TPEs are used in the manufacturing of various vehicle components to reduce weight, thus increasing the efficiency of vehicles. Due to the expanding global population, the automotive industry is projected to grow at a significant rate and is likely to boost the demand for thermoplastic elastomers in the coming years. Moreover, TPEs are used in the manufacturing of anti-vibration mounts, inlet pipes and exhaust manifolds, filter housings seals, drum suspensions bushes, and door seals of washing machines and dishwashers. Furthermore, the application of TPEs in the electrical and footwear industries is likely to drive market growth during the review period.

Thermoplastic Elastomers Market Segmentation Analysis

The thermoplastic elastomers industry has been classified based on product, end-use industry, and region. Based on product, the global thermoplastic elastomers market has been divided into vulcanizate, styrenic block copolymer, polyurethane, polyamide, olefin, and others. By end-use industry, the global thermoplastic elastomers market has been segregated into automotive, building and construction, footwear, home appliances, healthcare, and others. Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the global thermoplastic elastomers market.

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Thermoplastic Elastomers Market Regional Analysis

The global thermoplastic elastomers market share has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2017, Asia-Pacific accounted for the largest share of the global thermoplastic elastomers market owing to the high product demand in the automotive and footwear industries. The expanding global population and rapid industrialization are expected to be the key factors powering product demand in this region. Furthermore, the robust growth of the building and construction industry is expected to propel the regional market growth during the forecast period.

The US is projected to be the leading market for TPEs in North America. This can be attributed to the large number of automotive production plants, use of biodegradable products, and advancements in the healthcare sector. The need for sustainability and efficiency of vehicles and the increasing product demand in electrical applications are likely to drive the growth of the regional market in Europe. Lastly, the markets in Latin America and the Middle East & Africa are projected to witness significant growth during the forecast period.

Key Players and Competition Analysis

Some of the prominent players in the global thermoplastic elastomers market are 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).